First Financial Bancorp. (NASDAQ:FFBC) Hits New 52-Week High - Here's What Happened

Key Points

• First Financial Bancorp. (NASDAQ:FFBC) hit a new 52-week high, trading as high as $35.01 and closing just below that level after a 1.8% gain.
• Analyst sentiment is mixed but generally constructive: the stock has a Moderate Buy consensus, with several firms raising price targets, including Raymond James to $36 and Truist to $35.
• The bank recently posted solid quarterly results, beating earnings and revenue estimates with $0.77 EPS versus $0.70 expected, while also paying a $0.25 quarterly dividend that implies a 2.9% yield.

First Financial Bancorp. (NASDAQ:FFBC - Get Free Report) shares hit a new 52-week high on Wednesday . The stock traded as high as $35.01 and last traded at $34.8570, with a volume of 638166 shares trading hands. The stock had previously closed at $34.23.

Wall Street Analysts Forecast Growth

FFBC has been the subject of a number of recent analyst reports. Wall Street Zen cut shares of First Financial Bancorp. from a "buy" rating to a "hold" rating in a research note on Tuesday, June 30th. Raymond James Financial boosted their target price on First Financial Bancorp. from $34.00 to $36.00 and gave the company an "outperform" rating in a research report on Wednesday, July 1st. Weiss Ratings reaffirmed a "buy (b)" rating on shares of First Financial Bancorp. in a research note on Monday, June 8th. Truist Financial increased their price target 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, Stephens began coverage on First Financial Bancorp. in a research note on Friday, March 27th. They set an "overweight" rating and a $33.00 price target for the company. Four research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $33.67.

First Financial Bancorp. Stock Up 1.8%

The company has a market cap of $3.66 billion, a PE ratio of 12.30 and a beta of 0.92. The company's 50 day moving average is $31.80 and its 200 day moving average is $29.41. The company has a current ratio of 0.84, a quick ratio of 0.84 and a debt-to-equity ratio of 0.32.

First Financial Bancorp. (NASDAQ:FFBC - Get Free Report) last announced its quarterly earnings data on Thursday, April 23rd. The bank reported $0.77 earnings per share for the quarter, beating analysts' consensus estimates of $0.70 by $0.07. The company had revenue of $265.30 million during the quarter, compared to analyst estimates of $257.97 million. First Financial Bancorp. had a net margin of 20.92% and a return on equity of 11.09%. During the same quarter last year, the business posted $0.63 EPS. As a group, analysts predict that First Financial Bancorp. will post 3.28 earnings per share for the current fiscal year.

First Financial Bancorp. Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, June 15th. Investors of record on Monday, June 1st were issued a $0.25 dividend. The ex-dividend date was Monday, June 1st. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.9%. First Financial Bancorp.'s payout ratio is presently 35.34%.

Insider Buying and Selling

In related news, insider Claude E. Davis sold 26,123 shares of the stock in a transaction that occurred on Friday, May 1st. The stock was sold at an average price of $30.45, for a total value of $795,445.35. Following the transaction, the insider owned 30,410 shares of the company's stock, valued at $925,984.50. This represents a 46.21% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO James M. Anderson sold 4,263 shares of the firm's stock in a transaction on Wednesday, April 29th. The stock was sold at an average price of $30.00, for a total value of $127,890.00. Following the transaction, 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. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 41,126 shares of company stock valued at $1,255,501 over the last quarter. 1.08% of the stock is owned by corporate insiders.

Institutional Trading of First Financial Bancorp.

Several institutional investors and hedge funds have recently made changes to their positions in FFBC. Rockefeller Capital Management L.P. grew its holdings in First Financial Bancorp. by 137.6% during the 4th quarter. Rockefeller Capital Management L.P. now owns 991 shares of the bank's stock worth $25,000 after acquiring an additional 574 shares in the last quarter. First Horizon Corp raised its holdings in shares of First Financial Bancorp. by 56.0% in the 4th quarter. First Horizon Corp now owns 1,526 shares of the bank's stock valued at $38,000 after purchasing an additional 548 shares in the last quarter. Hantz Financial Services Inc. lifted its position in shares of First Financial Bancorp. by 38.7% in the 4th quarter. Hantz Financial Services Inc. now owns 1,743 shares of the bank's stock worth $44,000 after purchasing an additional 486 shares during the period. Smithfield Trust Co purchased a new stake in shares of First Financial Bancorp. in the 4th quarter worth approximately $50,000. Finally, GAMMA Investing LLC boosted 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 valued at $76,000 after purchasing an additional 541 shares in the last quarter. 77.23% of the stock is currently owned by institutional investors.

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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