Trust Co of the South Makes New Investment in First Financial Bancorp. $FFBC

Key Points

• Trust Co of the South acquired 116,821 First Financial Bancorp. shares worth approximately $3.95 million, giving it about 0.11% of the bank; institutional investors collectively own 77.23% of the stock.
• First Financial Bancorp. reported quarterly EPS of $0.80, topping estimates by $0.02, while revenue rose 16.7% year over year to $264.17 million. The company also raised its quarterly dividend to $0.26 per share, implying a 3.1% yield.
• Analysts assign the stock a consensus “Moderate Buy” rating with a $33.67 price target, although company insiders sold 14,740 shares worth about $467,000 during the past 90 days.

Trust Co of the South bought a new position in shares of First Financial Bancorp. (NASDAQ:FFBC - Free Report) during the 2nd quarter, according to its most recent 13F filing with the SEC. The fund bought 116,821 shares of the bank's stock, valued at approximately $3,952,000. First Financial Bancorp. makes up about 0.6% of Trust Co of the South's investment portfolio, making the stock its 23rd largest position. Trust Co of the South owned approximately 0.11% of First Financial Bancorp. at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in FFBC. Rockefeller Capital Management L.P. lifted its stake in shares of First Financial Bancorp. by 137.6% in the fourth quarter. Rockefeller Capital Management L.P. now owns 991 shares of the bank's stock valued at $25,000 after purchasing an additional 574 shares during the period. First Horizon Corp boosted its holdings in First Financial Bancorp. by 56.0% during the fourth quarter. First Horizon Corp now owns 1,526 shares of the bank's stock worth $38,000 after buying an additional 548 shares in the last quarter. Hantz Financial Services Inc. grew its position in First Financial Bancorp. by 38.7% during the fourth quarter. Hantz Financial Services Inc. now owns 1,743 shares of the bank's stock worth $44,000 after buying an additional 486 shares during the period. Smithfield Trust Co acquired a new position in First Financial Bancorp. during the fourth quarter worth about $50,000. Finally, TD Private Client Wealth LLC increased its holdings in First Financial Bancorp. by 14.2% in the fourth quarter. TD Private Client Wealth LLC now owns 3,309 shares of the bank's stock valued at $83,000 after buying an additional 412 shares in the last quarter. 77.23% of the stock is owned by institutional investors and hedge funds.

First Financial Bancorp. Stock Performance

NASDAQ:FFBC opened at $33.83 on Monday. The company has a current ratio of 0.85, a quick ratio of 0.85 and a debt-to-equity ratio of 0.32. The company has a market capitalization of $3.55 billion, a P/E ratio of 11.95 and a beta of 0.92. The firm has a 50-day moving average price of $32.91 and a two-hundred day moving average price of $30.23. First Financial Bancorp. has a twelve month low of $23.06 and a twelve month high of $36.24.

First Financial Bancorp. (NASDAQ:FFBC - Get Free Report) last announced its quarterly earnings results on Tuesday, July 21st. The bank reported $0.80 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.78 by $0.02. The company had revenue of $264.17 million for the quarter, compared to the consensus estimate of $270.29 million. First Financial Bancorp. had a net margin of 20.77% and a return on equity of 11.13%. The company's revenue for the quarter was up 16.7% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.74 earnings per share. As a group, research analysts expect that First Financial Bancorp. will post 3.22 earnings per share for the current fiscal year.

First Financial Bancorp. Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 15th. Investors of record on Tuesday, September 1st will be given a dividend of $0.26 per share. The ex-dividend date is Tuesday, September 1st. This represents a $1.04 annualized dividend and a dividend yield of 3.1%. This is an increase from First Financial Bancorp.'s previous quarterly dividend of $0.25. First Financial Bancorp.'s payout ratio is presently 35.34%.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on the stock. Weiss Ratings reiterated a "buy (b)" rating on shares of First Financial Bancorp. in a research report on Monday, June 8th. Raymond James Financial upped their price target on First Financial Bancorp. from $34.00 to $36.00 and gave the stock an "outperform" rating in a report on Wednesday, July 1st. Wall Street Zen downgraded First Financial Bancorp. from a "buy" rating to a "hold" rating in a research note on Tuesday, June 30th. Truist Financial lifted their price objective on First Financial Bancorp. from $33.00 to $35.00 and gave the stock a "hold" rating in a report on Friday, July 10th. Finally, Royal Bank Of Canada lifted their price objective on First Financial Bancorp. from $30.00 to $32.00 and gave the stock a "sector perform" rating in a report on Monday, April 27th. Four analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $33.67.

Insider Activity at First Financial Bancorp.

In related news, CFO James M. Anderson sold 4,000 shares of the company's stock in a transaction that occurred on Friday, July 31st. The stock was sold at an average price of $33.73, for a total value of $134,920.00. Following the sale, the chief financial officer owned 114,537 shares of the company's stock, valued at approximately $3,863,333.01. This represents a 3.37% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Archie M. Brown sold 10,000 shares of the stock in a transaction on Monday, June 8th. The shares were 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 in the company, valued at approximately $7,539,434.94. This trade represents a 3.94% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 14,740 shares of company stock valued at $467,086 over the last 90 days. Insiders own 1.08% of the company's stock.

First Financial Bancorp. Company Profile

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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