First Financial Bancorp. $FFBC Stock: VIRGINIA RETIREMENT SYSTEMS ET Al Cuts Holdings

Key Points

• Virginia Retirement Systems cut its First Financial Bancorp. stake by 88.8% in the third quarter, selling 54,729 shares and retaining 6,900 shares worth about $216,000.
• Analysts rate FFBC a Moderate Buy, with a consensus price target of $34.33; the bank’s latest quarterly earnings of $0.84 per share beat estimates by $0.02.
• First Financial declared a quarterly dividend of $0.26 per share, equivalent to $1.04 annually and a 3.2% yield.

VIRGINIA RETIREMENT SYSTEMS ET Al cut its stake in shares of First Financial Bancorp. (NASDAQ:FFBC - Free Report) by 88.8% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 6,900 shares of the bank's stock after selling 54,729 shares during the quarter. VIRGINIA RETIREMENT SYSTEMS ET Al's holdings in First Financial Bancorp. were worth $216,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of the stock. Legacy Financial Advisors Inc. boosted its position in shares of First Financial Bancorp. by 235.3% in the 2nd quarter. Legacy Financial Advisors Inc. now owns 45,933 shares of the bank's stock valued at $1,554,000 after purchasing an additional 32,235 shares during the period. California State Teachers Retirement System increased its stake in First Financial Bancorp. by 38.1% in the 1st quarter. California State Teachers Retirement System now owns 124,914 shares of the bank's stock worth $3,483,000 after purchasing an additional 34,441 shares in the last quarter. Royal Bank of Canada increased its stake in First Financial Bancorp. by 44.6% in the 1st quarter. Royal Bank of Canada now owns 137,364 shares of the bank's stock worth $3,830,000 after purchasing an additional 42,368 shares in the last quarter. Bank of America Corp DE increased its stake in First Financial Bancorp. by 29.7% in the 1st quarter. Bank of America Corp DE now owns 1,236,781 shares of the bank's stock worth $34,481,000 after purchasing an additional 283,306 shares in the last quarter. Finally, Trust Co of the South acquired a new stake in First Financial Bancorp. during the 2nd quarter worth about $3,952,000. 77.23% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research analysts have commented on the stock. Raymond James Financial reiterated an "outperform" rating and issued a $37.00 target price on shares of First Financial Bancorp. in a report on Thursday, October 29th. Truist Financial boosted their price target on shares of First Financial Bancorp. from $37.00 to $38.00 and gave the company a "buy" rating in a report on Monday, November 2nd. Finally, Weiss Ratings restated a "buy (b)" rating on shares of First Financial Bancorp. in a report on Friday, September 4th. Five investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat, First Financial Bancorp. presently has a consensus rating of "Moderate Buy" and a consensus price target of $34.33.

First Financial Bancorp. Stock Performance

NASDAQ FFBC opened at $32.57 on Monday. The company has a current ratio of 0.85, a quick ratio of 0.85 and a debt-to-equity ratio of 0.33. First Financial Bancorp. has a 1-year low of $23.16 and a 1-year high of $36.24. The firm's fifty day simple moving average is $32.05 and its 200-day simple moving average is $31.11. The company has a market capitalization of $3.42 billion, a PE ratio of 11.43 and a beta of 0.95.

First Financial Bancorp. (NASDAQ:FFBC - Get Free Report) last issued its earnings results on Tuesday, October 27th. The bank reported $0.84 EPS for the quarter, beating analysts' consensus estimates of $0.82 by $0.02. First Financial Bancorp. had a return on equity of 11.44% and a net margin of 20.80%. The firm had revenue of $273.91 million for the quarter, compared to the consensus estimate of $270.97 million. During the same quarter in the previous year, the company posted $0.76 earnings per share. As a group, sell-side analysts anticipate that First Financial Bancorp. will post 3.25 earnings per share for the current fiscal year.

First Financial Bancorp. Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, December 15th. Stockholders of record on Tuesday, December 1st will be issued a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a dividend yield of 3.2%. The ex-dividend date is Tuesday, December 1st. First Financial Bancorp.'s payout ratio is currently 36.49%.

Insider Activity

In related news, Director Thomas O'Brien sold 16,088 shares of the business's stock in a transaction that occurred on Wednesday, August 26th. The stock was sold at an average price of $32.77, for a total value of $527,203.76. Following the completion of the sale, the director owned 30,392 shares of the company's stock, valued at approximately $995,945.84. The trade was a 34.61% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Archie Brown sold 5,000 shares of the stock in a transaction that occurred on Thursday, September 3rd. The stock was sold at an average price of $32.93, for a total value of $164,650.00. Following the completion of the transaction, the chief executive officer owned 238,758 shares in the company, valued at $7,862,300.94. This represents a 2.05% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 1.08% of the stock is owned by insiders.

About First Financial Bancorp.

First Financial Bancorp. is a Cincinnati-based bank holding company and the parent of First Financial Bank. Its banking roots date to 1863, when the institution that became First Financial Bank was established in Hamilton, Ohio.

Through First Financial Bank, the company provides commercial and consumer banking services, including business lending, deposit accounts, residential and personal lending, treasury management, and wealth management. It serves individuals, businesses, and organizations across Ohio, Indiana, Kentucky, and Illinois.

Archie Brown serves as the company's chairman, president, and chief executive officer.

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