Zacks: Analysts Expect First Financial Bancorp (NASDAQ:FFBC) Will Post Quarterly Sales of $150.16 Million
Wall Street brokerages expect First Financial Bancorp (NASDAQ:FFBC) to post sales of $150.16 million for the current fiscal quarter, Zacks reports. Three analysts have made estimates for First Financial Bancorp’s earnings. The lowest sales estimate is $148.38 million and the highest is $151.30 million. First Financial Bancorp reported sales of $152.17 million during the same quarter last year, which indicates a negative year-over-year growth rate of 1.3%. The firm is expected to report its next quarterly earnings results on Thursday, October 17th.
According to Zacks, analysts expect that First Financial Bancorp will report full-year sales of $613.50 million for the current year, with estimates ranging from $609.90 million to $616.20 million. For the next year, analysts anticipate that the company will post sales of $647.99 million, with estimates ranging from $645.40 million to $652.50 million. Zacks’ sales calculations are a mean average based on a survey of sell-side analysts that cover First Financial Bancorp.
First Financial Bancorp (NASDAQ:FFBC) last issued its quarterly earnings results on Thursday, July 18th. The bank reported $0.58 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.57 by $0.01. First Financial Bancorp had a net margin of 28.03% and a return on equity of 10.45%. The company had revenue of $156.94 million during the quarter, compared to analysts’ expectations of $153.34 million. During the same period last year, the company posted $0.57 EPS.
In other First Financial Bancorp news, insider Richard S. Dennen sold 5,000 shares of First Financial Bancorp stock in a transaction dated Wednesday, July 31st. The shares were sold at an average price of $25.61, for a total value of $128,050.00. Following the completion of the transaction, the insider now directly owns 80,641 shares of the company’s stock, valued at $2,065,216.01. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 2.00% of the stock is currently owned by insiders.
Institutional investors have recently modified their holdings of the business. Versant Capital Management Inc raised its holdings in First Financial Bancorp by 118.3% in the first quarter. Versant Capital Management Inc now owns 2,240 shares of the bank’s stock worth $53,000 after buying an additional 1,214 shares during the last quarter. Investors Research Corp purchased a new position in First Financial Bancorp in the first quarter worth about $96,000. Trustcore Financial Services LLC purchased a new position in First Financial Bancorp in the first quarter worth about $139,000. Almanack Investment Partners LLC. purchased a new position in First Financial Bancorp in the second quarter worth about $189,000. Finally, Eagle Ridge Investment Management purchased a new position in First Financial Bancorp in the first quarter worth about $200,000. 74.72% of the stock is owned by institutional investors and hedge funds.
NASDAQ FFBC traded up $0.22 during trading hours on Thursday, reaching $23.96. 258,491 shares of the company’s stock traded hands, compared to its average volume of 343,760. First Financial Bancorp has a 52-week low of $22.07 and a 52-week high of $32.25. The company has a market cap of $2.36 billion, a price-to-earnings ratio of 10.51 and a beta of 1.23. The business’s 50-day simple moving average is $24.24. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 0.73.
The company also recently announced a quarterly dividend, which will be paid on Monday, September 16th. Shareholders of record on Monday, September 2nd will be issued a $0.23 dividend. The ex-dividend date is Thursday, August 29th. This is a boost from First Financial Bancorp’s previous quarterly dividend of $0.22. This represents a $0.92 annualized dividend and a yield of 3.84%. First Financial Bancorp’s payout ratio is 38.60%.
First Financial Bancorp Company Profile
First Financial Bancorp. operates as the bank holding company for First Financial Bank that provides commercial banking and related services to individuals and businesses in Ohio, Indiana, Kentucky, and Illinois. The company accepts various deposit products, such as interest-bearing and noninterest-bearing accounts, time deposits, and cash management services for commercial customers.
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