Gator Capital Management LLC Increases Stake in First Financial Bancorp. $FFBC

Key Points

• Gator Capital Management increased its stake in First Financial Bancorp. by 33.4% in the fourth quarter, bringing its holdings to 296,090 shares valued at about $7.4 million.
• The stock has attracted broad institutional interest, with hedge funds and other institutions owning 77.23% of the company; several large firms, including Vanguard and Dimensional, also added to their positions.
• First Financial Bancorp. declared a quarterly dividend of $0.25 per share, equal to an annualized yield of about 3.1%, while analysts currently rate the stock a consensus Moderate Buy with a $33 price target.

Gator Capital Management LLC raised its position in First Financial Bancorp. (NASDAQ:FFBC - Free Report) by 33.4% during the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 296,090 shares of the bank's stock after purchasing an additional 74,170 shares during the period. First Financial Bancorp. accounts for approximately 1.5% of Gator Capital Management LLC's portfolio, making the stock its 21st biggest holding. Gator Capital Management LLC owned approximately 0.30% of First Financial Bancorp. worth $7,408,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its holdings in First Financial Bancorp. by 2.0% in the 4th quarter. Vanguard Group Inc. now owns 10,929,185 shares of the bank's stock valued at $273,448,000 after purchasing an additional 215,357 shares in the last quarter. Dimensional Fund Advisors LP raised its holdings in shares of First Financial Bancorp. by 0.5% during the 4th quarter. Dimensional Fund Advisors LP now owns 6,243,149 shares of the bank's stock worth $156,205,000 after acquiring an additional 30,043 shares during the period. Geode Capital Management LLC raised its holdings in shares of First Financial Bancorp. by 1.0% during the 4th quarter. Geode Capital Management LLC now owns 2,374,365 shares of the bank's stock worth $59,415,000 after acquiring an additional 22,389 shares during the period. Bank of New York Mellon Corp raised its holdings in shares of First Financial Bancorp. by 15.5% during the 4th quarter. Bank of New York Mellon Corp now owns 1,176,252 shares of the bank's stock worth $29,430,000 after acquiring an additional 157,814 shares during the period. Finally, Bank of America Corp DE raised its holdings in shares of First Financial Bancorp. by 12.4% during the 3rd quarter. Bank of America Corp DE now owns 945,401 shares of the bank's stock worth $23,871,000 after acquiring an additional 104,550 shares during the period. Hedge funds and other institutional investors own 77.23% of the company's stock.

First Financial Bancorp. Stock Performance

NASDAQ FFBC opened at $32.30 on Friday. The company has a market cap of $3.39 billion, a P/E ratio of 11.41 and a beta of 0.93. 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 stock has a 50-day moving average of $30.11 and a two-hundred day moving average of $28.24. First Financial Bancorp. has a 1-year low of $22.93 and a 1-year high of $32.31.

First Financial Bancorp. Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 15th. Stockholders of record on Monday, June 1st will be given a dividend of $0.25 per share. The ex-dividend date of this dividend is Monday, June 1st. This represents a $1.00 dividend on an annualized basis and a dividend yield of 3.1%. First Financial Bancorp.'s payout ratio is currently 35.34%.

Insider Transactions at First Financial Bancorp.

In other news, insider Claude E. Davis sold 26,123 shares of the business's stock in a transaction dated Friday, May 1st. The stock was sold at an average price of $30.45, for a total transaction of $795,445.35. Following the completion of the transaction, the insider directly owned 30,410 shares of the company's stock, valued at approximately $925,984.50. The trade was a 46.21% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Archie M. Brown sold 10,000 shares of the business's stock in a transaction that occurred on Monday, June 8th. The stock was sold at an average price of $30.93, for a total value of $309,300.00. Following the sale, the chief executive officer owned 243,758 shares of the company's stock, valued at approximately $7,539,434.94. The trade was a 3.94% decrease in their position. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 41,126 shares of company stock valued at $1,255,501. 1.08% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

FFBC has been the topic of several analyst reports. Raymond James Financial reiterated an "outperform" rating and set a $34.00 price target on shares of First Financial Bancorp. in a report on Monday, April 27th. Wall Street Zen upgraded shares of First Financial Bancorp. from a "hold" rating to a "buy" rating in a report on Saturday, June 6th. Royal Bank Of Canada boosted their price objective on shares of First Financial Bancorp. from $30.00 to $32.00 and gave the company a "sector perform" rating in a report on Monday, April 27th. Truist Financial boosted their price objective on shares of First Financial Bancorp. from $30.00 to $33.00 and gave the company a "hold" rating in a report on Monday, April 27th. Finally, Weiss Ratings restated a "buy (b)" rating on shares of First Financial Bancorp. in a report on Monday. Four investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the company's stock. According to data from MarketBeat, 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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