Nuveen LLC Acquires Shares of 665,150 First Financial Bancorp. $FFBC

Key Points

• Nuveen LLC acquired a new stake in First Financial Bancorp (NASDAQ:FFBC) during the first quarter, purchasing 665,150 shares valued at approximately $16.6 million, representing 0.70% of the bank's stock.
• The company has announced an increase in its quarterly dividend to $0.25 per share, effective September 15th, with an annualized yield of 3.9% and a payout ratio of 38.40%.
• First Financial Bancorp recently reported earnings per share of $0.74 for the last quarter, surpassing analysts' estimates, and has a consensus rating of "Hold" with an average price target of $29.40.

Nuveen LLC acquired a new stake in shares of First Financial Bancorp. (NASDAQ:FFBC - Free Report) during the 1st quarter, according to its most recent filing with the SEC. The institutional investor acquired 665,150 shares of the bank's stock, valued at approximately $16,615,000. Nuveen LLC owned about 0.70% of First Financial Bancorp. at the end of the most recent quarter.

Several other institutional investors have also recently modified their holdings of the company. GAMMA Investing LLC grew its position in First Financial Bancorp. by 43.9% during 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 grew its position in shares of First Financial Bancorp. by 24.4% in the 1st quarter. CWM LLC now owns 2,201 shares of the bank's stock worth $55,000 after buying an additional 432 shares during the last quarter. Quarry LP grew its position in shares of First Financial Bancorp. by 68.9% in the 4th 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 last quarter. Sterling Capital Management LLC grew its position in shares of First Financial Bancorp. by 807.3% in the 4th quarter. Sterling Capital Management LLC now owns 2,976 shares of the bank's stock worth $80,000 after buying an additional 2,648 shares during the last quarter. Finally, Federated Hermes Inc. bought a new stake in shares of First Financial Bancorp. in the 1st quarter worth approximately $78,000. 77.23% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

FFBC has been the topic of a number of recent analyst reports. Wall Street Zen upgraded First Financial Bancorp. from a "sell" rating to a "hold" rating in a research report on Sunday, July 20th. Stephens reiterated an "overweight" rating and issued a $29.00 price objective on shares of First Financial Bancorp. in a research report on Friday, June 27th. Royal Bank Of Canada reiterated a "sector perform" rating and issued a $28.00 price objective (up from $27.00) on shares of First Financial Bancorp. in a research report on Monday, July 28th. Hovde Group initiated coverage on First Financial Bancorp. in a research report on Tuesday, August 19th. They issued an "outperform" rating and a $31.00 price objective on the stock. Finally, Truist Financial initiated coverage on First Financial Bancorp. in a research report on Tuesday, May 13th. They issued a "hold" rating and a $27.00 price objective on the stock. Two research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat, the company has an average rating of "Hold" and an average target price of $29.40.

Insider Buying and Selling

In other news, Director Thomas Murray Obrien sold 7,383 shares of the firm's stock in a transaction that occurred on Friday, August 22nd. The stock was sold at an average price of $26.54, for a total value of $195,944.82. Following the completion of the transaction, the director owned 46,480 shares in the company, valued at $1,233,579.20. This trade represents a 13.71% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Archie M. Brown sold 12,500 shares of First Financial Bancorp. stock in a transaction on 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. In the last 90 days, insiders sold 20,670 shares of company stock valued at $524,826. 1.13% of the stock is currently owned by company insiders.

First Financial Bancorp. Stock Up 0.3%

Shares of FFBC traded up $0.08 on Tuesday, reaching $26.58. The stock had a trading volume of 514,308 shares, compared to its average volume of 443,210. The firm has a market capitalization of $2.55 billion, a price-to-earnings ratio of 10.63 and a beta of 0.98. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.90 and a current ratio of 0.90. The company has a 50-day simple moving average of $24.74 and a 200-day simple moving average of $24.66. 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, beating analysts' consensus estimates of $0.69 by $0.05. The company had revenue of $226.30 million during the quarter, compared to analysts' expectations of $219.95 million. First Financial Bancorp. had a return on equity of 10.57% and a net margin of 19.41%.During the same quarter last year, the business 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 company 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 represents a $1.00 dividend on an annualized basis and a dividend yield of 3.8%. The ex-dividend date is Tuesday, September 2nd. This is a boost from First Financial Bancorp.'s previous quarterly dividend of $0.24. First Financial Bancorp.'s dividend payout ratio (DPR) is 38.40%.

First Financial Bancorp. Company 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.