MQS Management LLC Takes $543,000 Position in First Financial Bancorp. (NASDAQ:FFBC)

MQS Management LLC purchased a new stake in First Financial Bancorp. (NASDAQ:FFBC - Free Report) in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 21,729 shares of the bank's stock, valued at approximately $543,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Raymond James Financial Inc. acquired a new position in shares of First Financial Bancorp. in the fourth quarter valued at about $8,961,000. First Trust Advisors LP grew its holdings in First Financial Bancorp. by 38.3% in the fourth quarter. First Trust Advisors LP now owns 1,186,286 shares of the bank's stock valued at $31,887,000 after purchasing an additional 328,788 shares during the period. Norges Bank purchased a new position in shares of First Financial Bancorp. in the fourth quarter valued at approximately $7,827,000. Nuveen Asset Management LLC lifted its position in shares of First Financial Bancorp. by 65.2% in the fourth quarter. Nuveen Asset Management LLC now owns 669,409 shares of the bank's stock valued at $17,994,000 after acquiring an additional 264,083 shares in the last quarter. Finally, Hsbc Holdings PLC lifted its position in shares of First Financial Bancorp. by 713.5% in the fourth quarter. Hsbc Holdings PLC now owns 265,843 shares of the bank's stock valued at $7,149,000 after acquiring an additional 233,163 shares in the last quarter. 77.23% of the stock is currently owned by hedge funds and other institutional investors.

First Financial Bancorp. Stock Performance

First Financial Bancorp. stock traded up $0.05 during mid-day trading on Wednesday, reaching $24.80. 338,077 shares of the company were exchanged, compared to its average volume of 416,442. First Financial Bancorp. has a twelve month low of $21.10 and a twelve month high of $31.18. The firm's 50-day simple moving average is $24.45 and its two-hundred day simple moving average is $25.23. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.91 and a current ratio of 0.91. The firm has a market cap of $2.37 billion, a PE ratio of 10.29 and a beta of 0.96.

First Financial Bancorp. (NASDAQ:FFBC - Get Free Report) last posted its quarterly earnings results on Thursday, April 24th. The bank reported $0.63 EPS for the quarter, meeting the consensus estimate of $0.63. The business had revenue of $201.59 million during the quarter, compared to analysts' expectations of $214.80 million. First Financial Bancorp. had a return on equity of 10.44% and a net margin of 18.65%. The company's quarterly revenue was up 2.6% compared to the same quarter last year. During the same period last year, the firm earned $0.59 EPS. Equities analysts predict that First Financial Bancorp. will post 2.64 earnings per share for the current fiscal year.

First Financial Bancorp. Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, June 16th. Stockholders of record on Monday, June 2nd were issued a $0.24 dividend. The ex-dividend date of this dividend was Monday, June 2nd. This represents a $0.96 annualized dividend and a dividend yield of 3.87%. First Financial Bancorp.'s dividend payout ratio is currently 39.83%.

Analyst Ratings Changes

FFBC has been the topic of a number of analyst reports. Royal Bank Of Canada reiterated a "sector perform" rating and set a $27.00 price objective on shares of First Financial Bancorp. in a research report on Wednesday, June 25th. Wall Street Zen cut First Financial Bancorp. from a "hold" rating to a "sell" rating in a research note on Saturday. Truist Financial began coverage on First Financial Bancorp. in a research note on Tuesday, May 13th. They set a "hold" rating and a $27.00 target price for the company. Stephens reiterated an "overweight" rating and issued a $29.00 price objective on shares of First Financial Bancorp. in a report on Friday, June 27th. Finally, Keefe, Bruyette & Woods upped their target price on First Financial Bancorp. from $30.00 to $32.00 and gave the company a "market perform" rating in a research report on Wednesday, June 25th. One research analyst has rated the stock with a sell rating, three have given a hold rating and one has given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average price target of $28.75.

First Financial Bancorp. 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 offers checking, savings, and money-market accounts; and accepts various deposit products, such as interest-bearing and non-interest-bearing accounts, time deposits, and cash management services for commercial customers.