Charles Schwab Investment Management Inc. Cuts Stock Holdings in First Financial Bancorp. $FFBC

Key Points

• Charles Schwab Investment Management has reduced its stake in First Financial Bancorp. by 1.5%, now owning 1,284,761 shares valued at approximately $32.1 million.
• The bank recently declared a quarterly dividend increase to $0.25 per share, up from $0.24, representing a 4.0% dividend yield.
• First Financial Bancorp. beat analysts' earnings expectations with reported EPS of $0.74, surpassing the consensus estimate of $0.69.

Charles Schwab Investment Management Inc. lessened its stake in First Financial Bancorp. (NASDAQ:FFBC - Free Report) by 1.5% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 1,284,761 shares of the bank's stock after selling 20,161 shares during the quarter. Charles Schwab Investment Management Inc. owned approximately 1.35% of First Financial Bancorp. worth $32,093,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of the stock. PNC Financial Services Group Inc. raised its holdings in shares of First Financial Bancorp. by 4.0% in the 1st quarter. PNC Financial Services Group Inc. now owns 10,923 shares of the bank's stock worth $273,000 after purchasing an additional 424 shares during the period. Woodley Farra Manion Portfolio Management Inc. raised its holdings in shares of First Financial Bancorp. by 22.3% in the 1st quarter. Woodley Farra Manion Portfolio Management Inc. now owns 45,466 shares of the bank's stock worth $1,136,000 after purchasing an additional 8,300 shares during the period. Vestcor Inc bought a new stake in shares of First Financial Bancorp. in the 1st quarter worth approximately $169,000. Federated Hermes Inc. bought a new stake in shares of First Financial Bancorp. in the 1st quarter worth approximately $78,000. Finally, LPL Financial LLC raised its holdings in shares of First Financial Bancorp. by 2.2% in the 1st quarter. LPL Financial LLC now owns 69,414 shares of the bank's stock worth $1,734,000 after purchasing an additional 1,516 shares during the period. Institutional investors own 77.23% of the company's stock.

First Financial Bancorp. Stock Performance

First Financial Bancorp. stock traded down $0.05 during mid-day trading on Monday, reaching $26.50. The company's stock had a trading volume of 552,501 shares, compared to its average volume of 438,687. First Financial Bancorp. has a 12-month low of $21.10 and a 12-month high of $31.18. The company has a market capitalization of $2.54 billion, a P/E ratio of 10.60 and a beta of 0.98. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.90 and a current ratio of 0.90. The firm's fifty day moving average price is $24.67 and its two-hundred day moving average price is $24.65.

First Financial Bancorp. (NASDAQ:FFBC - Get Free Report) last announced its earnings results on Thursday, July 24th. The bank reported $0.74 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.69 by $0.05. First Financial Bancorp. had a net margin of 19.41% and a return on equity of 10.57%. The company had revenue of $226.30 million during the quarter, compared to analyst estimates of $219.95 million. During the same period in the previous year, the business earned $0.64 earnings per share. Sell-side analysts predict that First Financial Bancorp. will post 2.64 EPS for the current fiscal year.

First Financial Bancorp. Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Tuesday, September 2nd will be paid a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 3.8%. This is an increase from First Financial Bancorp.'s previous quarterly dividend of $0.24. The ex-dividend date of this dividend is Tuesday, September 2nd. First Financial Bancorp.'s dividend payout ratio is presently 38.40%.

Insider Activity

In other First Financial Bancorp. news, CEO Archie M. Brown sold 12,500 shares of First Financial Bancorp. stock in a transaction dated Thursday, August 14th. The stock was sold at an average price of $24.79, for a total transaction of $309,875.00. Following the completion of the sale, the chief executive officer owned 240,891 shares of the company's stock, valued at $5,971,687.89. The trade was a 4.93% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Thomas Murray Obrien sold 7,383 shares of First Financial Bancorp. stock in a transaction dated Friday, August 22nd. The stock was sold at an average price of $26.54, for a total value of $195,944.82. Following the sale, the director directly owned 46,480 shares of the company's stock, valued at approximately $1,233,579.20. This trade represents a 13.71% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 20,670 shares of company stock valued at $524,826. Corporate insiders own 1.13% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on the stock. Royal Bank Of Canada reaffirmed a "sector perform" rating and issued a $28.00 price target (up previously from $27.00) on shares of First Financial Bancorp. in a report on Monday, July 28th. Truist Financial started coverage on shares of First Financial Bancorp. in a report on Tuesday, May 13th. They issued a "hold" rating and a $27.00 price target on the stock. Stephens reiterated an "overweight" rating and issued a $29.00 price objective on shares of First Financial Bancorp. in a research note on Friday, June 27th. Hovde Group started coverage on shares of First Financial Bancorp. in a research note on Tuesday, August 19th. They issued an "outperform" rating and a $31.00 price objective for the company. Finally, Keefe, Bruyette & Woods lifted their price objective on shares of 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. Two research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus target price of $29.40.

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 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.