Public Sector Pension Investment Board Purchases 64,882 Shares of First Financial Bancorp. $FFBC

Key Points

• Public Sector Pension Investment Board increased its holdings in First Financial Bancorp. by 27.3%, owning approximately 0.32% of the company with a value of $7.57 million at the end of the most recent quarter.
• First Financial Bancorp. announced a quarterly dividend increase from $0.24 to $0.25 per share, which translates to a yield of 4.1% and will be paid on September 15th.
• Analysts have a consensus rating of "Hold" on the stock with an average price target of $29.00, following various upgrades and reaffirmations from multiple investment firms.

Public Sector Pension Investment Board increased its position in First Financial Bancorp. (NASDAQ:FFBC - Free Report) by 27.3% in the 1st quarter, according to its most recent filing with the SEC. The fund owned 302,830 shares of the bank's stock after purchasing an additional 64,882 shares during the period. Public Sector Pension Investment Board owned 0.32% of First Financial Bancorp. worth $7,565,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in the company. GAMMA Investing LLC boosted its holdings in shares of 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 acquiring an additional 464 shares during the period. CWM LLC boosted its position in shares of First Financial Bancorp. by 24.4% during the 1st quarter. CWM LLC now owns 2,201 shares of the bank's stock worth $55,000 after purchasing an additional 432 shares in the last quarter. Quarry LP grew its position in First Financial Bancorp. by 68.9% during the fourth quarter. Quarry LP now owns 2,502 shares of the bank's stock worth $67,000 after buying an additional 1,021 shares during the period. Federated Hermes Inc. purchased a new position in First Financial Bancorp. in the 1st quarter valued at approximately $78,000. Finally, Sterling Capital Management LLC grew its holdings in First Financial Bancorp. by 807.3% in the fourth quarter. Sterling Capital Management LLC now owns 2,976 shares of the bank's stock valued at $80,000 after purchasing an additional 2,648 shares during the last quarter. Hedge funds and other institutional investors own 77.23% of the company's stock.

Insiders Place Their Bets

In related news, CEO Archie M. Brown sold 12,500 shares of the firm's stock in a transaction on Thursday, August 14th. The stock was sold at an average price of $24.79, for a total transaction of $309,875.00. Following the sale, the chief executive officer owned 240,891 shares of the company's stock, valued at approximately $5,971,687.89. This trade represents a 4.93% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 1.13% of the company's stock.

First Financial Bancorp. Stock Up 1.4%

FFBC traded up $0.3380 on Tuesday, reaching $25.0180. 120,855 shares of the company traded hands, compared to its average volume of 405,475. First Financial Bancorp. has a 52-week low of $21.10 and a 52-week high of $31.18. The company has a debt-to-equity ratio of 0.40, a current ratio of 0.90 and a quick ratio of 0.90. The company has a market cap of $2.40 billion, a price-to-earnings ratio of 9.99 and a beta of 0.98. The stock's 50 day moving average price is $24.47 and its 200-day moving average price is $24.74.

First Financial Bancorp. (NASDAQ:FFBC - Get Free Report) last released its quarterly earnings results on Thursday, July 24th. The bank reported $0.74 EPS for the quarter, beating analysts' consensus estimates of $0.69 by $0.05. The company had revenue of $226.30 million for the quarter, compared to analyst estimates of $219.95 million. First Financial Bancorp. had a net margin of 19.41% and a return on equity of 10.57%. During the same quarter last year, the firm posted $0.64 earnings per share. On average, sell-side analysts expect that First Financial Bancorp. will post 2.64 EPS for the current fiscal year.

First Financial Bancorp. Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 15th. Stockholders of record on Tuesday, September 2nd will be paid a $0.25 dividend. This is a boost from First Financial Bancorp.'s previous quarterly dividend of $0.24. The ex-dividend date of this dividend is Tuesday, September 2nd. This represents a $1.00 annualized dividend and a dividend yield of 4.0%. First Financial Bancorp.'s payout ratio is 40.00%.

Analysts Set New Price Targets

FFBC has been the subject of several research reports. Keefe, Bruyette & Woods lifted their price objective on First Financial Bancorp. from $30.00 to $32.00 and gave the stock a "market perform" rating in a research report on Wednesday, June 25th. Truist Financial assumed coverage on First Financial Bancorp. in a research report on Tuesday, May 13th. They issued a "hold" rating and a $27.00 price objective for the company. Stephens reiterated an "overweight" rating and issued a $29.00 price target on shares of First Financial Bancorp. in a report on Friday, June 27th. Hovde Group initiated coverage on shares of First Financial Bancorp. in a research report on Tuesday. They set an "outperform" rating and a $31.00 target price for the company. Finally, Royal Bank Of Canada restated a "sector perform" rating and set a $28.00 price objective (up previously from $27.00) on shares of First Financial Bancorp. in a research note on Monday, July 28th. Two research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat, First Financial Bancorp. has a consensus rating of "Hold" and a consensus target price of $29.40.

About First Financial Bancorp.

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.