PDT Partners LLC Cuts Holdings in First Financial Bancorp. $FFBC

Key Points

• PDT Partners LLC significantly reduced its stake in First Financial Bancorp by 68.4%, selling 22,473 shares, and now holds 10,402 shares valued at approximately $260,000.
• The company announced a quarterly dividend of $0.25 to be paid on September 15th, marking an increase from the previous dividend of $0.24 and representing a 3.8% dividend yield.
• Analysts have set varying price targets for First Financial Bancorp, with the average target at $29.40 and some research firms upgrading their ratings from "sell" to "hold."

PDT Partners LLC lessened its stake in First Financial Bancorp. (NASDAQ:FFBC - Free Report) by 68.4% during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 10,402 shares of the bank's stock after selling 22,473 shares during the quarter. PDT Partners LLC's holdings in First Financial Bancorp. were worth $260,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of FFBC. HighTower Advisors LLC increased its holdings in First Financial Bancorp. by 0.7% in the 1st quarter. HighTower Advisors LLC now owns 58,585 shares of the bank's stock worth $1,463,000 after acquiring an additional 415 shares during the last quarter. PNC Financial Services Group Inc. increased its position in shares of First Financial Bancorp. by 4.0% during the first quarter. PNC Financial Services Group Inc. now owns 10,923 shares of the bank's stock valued at $273,000 after buying an additional 424 shares during the period. CWM LLC lifted its stake in 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 purchasing an additional 432 shares in the last quarter. GAMMA Investing LLC grew its position in shares of First Financial Bancorp. by 43.9% during the 1st quarter. GAMMA Investing LLC now owns 1,522 shares of the bank's stock valued at $38,000 after purchasing an additional 464 shares in the last quarter. Finally, Ieq Capital LLC increased its stake in First Financial Bancorp. by 6.7% in the 1st quarter. Ieq Capital LLC now owns 9,041 shares of the bank's stock worth $226,000 after acquiring an additional 570 shares during the last quarter. Hedge funds and other institutional investors own 77.23% of the company's stock.

Insider Buying and Selling at First Financial Bancorp.

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

First Financial Bancorp. Price Performance

Shares of NASDAQ FFBC remained flat at $26.15 on Thursday. 627,355 shares of the company's stock were exchanged, compared to its average volume of 467,440. The company has a 50 day moving average of $25.25 and a 200 day moving average of $24.56. First Financial Bancorp. has a fifty-two week low of $21.10 and a fifty-two week high of $31.18. The stock has a market cap of $2.50 billion, a P/E ratio of 10.46 and a beta of 1.02. 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. (NASDAQ:FFBC - Get Free Report) last posted its quarterly earnings results on Thursday, July 24th. The bank reported $0.74 earnings per share for the quarter, topping the consensus estimate 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 for the quarter, compared to the consensus estimate of $219.95 million. During the same quarter in the prior year, the business posted $0.64 EPS. Analysts forecast 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 paid a $0.25 dividend. This is an increase from First Financial Bancorp.'s previous quarterly dividend of $0.24. This represents a $1.00 dividend on an annualized basis and a dividend yield of 3.8%. The ex-dividend date of this dividend is Tuesday, September 2nd. First Financial Bancorp.'s payout ratio is currently 40.00%.

Analysts Set New Price Targets

FFBC has been the subject of a number of research reports. Stephens reissued an "overweight" rating and issued a $29.00 price target on shares of First Financial Bancorp. in a research note on Friday, June 27th. Keefe, Bruyette & Woods raised their price target 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. Hovde Group initiated coverage on shares of First Financial Bancorp. in a report on Tuesday, August 19th. They issued an "outperform" rating and a $31.00 price target on the stock. Wall Street Zen raised First Financial Bancorp. from a "sell" rating to a "hold" rating in a research note on Sunday, July 20th. Finally, Royal Bank Of Canada reaffirmed a "sector perform" rating and issued a $28.00 target price (up from $27.00) on shares of First Financial Bancorp. in a research report on Monday, July 28th. Two research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat, the stock presently has an average rating of "Hold" and a consensus target price of $29.40.

First Financial Bancorp. 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.