Vident Advisory LLC Acquires 13,132 Shares of First Financial Bancorp. $FFBC

Key Points

• Vident Advisory LLC increased its holdings in First Financial Bancorp by 138.6%, acquiring an additional 13,132 shares, bringing its total to 22,608 shares worth $565,000.
• First Financial Bancorp recently increased its quarterly dividend to $0.25 per share, representing a 3.8% dividend yield based on an annualized dividend of $1.00.
• Analysts currently have a consensus rating of "Hold" on First Financial Bancorp with an average price target of $29.40, following recent upgrades from several equity research firms.

Vident Advisory LLC boosted its position in shares of First Financial Bancorp. (NASDAQ:FFBC - Free Report) by 138.6% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The firm owned 22,608 shares of the bank's stock after buying an additional 13,132 shares during the quarter. Vident Advisory LLC's holdings in First Financial Bancorp. were worth $565,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of FFBC. GAMMA Investing LLC raised its stake in First Financial Bancorp. by 43.9% during the first quarter. GAMMA Investing LLC now owns 1,522 shares of the bank's stock worth $38,000 after purchasing an additional 464 shares during the period. CWM LLC grew its holdings in First Financial Bancorp. by 24.4% during the 1st quarter. CWM LLC now owns 2,201 shares of the bank's stock worth $55,000 after acquiring an additional 432 shares in the last quarter. Federated Hermes Inc. purchased a new stake in shares of First Financial Bancorp. during the 1st quarter worth approximately $78,000. TD Private Client Wealth LLC lifted its position in shares of First Financial Bancorp. by 36.5% during the 1st quarter. TD Private Client Wealth LLC now owns 3,570 shares of the bank's stock worth $89,000 after buying an additional 954 shares during the last quarter. Finally, Vestcor Inc purchased a new stake in shares of First Financial Bancorp. during the 1st quarter worth approximately $169,000. Institutional investors and hedge funds own 77.23% of the company's stock.

First Financial Bancorp. Stock Performance

Shares of FFBC traded down $0.19 during midday trading on Friday, hitting $25.96. 556,928 shares of the stock traded hands, compared to its average volume of 474,366. First Financial Bancorp. has a 1-year low of $21.10 and a 1-year high of $31.18. The firm has a market capitalization of $2.49 billion, a PE ratio of 10.38 and a beta of 1.02. 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 business's 50 day moving average price is $25.25 and its two-hundred day moving average price is $24.55.

First Financial Bancorp. (NASDAQ:FFBC - Get Free Report) last announced its quarterly earnings results on Thursday, July 24th. The bank reported $0.74 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.69 by $0.05. First Financial Bancorp. had a net margin of 19.41% and a return on equity of 10.57%. The company had revenue of $226.30 million during the quarter, compared to the consensus estimate of $219.95 million. During the same quarter in the previous year, the company posted $0.64 earnings per share. Equities research analysts predict that First Financial Bancorp. will post 2.64 EPS for the current fiscal year.

First Financial Bancorp. Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Tuesday, September 2nd will be issued a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 3.9%. 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. First Financial Bancorp.'s dividend payout ratio is currently 40.00%.

Analyst Ratings Changes

A number of brokerages have commented on FFBC. Keefe, Bruyette & Woods upped their price objective on shares of 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 began 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 for the company. Royal Bank Of Canada reiterated a "sector perform" rating and issued a $28.00 price target (up previously from $27.00) on shares of First Financial Bancorp. in a report on Monday, July 28th. Wall Street Zen upgraded shares of First Financial Bancorp. from a "sell" rating to a "hold" rating in a report on Sunday, July 20th. Finally, Stephens restated an "overweight" rating and set a $29.00 target price on shares of First Financial Bancorp. in a report on Friday, June 27th. Two equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company's stock. According to MarketBeat, First Financial Bancorp. has an average rating of "Hold" and an average target price of $29.40.

Insider Transactions at First Financial Bancorp.

In related news, CEO Archie M. Brown sold 12,500 shares of the business's stock in a transaction that occurred on 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 owned 240,891 shares of the company's stock, valued at approximately $5,971,687.89. The trade was a 4.93% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Thomas Murray Obrien sold 7,383 shares of the company'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 sale, the director directly owned 46,480 shares of the company's stock, valued at $1,233,579.20. The trade was a 13.71% decrease in their position. The disclosure for this sale can be found here. 1.13% of the stock is currently owned by corporate insiders.

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.