Nuveen LLC Purchases New Holdings in 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 position in shares of First Financial Bancorp. (NASDAQ:FFBC - Free Report) in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund 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. as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently bought and sold shares of FFBC. First Trust Advisors LP raised its holdings in First Financial Bancorp. by 38.3% during the fourth quarter. First Trust Advisors LP now owns 1,186,286 shares of the bank's stock worth $31,887,000 after purchasing an additional 328,788 shares during the last quarter. Nuveen Asset Management LLC raised its holdings in First Financial Bancorp. by 65.2% during the fourth quarter. Nuveen Asset Management LLC now owns 669,409 shares of the bank's stock worth $17,994,000 after purchasing an additional 264,083 shares during the last quarter. Hsbc Holdings PLC raised its holdings in First Financial Bancorp. by 713.5% during the fourth quarter. Hsbc Holdings PLC now owns 265,843 shares of the bank's stock worth $7,149,000 after purchasing an additional 233,163 shares during the last quarter. Northern Trust Corp raised its holdings in First Financial Bancorp. by 16.2% during the fourth quarter. Northern Trust Corp now owns 1,362,436 shares of the bank's stock worth $36,622,000 after purchasing an additional 189,715 shares during the last quarter. Finally, Universal Beteiligungs und Servicegesellschaft mbH purchased a new position in First Financial Bancorp. during the fourth quarter worth $4,253,000. 77.23% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities analysts have weighed in on the company. Hovde Group assumed coverage on First Financial Bancorp. in a research report on Tuesday, August 19th. They set an "outperform" rating and a $31.00 price target for the company. Stephens reaffirmed 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 reaffirmed a "sector perform" rating and issued a $28.00 price objective (up previously from $27.00) on shares of First Financial Bancorp. in a research report on Monday, July 28th. Truist Financial began 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. Finally, Keefe, Bruyette & Woods lifted their price objective on First Financial Bancorp. from $30.00 to $32.00 and gave the company a "market perform" rating in a research report on Wednesday, June 25th. Two equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average target price of $29.40.

Insider Activity

In other news, Director Thomas Murray Obrien sold 7,383 shares of the company's stock in a transaction dated 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 sale, the director owned 46,480 shares of the company's stock, valued at $1,233,579.20. This represents a 13.71% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Archie M. Brown sold 12,500 shares of the company's stock in a transaction dated Thursday, August 14th. The stock was sold at an average price of $24.79, for a total value of $309,875.00. Following the completion of the sale, the chief executive officer directly 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. Insiders sold 20,670 shares of company stock valued at $524,826 in the last ninety days. Company insiders own 1.13% of the company's stock.

First Financial Bancorp. Trading Down 0.2%

NASDAQ:FFBC traded down $0.06 on Monday, hitting $26.49. 207,308 shares of the stock were exchanged, compared to its average volume of 413,151. The stock has a market cap of $2.54 billion, a PE ratio of 10.60 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. The stock has a fifty day moving average of $24.61 and a 200-day moving average of $24.66. First Financial Bancorp. has a fifty-two week low of $21.10 and a fifty-two week high of $31.18.

First Financial Bancorp. (NASDAQ:FFBC - Get Free Report) last announced its quarterly earnings results on Thursday, July 24th. The bank reported $0.74 EPS for the quarter, topping the consensus estimate of $0.69 by $0.05. The company had revenue of $226.30 million during the quarter, compared to analyst estimates 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 period in the prior year, the firm posted $0.64 earnings per share. As a group, equities analysts expect that First Financial Bancorp. will post 2.64 earnings per share for the current fiscal year.

First Financial Bancorp. Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, September 15th. Stockholders of record on Tuesday, September 2nd will be given a $0.25 dividend. The ex-dividend date of this dividend is Tuesday, September 2nd. This is a positive change from First Financial Bancorp.'s previous quarterly dividend of $0.24. This represents a $1.00 annualized dividend and a dividend yield of 3.8%. First Financial Bancorp.'s dividend payout ratio (DPR) is currently 40.00%.

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.