Bank of New York Mellon Corp Sells 16,456 Shares of First Financial Bancorp. (NASDAQ:FFBC)

Bank of New York Mellon Corp cut its position in shares of First Financial Bancorp. (NASDAQ:FFBC - Free Report) by 1.5% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,049,180 shares of the bank's stock after selling 16,456 shares during the period. Bank of New York Mellon Corp owned about 1.10% of First Financial Bancorp. worth $26,209,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently made changes to their positions in the company. Raymond James Financial Inc. purchased a new position in shares of First Financial Bancorp. during the 4th quarter worth $8,961,000. First Trust Advisors LP boosted its stake in shares of First Financial Bancorp. by 38.3% during the fourth quarter. First Trust Advisors LP now owns 1,186,286 shares of the bank's stock valued at $31,887,000 after acquiring an additional 328,788 shares during the last quarter. Norges Bank acquired a new position in shares of First Financial Bancorp. in the 4th quarter valued at about $7,827,000. Nuveen Asset Management LLC increased its holdings in First Financial Bancorp. by 65.2% during the 4th quarter. Nuveen Asset Management LLC now owns 669,409 shares of the bank's stock worth $17,994,000 after purchasing an additional 264,083 shares during the last quarter. Finally, Hsbc Holdings PLC increased its holdings in shares of First Financial Bancorp. by 713.5% in the 4th 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 during the last quarter. 77.23% of the stock is currently owned by hedge funds and other institutional investors.

First Financial Bancorp. Stock Performance

Shares of NASDAQ:FFBC traded down $0.06 during midday trading on Friday, reaching $24.86. The company's stock had a trading volume of 365,253 shares, compared to its average volume of 414,348. The firm has a market capitalization of $2.38 billion, a PE ratio of 10.32 and a beta of 0.96. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 0.43. The stock has a fifty day moving average of $24.47 and a 200 day moving average of $25.19. First Financial Bancorp. has a twelve month low of $21.10 and a twelve month high of $31.18.

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

First Financial Bancorp. Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, June 16th. Stockholders of record on Monday, June 2nd were given a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a dividend yield of 3.86%. The ex-dividend date of this dividend was Monday, June 2nd. First Financial Bancorp.'s payout ratio is currently 39.83%.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on FFBC. Stephens reaffirmed an "overweight" rating and set a $29.00 price target on shares of First Financial Bancorp. in a research note on Friday, June 27th. Truist Financial assumed coverage on First Financial Bancorp. in a report on Tuesday, May 13th. They set a "hold" rating and a $27.00 target price on the stock. Wall Street Zen raised First Financial Bancorp. from a "sell" rating to a "hold" rating in a report on Sunday. Keefe, Bruyette & Woods increased their price target on First Financial Bancorp. from $30.00 to $32.00 and gave the company a "market perform" rating in a research note on Wednesday, June 25th. Finally, Royal Bank Of Canada reiterated a "sector perform" rating and set a $27.00 price target on shares of First Financial Bancorp. in a report on Wednesday, June 25th. Four investment analysts have rated the stock with a hold rating and one has issued a buy rating to the company's stock. According to data from MarketBeat.com, First Financial Bancorp. has an average rating of "Hold" and an average target price 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.