First Financial Bancorp. $FFBC Shares Acquired by Vanguard Group Inc.

Key Points

• Vanguard Group increased its stake in First Financial Bancorp. by 2.0% in the fourth quarter, bringing its holdings to 10.93 million shares worth about $273.4 million. Institutional ownership overall remains high at 77.23%.
• FFBC shares were trading up modestly at $30.60, with the stock showing a $3.21 billion market cap and a dividend yield of 3.3%. The company also announced a quarterly dividend of $0.25 per share, payable June 15.
• Analysts are generally constructive on the stock, with a consensus rating of Moderate Buy and a consensus target price of $33.00. Several firms recently raised their price targets, though insider selling was also reported over the last 90 days.

Vanguard Group Inc. grew its holdings in First Financial Bancorp. (NASDAQ:FFBC - Free Report) by 2.0% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 10,929,185 shares of the bank's stock after buying an additional 215,357 shares during the period. Vanguard Group Inc. owned 11.09% of First Financial Bancorp. worth $273,448,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also modified their holdings of FFBC. Jane Street Group LLC acquired a new stake in shares of First Financial Bancorp. in the first quarter valued at about $5,714,000. Gator Capital Management LLC acquired a new stake in shares of First Financial Bancorp. in the third quarter valued at about $5,603,000. Bahl & Gaynor Inc. raised its position in shares of First Financial Bancorp. by 47.7% in the third quarter. Bahl & Gaynor Inc. now owns 559,488 shares of the bank's stock valued at $14,127,000 after buying an additional 180,575 shares during the last quarter. Cubist Systematic Strategies LLC raised its position in shares of First Financial Bancorp. by 110.5% in the second quarter. Cubist Systematic Strategies LLC now owns 324,852 shares of the bank's stock valued at $7,881,000 after buying an additional 170,540 shares during the last quarter. Finally, Ameriprise Financial Inc. raised its position in shares of First Financial Bancorp. by 66.1% in the third quarter. Ameriprise Financial Inc. now owns 374,396 shares of the bank's stock valued at $9,454,000 after buying an additional 149,044 shares during the last quarter. 77.23% of the stock is currently owned by institutional investors and hedge funds.

First Financial Bancorp. Trading Up 0.6%

Shares of FFBC stock opened at $30.60 on Friday. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.84 and a quick ratio of 0.84. The firm has a market cap of $3.21 billion, a PE ratio of 10.81 and a beta of 0.94. The company has a 50-day moving average of $28.50 and a two-hundred day moving average of $27.05. First Financial Bancorp. has a 1-year low of $22.93 and a 1-year high of $31.38.

First Financial Bancorp. Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, June 15th. Shareholders of record on Monday, June 1st will be paid a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 3.3%. The ex-dividend date of this dividend is Monday, June 1st. First Financial Bancorp.'s dividend payout ratio (DPR) is 35.34%.

Insiders Place Their Bets

In other First Financial Bancorp. news, CFO James M. Anderson sold 4,263 shares of the stock in a transaction dated Wednesday, April 29th. The shares were sold at an average price of $30.00, for a total transaction of $127,890.00. Following the completion of the transaction, the chief financial officer owned 118,537 shares of the company's stock, valued at $3,556,110. This trade represents a 3.47% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CAO Karen B. Woods sold 10,000 shares of the stock in a transaction dated Friday, February 13th. The stock was sold at an average price of $30.28, for a total transaction of $302,800.00. Following the transaction, the chief accounting officer directly owned 63,954 shares of the company's stock, valued at approximately $1,936,527.12. This trade represents a 13.52% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 40,706 shares of company stock valued at $1,235,172 over the last 90 days. 1.13% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

FFBC has been the subject of a number of recent research reports. Truist Financial increased their target price on shares of First Financial Bancorp. from $30.00 to $33.00 and gave the company a "hold" rating in a research report on Monday, April 27th. Keefe, Bruyette & Woods upped their price objective on shares of First Financial Bancorp. from $31.00 to $32.00 and gave the company a "market perform" rating in a report on Friday, January 30th. Raymond James Financial reissued an "outperform" rating and issued a $34.00 price objective on shares of First Financial Bancorp. in a report on Monday, April 27th. Stephens initiated coverage on shares of First Financial Bancorp. in a report on Friday, March 27th. They issued an "overweight" rating and a $33.00 price objective for the company. Finally, Weiss Ratings raised shares of First Financial Bancorp. from a "hold (c+)" rating to a "buy (b-)" rating in a report on Monday, January 26th. Four research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $33.00.

About First Financial Bancorp.

First Financial Bancorp NASDAQ: FFBC is a bank holding company headquartered in Cincinnati, Ohio, and the parent of First Financial Bank. The company provides a comprehensive suite of commercial and consumer banking services through a network of more than 100 full-service banking centers and mortgage offices across Ohio, Indiana and Kentucky. Its core mission centers on delivering personalized relationship banking to businesses, individuals and public sector clients.

First Financial Bank's product portfolio includes deposit solutions such as checking, savings and money market accounts, alongside a range of lending offerings that cover commercial and industrial loans, real estate and construction financing, home mortgages and home equity lines of credit.

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