First Financial Bancorp. $FFBC Shares Purchased by Martingale Asset Management L P

Key Points

• Martingale Asset Management L P increased its stake in First Financial Bancorp by 56.3%, owning a total of 31,447 shares valued at $786,000 by the end of the first quarter.
• The company declared a quarterly dividend of $0.25, which shows a positive change from the previous dividend of $0.24 and represents a 3.8% annualized yield.
• First Financial Bancorp reported $0.74 earnings per share for the last quarter, exceeding estimates, and had a market capitalization of $2.54 billion.

Martingale Asset Management L P grew its stake in First Financial Bancorp. (NASDAQ:FFBC - Free Report) by 56.3% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 31,447 shares of the bank's stock after purchasing an additional 11,322 shares during the period. Martingale Asset Management L P's holdings in First Financial Bancorp. were worth $786,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently bought and sold shares of the stock. GAMMA Investing LLC lifted its holdings in shares of First Financial Bancorp. by 43.9% in the 1st quarter. GAMMA Investing LLC now owns 1,522 shares of the bank's stock worth $38,000 after acquiring an additional 464 shares during the last quarter. CWM LLC boosted its stake in shares of First Financial Bancorp. by 24.4% during the first quarter. CWM LLC now owns 2,201 shares of the bank's stock valued at $55,000 after purchasing an additional 432 shares during the period. Quarry LP grew its holdings in shares of First Financial Bancorp. by 68.9% in the fourth quarter. Quarry LP now owns 2,502 shares of the bank's stock worth $67,000 after purchasing an additional 1,021 shares during the last quarter. Federated Hermes Inc. bought a new stake in First Financial Bancorp. during the 1st quarter valued at about $78,000. Finally, TD Private Client Wealth LLC grew its stake in First Financial Bancorp. by 36.5% in the 1st quarter. TD Private Client Wealth LLC now owns 3,570 shares of the bank's stock worth $89,000 after acquiring an additional 954 shares in the last quarter. Hedge funds and other institutional investors own 77.23% of the company's stock.

First Financial Bancorp. Stock Performance

Shares of NASDAQ:FFBC traded down $0.05 on Friday, hitting $26.48. 348,950 shares of the company were exchanged, compared to its average volume of 452,198. The firm has a market capitalization of $2.54 billion, a P/E ratio of 10.59 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 1-year low of $21.10 and a 1-year high of $31.18. The stock's 50 day moving average price is $24.95 and its 200 day moving average price is $24.63.

First Financial Bancorp. (NASDAQ:FFBC - Get Free Report) last issued its quarterly 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 during the quarter, compared to analysts' expectations of $219.95 million. During the same quarter in the previous year, the firm posted $0.64 EPS. Sell-side analysts predict that First Financial Bancorp. will post 2.64 EPS for the current year.

First Financial Bancorp. Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Tuesday, September 2nd will be paid a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 3.8%. The ex-dividend date is Tuesday, September 2nd. This is a positive change from First Financial Bancorp.'s previous quarterly dividend of $0.24. First Financial Bancorp.'s dividend payout ratio (DPR) is presently 38.40%.

Insiders Place Their Bets

In other First Financial Bancorp. news, Director Thomas Murray Obrien sold 7,383 shares of the company's stock in a transaction on Friday, August 22nd. The shares were sold at an average price of $26.54, for a total value of $195,944.82. Following the sale, the director directly owned 46,480 shares of the company's stock, valued at approximately $1,233,579.20. This represents a 13.71% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Archie M. Brown sold 12,500 shares of First Financial Bancorp. stock in a transaction dated Thursday, August 14th. The shares were sold at an average price of $24.79, for a total value of $309,875.00. Following the transaction, the chief executive officer owned 240,891 shares of the company's stock, valued at $5,971,687.89. The trade was a 4.93% decrease in their position. The disclosure for this sale can be found here. 1.13% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several research firms recently weighed in on FFBC. Wall Street Zen upgraded First Financial Bancorp. from a "sell" rating to a "hold" rating in a report on Sunday, July 20th. Hovde Group assumed coverage on shares of First Financial Bancorp. in a research report on Tuesday, August 19th. They issued an "outperform" rating and a $31.00 price target for the company. Keefe, Bruyette & Woods boosted their price objective on shares of First Financial Bancorp. from $30.00 to $32.00 and gave the stock a "market perform" rating in a research note on Wednesday, June 25th. Truist Financial started coverage on First Financial Bancorp. in a research report on Tuesday, May 13th. They set a "hold" rating and a $27.00 target price on the stock. Finally, Stephens reissued an "overweight" rating and issued a $29.00 price target on shares of First Financial Bancorp. in a research report on Friday, June 27th. Two equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the company has an average 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.