Zurcher Kantonalbank Zurich Cantonalbank Purchases 11,098 Shares of First Financial Bancorp. (NASDAQ:FFBC)

Key Points

• Zurcher Kantonalbank increased its holdings in First Financial Bancorp. by 43.8% during the first quarter, now owning $909,000 worth of shares.
• First Financial Bancorp. reported earnings per share (EPS) of $0.74 for the last quarter, exceeding analyst expectations of $0.69.
• The company also announced a quarterly dividend of $0.25, boosting its annualized yield to 4.2%, up from the previous $0.24 dividend.

Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in shares of First Financial Bancorp. (NASDAQ:FFBC - Free Report) by 43.8% in the first quarter, according to the company in its most recent filing with the SEC. The fund owned 36,408 shares of the bank's stock after buying an additional 11,098 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank's holdings in First Financial Bancorp. were worth $909,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of the stock. Principal Financial Group Inc. raised its position in First Financial Bancorp. by 2.6% during the first quarter. Principal Financial Group Inc. now owns 525,209 shares of the bank's stock valued at $13,120,000 after purchasing an additional 13,341 shares in the last quarter. GAMMA Investing LLC boosted its stake in First Financial Bancorp. by 43.9% in the first quarter. GAMMA Investing LLC now owns 1,522 shares of the bank's stock valued at $38,000 after buying an additional 464 shares in the last quarter. MQS Management LLC bought a new position in First Financial Bancorp. in the first quarter valued at about $543,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in First Financial Bancorp. by 4.0% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 53,747 shares of the bank's stock worth $1,445,000 after acquiring an additional 2,070 shares in the last quarter. Finally, First Financial Bank Trust Division lifted its holdings in shares of First Financial Bancorp. by 2.8% in the first quarter. First Financial Bank Trust Division now owns 893,713 shares of the bank's stock worth $22,325,000 after acquiring an additional 24,690 shares during the last quarter. Institutional investors own 77.23% of the company's stock.

Analyst Upgrades and Downgrades

FFBC has been the topic of several research reports. Stephens restated an "overweight" rating and set a $29.00 price target on shares of First Financial Bancorp. in a report on Friday, June 27th. Royal Bank Of Canada restated a "sector perform" rating and issued a $28.00 price target (up from $27.00) on shares of First Financial Bancorp. in a research report on Monday, July 28th. Keefe, Bruyette & Woods lifted their price target on shares of First Financial Bancorp. from $30.00 to $32.00 and gave the stock a "market perform" rating in a report on Wednesday, June 25th. Truist Financial started coverage on First Financial Bancorp. in a report on Tuesday, May 13th. They issued a "hold" rating and a $27.00 price objective for the company. Finally, Wall Street Zen raised First Financial Bancorp. from a "sell" rating to a "hold" rating in a research report on Sunday, July 20th. Four research analysts have rated the stock with a hold rating and one has given a buy rating to the company's stock. Based on data from MarketBeat.com, First Financial Bancorp. currently has a consensus rating of "Hold" and a consensus price target of $29.00.

First Financial Bancorp. Stock Up 0.6%

First Financial Bancorp. stock traded up $0.14 during midday trading on Friday, reaching $23.69. The stock had a trading volume of 183,941 shares, compared to its average volume of 405,166. The company has a fifty day moving average price of $24.38 and a two-hundred day moving average price of $24.95. The company has a market capitalization of $2.27 billion, a P/E ratio of 9.48 and a beta of 0.98. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.40. First Financial Bancorp. has a 12 month low of $21.10 and a 12 month high of $31.18.

First Financial Bancorp. (NASDAQ:FFBC - Get Free Report) last released its earnings results on Thursday, July 24th. The bank reported $0.74 EPS for the quarter, topping analysts' consensus estimates of $0.69 by $0.05. First Financial Bancorp. had a return on equity of 10.57% and a net margin of 19.41%. The company had revenue of $226.30 million for the quarter, compared to analysts' expectations of $219.95 million. During the same period in the previous year, the business posted $0.64 EPS. As a group, equities analysts expect 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. Stockholders of record on Tuesday, September 2nd will be given a dividend of $0.25 per share. This is an increase from First Financial Bancorp.'s previous quarterly dividend of $0.24. The ex-dividend date is Tuesday, September 2nd. This represents a $1.00 dividend on an annualized basis and a dividend yield of 4.2%. First Financial Bancorp.'s dividend payout ratio (DPR) is presently 38.40%.

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.