UBS Group AG Decreases Holdings in First Financial Bancorp. $FFBC

Key Points

• UBS Group AG cut its stake in First Financial Bancorp by 48.6% in the fourth quarter, selling 86,420 shares and leaving it with 91,287 shares worth about $2.28 million.
• Insiders also sold shares: CFO James M. Anderson and insider Claude E. Davis both reduced their holdings, and company insiders now own just 1.08% of the stock.
• Analysts remain mixed but constructive, with a Moderate Buy consensus and an average price target of $33; the company also announced a quarterly dividend of $0.25 per share, yielding about 3.2%.

UBS Group AG cut its holdings in shares of First Financial Bancorp. (NASDAQ:FFBC - Free Report) by 48.6% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 91,287 shares of the bank's stock after selling 86,420 shares during the quarter. UBS Group AG owned 0.09% of First Financial Bancorp. worth $2,284,000 at the end of the most recent quarter.

Several other large investors have also recently made changes to their positions in the business. Smartleaf Asset Management LLC raised its stake in shares of First Financial Bancorp. by 19.4% during the third quarter. Smartleaf Asset Management LLC now owns 2,903 shares of the bank's stock worth $74,000 after acquiring an additional 472 shares in the last quarter. Arizona State Retirement System raised its stake in shares of First Financial Bancorp. by 1.7% during the third quarter. Arizona State Retirement System now owns 28,308 shares of the bank's stock worth $715,000 after acquiring an additional 481 shares in the last quarter. GAMMA Investing LLC raised its stake in shares of First Financial Bancorp. by 21.7% during the fourth quarter. GAMMA Investing LLC now owns 3,036 shares of the bank's stock worth $76,000 after acquiring an additional 541 shares in the last quarter. First Horizon Corp raised its stake in shares of 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 acquiring an additional 548 shares in the last quarter. Finally, Jones Financial Companies Lllp raised its stake in shares of First Financial Bancorp. by 15.8% during the third quarter. Jones Financial Companies Lllp now owns 4,125 shares of the bank's stock worth $107,000 after acquiring an additional 564 shares in the last quarter. 77.23% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at First Financial Bancorp.

In related news, CFO James M. Anderson sold 4,263 shares of First Financial Bancorp. stock in a transaction on Wednesday, April 29th. The shares were sold at an average price of $30.00, for a total value of $127,890.00. Following the sale, the chief financial officer owned 118,537 shares in the company, valued at $3,556,110. The trade was a 3.47% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Claude E. Davis sold 26,123 shares of First Financial Bancorp. stock in a transaction on Friday, May 1st. The shares were sold at an average price of $30.45, for a total transaction of $795,445.35. Following the completion of the sale, the insider owned 30,410 shares in the company, valued at approximately $925,984.50. This trade represents a 46.21% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders sold 30,706 shares of company stock worth $932,372. 1.08% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several research analysts have commented on the stock. Royal Bank Of Canada lifted their price target on shares of First Financial Bancorp. from $30.00 to $32.00 and gave the stock a "sector perform" rating in a research note on Monday, April 27th. Truist Financial lifted their price target on shares of First Financial Bancorp. from $30.00 to $33.00 and gave the stock a "hold" rating in a research note on Monday, April 27th. Keefe, Bruyette & Woods lifted their price target on shares of First Financial Bancorp. from $31.00 to $32.00 and gave the stock a "market perform" rating in a research note on Friday, January 30th. Raymond James Financial reissued an "outperform" rating and set a $34.00 price target on shares of First Financial Bancorp. in a research note on Monday, April 27th. Finally, Hovde Group lifted their target price on shares of First Financial Bancorp. from $32.00 to $34.00 and gave the stock an "outperform" rating in a research note on Friday, January 30th. Four equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $33.00.

First Financial Bancorp. Stock Performance

NASDAQ:FFBC opened at $30.82 on Thursday. The stock has a market cap of $3.23 billion, a P/E ratio of 10.89 and a beta of 0.94. The firm's fifty day simple moving average is $29.23 and its 200 day simple moving average is $27.68. First Financial Bancorp. has a twelve month low of $22.93 and a twelve month high of $31.38. The company has a quick ratio of 0.84, a current ratio of 0.84 and a debt-to-equity ratio of 0.32.

First Financial Bancorp. Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, June 15th. Investors of record on Monday, June 1st will be issued a $0.25 dividend. The ex-dividend date is Monday, June 1st. This represents a $1.00 annualized dividend and a yield of 3.2%. First Financial Bancorp.'s payout ratio is 35.34%.

About First Financial Bancorp.

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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