First Financial Bancorp. (NASDAQ:FFBC) Posts Quarterly Earnings Results, Beats Estimates By $0.02 EPS

Key Points

• First Financial Bancorp. reported quarterly EPS of $0.84, beating analyst expectations by $0.02. The bank posted a 20.77% net margin and 11.13% return on equity.
• FFBC shares slipped 0.4% to $32.54 during Tuesday trading, while the stock’s market capitalization stood at approximately $3.42 billion.
• Analyst sentiment remains positive, with a consensus “Moderate Buy” rating and an average price target of $34.00, although company insiders sold 27,788 shares worth about $919,006 over the past 90 days.

First Financial Bancorp. (NASDAQ:FFBC - Get Free Report) released its quarterly earnings data on Tuesday. The bank reported $0.84 EPS for the quarter, beating analysts' consensus estimates of $0.82 by $0.02, FiscalAI reports. First Financial Bancorp. had a net margin of 20.77% and a return on equity of 11.13%.

First Financial Bancorp. Trading Down 0.4%

Shares of FFBC stock traded down $0.13 during trading hours on Tuesday, hitting $32.54. 696,805 shares of the company's stock traded hands, compared to its average volume of 932,919. The stock's 50 day simple moving average is $32.12 and its 200 day simple moving average is $30.81. The stock has a market cap of $3.42 billion, a PE ratio of 11.50 and a beta of 0.93. First Financial Bancorp. has a 12 month low of $23.06 and a 12 month high of $36.24. The company has a quick ratio of 0.85, a current ratio of 0.85 and a debt-to-equity ratio of 0.32.

Analyst Ratings Changes

Several research analysts have weighed in on FFBC shares. Wall Street Zen lowered First Financial Bancorp. from a "buy" rating to a "hold" rating in a research report on Tuesday, June 30th. Raymond James Financial raised their target price on shares of First Financial Bancorp. from $34.00 to $36.00 and gave the company an "outperform" rating in a research note on Wednesday, July 1st. Weiss Ratings restated a "buy (b)" rating on shares of First Financial Bancorp. in a report on Friday, September 4th. Finally, Truist Financial raised shares of First Financial Bancorp. from a "hold" rating to a "buy" rating and upped their price target for the stock from $35.00 to $37.00 in a research report on Thursday, September 24th. Five equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $34.00.

Insider Buying and Selling

In other news, Director Thomas O'Brien sold 16,088 shares of the company's stock in a transaction on Wednesday, August 26th. The shares were sold at an average price of $32.77, for a total value of $527,203.76. Following the sale, the director directly owned 30,392 shares of the company's stock, valued at approximately $995,945.84. This represents a 34.61% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO James Anderson sold 4,000 shares of the stock in a transaction dated Friday, July 31st. The stock was sold at an average price of $33.73, for a total value of $134,920.00. Following the sale, the chief financial officer owned 114,537 shares of the company's stock, valued at approximately $3,863,333.01. The trade was a 3.37% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 27,788 shares of company stock valued at $919,006 over the last 90 days. 1.08% of the stock is owned by corporate insiders.

First Financial Bancorp. Company Profile

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.

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