Truist Financial Issues Positive Forecast for First Financial Bancorp. (NASDAQ:FFBC) Stock Price

Key Points

• Truist Financial raised its price target for First Financial Bancorp. from $37 to $38 and maintained a “buy” rating, implying 14.54% upside from the prior close.
• FFBC shares rose 2.6% to $33.17, while the company reported quarterly EPS of $0.84, exceeding the $0.82 analyst consensus, and revenue of $273.91 million.
• Analyst sentiment remains positive, with five Buy ratings and two Hold ratings producing a “Moderate Buy” consensus and an average price target of $34.33; institutional investors own 77.23% of the stock.

First Financial Bancorp. (NASDAQ:FFBC - Get Free Report) had its price objective upped by equities researchers at Truist Financial from $37.00 to $38.00 in a research report issued on Monday, Benzinga reports. The firm currently has a "buy" rating on the bank's stock. Truist Financial's price objective points to a potential upside of 14.54% from the stock's previous close.

Other equities research analysts have also issued research reports about the company. Raymond James Financial restated an "outperform" rating and set a $37.00 price target on shares of First Financial Bancorp. in a research note on Thursday. Weiss Ratings reiterated a "buy (b)" rating on shares of First Financial Bancorp. in a research note on Friday, September 4th. Five analysts have rated the stock with a Buy rating and two have given a Hold rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $34.33.

First Financial Bancorp. Stock Up 2.6%

Shares of FFBC traded up $0.82 during midday trading on Monday, hitting $33.17. 242,953 shares of the company's stock traded hands, compared to its average volume of 933,716. First Financial Bancorp. has a 1 year low of $23.06 and a 1 year high of $36.24. The firm's fifty day moving average is $32.05 and its 200-day moving average is $30.94. The company has a current ratio of 0.85, a quick ratio of 0.85 and a debt-to-equity ratio of 0.33. The stock has a market capitalization of $3.48 billion, a price-to-earnings ratio of 11.64 and a beta of 0.95.

First Financial Bancorp. (NASDAQ:FFBC - Get Free Report) last announced its earnings results on Tuesday, October 27th. The bank reported $0.84 earnings per share for the quarter, topping the consensus estimate of $0.82 by $0.02. First Financial Bancorp. had a return on equity of 11.44% and a net margin of 20.80%. The firm had revenue of $273.91 million for the quarter, compared to the consensus estimate of $270.97 million. During the same period in the previous year, the business earned $0.76 EPS. As a group, sell-side analysts anticipate that First Financial Bancorp. will post 3.23 earnings per share for the current year.

Insider Transactions at First Financial Bancorp.

In related news, Director Thomas O'Brien sold 16,088 shares of First Financial Bancorp. stock in a transaction dated Wednesday, August 26th. The stock was sold at an average price of $32.77, for a total transaction of $527,203.76. Following the completion of the sale, the director owned 30,392 shares of the company's stock, valued at $995,945.84. The trade was a 34.61% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Archie M. Brown sold 5,000 shares of the company's stock in a transaction that occurred on Thursday, September 3rd. The shares were sold at an average price of $32.93, for a total value of $164,650.00. Following the completion of the sale, the chief executive officer owned 238,758 shares in the company, valued at approximately $7,862,300.94. This represents a 2.05% decrease in their position. The disclosure for this sale is available in the SEC filing. 1.08% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On First Financial Bancorp.

A number of institutional investors have recently bought and sold shares of FFBC. Waverly Advisors LLC boosted its holdings in shares of First Financial Bancorp. by 0.8% in the 1st quarter. Waverly Advisors LLC now owns 46,429 shares of the bank's stock valued at $1,294,000 after acquiring an additional 376 shares during the last quarter. Kestra Advisory Services LLC raised its holdings in shares of First Financial Bancorp. by 2.9% during the first quarter. Kestra Advisory Services LLC now owns 13,736 shares of the bank's stock worth $383,000 after purchasing an additional 381 shares during the last quarter. Rockefeller Capital Management L.P. lifted its position in First Financial Bancorp. by 137.6% during the fourth quarter. Rockefeller Capital Management L.P. now owns 991 shares of the bank's stock valued at $25,000 after purchasing an additional 574 shares during the period. Root Financial Partners LLC acquired a new position in First Financial Bancorp. during the third quarter valued at $26,000. Finally, Bedel Financial Consulting Inc. lifted its position in First Financial Bancorp. by 3.1% during the first quarter. Bedel Financial Consulting Inc. now owns 28,273 shares of the bank's stock valued at $788,000 after purchasing an additional 861 shares during the period. 77.23% of the stock is owned by hedge funds and other institutional investors.

About First Financial Bancorp.

First Financial Bancorp. is a bank holding company headquartered in Cincinnati, Ohio. Through its principal subsidiary, First Financial Bank, the company provides banking and financial services to businesses, individuals and organizations.

First Financial Bank offers commercial and consumer lending, deposit accounts, treasury management, cash management and other traditional banking products. Its services also include wealth management, investment services and mortgage-related solutions, helping customers manage borrowing, deposits, payments and longer-term financial needs.

The company serves communities primarily in Ohio, Indiana and Kentucky through a network of banking offices and digital banking channels.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.