First Financial Bancorp. (NASDAQ:FFBC) CEO Archie M. Brown Sells 12,500 Shares

Key Points

• CEO Archie M. Brown sold 12,500 shares of First Financial Bancorp. stock at an average price of $24.79, reducing his ownership by 4.93% to approximately $5.97 million.
• The company announced a raised quarterly dividend of $0.25 per share, payable on September 15th, reflecting an increase from the previous dividend of $0.24.
• First Financial Bancorp.'s recent earnings report showed earnings per share (EPS) of $0.74, exceeding analyst expectations and representing significant year-over-year growth.

First Financial Bancorp. (NASDAQ:FFBC - Get Free Report) CEO Archie M. Brown sold 12,500 shares of First Financial Bancorp. stock in a transaction that occurred on Thursday, August 14th. The stock was sold at an average price of $24.79, for a total transaction of $309,875.00. Following the sale, the chief executive officer owned 240,891 shares in the company, valued at approximately $5,971,687.89. This represents a 4.93% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink.

First Financial Bancorp. Stock Down 0.8%

NASDAQ FFBC traded down $0.20 during mid-day trading on Friday, hitting $24.73. The company's stock had a trading volume of 211,234 shares, compared to its average volume of 405,598. 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 firm has a market capitalization of $2.37 billion, a price-to-earnings ratio of 9.90 and a beta of 0.98. The company's 50 day simple moving average is $24.44 and its 200 day simple moving average is $24.82. First Financial Bancorp. has a twelve month low of $21.10 and a twelve month high of $31.18.

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

First Financial Bancorp. Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 15th. Investors of record on Tuesday, September 2nd will be paid a dividend of $0.25 per share. This is an increase from First Financial Bancorp.'s previous quarterly dividend of $0.24. This represents a $1.00 annualized dividend and a yield of 4.0%. The ex-dividend date of this dividend is Tuesday, September 2nd. First Financial Bancorp.'s dividend payout ratio is presently 38.40%.

Analyst Ratings Changes

Several research firms have issued reports on FFBC. Keefe, Bruyette & Woods raised their price target on shares of First Financial Bancorp. from $30.00 to $32.00 and gave the stock a "market perform" rating in a report on Wednesday, June 25th. Stephens reiterated an "overweight" rating and issued a $29.00 price objective on shares of First Financial Bancorp. in a research note on Friday, June 27th. Wall Street Zen upgraded shares of First Financial Bancorp. from a "sell" rating to a "hold" rating in a research note on Sunday, July 20th. Truist Financial started coverage on shares of First Financial Bancorp. in a research note on Tuesday, May 13th. They issued a "hold" rating and a $27.00 price objective for the company. Finally, Royal Bank Of Canada reiterated 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 note on Monday, July 28th. Four equities research analysts have rated the stock with a hold rating and one has given a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and an average target price of $29.00.

Hedge Funds Weigh In On First Financial Bancorp.

Hedge funds have recently bought and sold shares of the company. Russell Investments Group Ltd. grew its position in First Financial Bancorp. by 7.6% during the fourth quarter. Russell Investments Group Ltd. now owns 11,585 shares of the bank's stock valued at $311,000 after acquiring an additional 822 shares during the last quarter. Bank of Montreal Can lifted its stake in First Financial Bancorp. by 97.7% in the fourth quarter. Bank of Montreal Can now owns 23,221 shares of the bank's stock worth $624,000 after acquiring an additional 11,475 shares during the period. Invesco Ltd. lifted its position in First Financial Bancorp. by 98.0% during the fourth quarter. Invesco Ltd. now owns 447,824 shares of the bank's stock valued at $12,038,000 after buying an additional 221,683 shares during the period. Renaissance Technologies LLC purchased a new position in First Financial Bancorp. during the fourth quarter valued at $248,000. Finally, Sterling Capital Management LLC raised its position in shares of First Financial Bancorp. by 807.3% in the 4th quarter. Sterling Capital Management LLC now owns 2,976 shares of the bank's stock worth $80,000 after purchasing an additional 2,648 shares during the last quarter. Hedge funds and other institutional investors own 77.23% of the company's stock.

First Financial Bancorp. Company 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.

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