First Financial Bancorp. (NASDAQ:FFBC) Issues Quarterly Earnings Results

Key Points

• First Financial Bancorp reported quarterly EPS of $0.80, narrowly missing analysts’ estimate of $0.81, while revenue came in at $264.17 million versus expectations of $270.29 million.
• The stock traded up 0.5% to $35.67 after the earnings release, and the company currently has a market value of about $3.74 billion.
• The bank also declared a quarterly dividend of $0.25 per share, equal to a $1.00 annualized payout and a 2.8% yield; meanwhile, analysts maintain a mixed but slightly positive view with a Moderate Buy consensus.

First Financial Bancorp. (NASDAQ:FFBC - Get Free Report) posted its quarterly earnings data on Tuesday. The bank reported $0.80 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.81 by ($0.01), FiscalAI reports. The firm had revenue of $264.17 million during the quarter, compared to analysts' expectations of $270.29 million. First Financial Bancorp. had a return on equity of 11.09% and a net margin of 20.92%.

First Financial Bancorp. Trading Up 0.5%

FFBC traded up $0.19 during midday trading on Tuesday, reaching $35.67. 1,478,581 shares of the company's stock traded hands, compared to its average volume of 974,108. The stock has a market capitalization of $3.74 billion, a price-to-earnings ratio of 12.60 and a beta of 0.92. First Financial Bancorp. has a 52 week low of $23.06 and a 52 week high of $36.24. The firm has a fifty day moving average of $32.21 and a two-hundred day moving average of $29.69. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.84 and a quick ratio of 0.84.

First Financial Bancorp. Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, June 15th. Shareholders of record on Monday, June 1st were given a dividend of $0.25 per share. The ex-dividend date of this dividend was Monday, June 1st. This represents a $1.00 dividend on an annualized basis and a yield of 2.8%. First Financial Bancorp.'s dividend payout ratio is presently 35.34%.

Analyst Ratings Changes

A number of brokerages recently weighed in on FFBC. Weiss Ratings reissued a "buy (b)" rating on shares of First Financial Bancorp. in a report on Monday, June 8th. 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. 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. Truist Financial lifted their target price on shares of First Financial Bancorp. from $33.00 to $35.00 and gave the stock a "hold" rating in a research report on Friday, July 10th. Finally, Raymond James Financial boosted their price target on shares of First Financial Bancorp. from $34.00 to $36.00 and gave the stock an "outperform" rating in a research note on Wednesday, July 1st. Four research 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 stock currently has an average rating of "Moderate Buy" and an average target price of $33.67.

Insider Activity

In related news, CEO Archie M. Brown sold 10,000 shares of the company's stock in a transaction that occurred on Monday, June 8th. The stock was sold at an average price of $30.93, for a total transaction of $309,300.00. Following the completion of the transaction, the chief executive officer owned 243,758 shares in the company, valued at $7,539,434.94. This represents a 3.94% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Claude E. Davis sold 26,123 shares of the firm's stock in a transaction 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 completion of the sale, the insider directly owned 30,410 shares of the company's stock, valued at $925,984.50. The trade was a 46.21% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders have sold 41,126 shares of company stock valued at $1,255,501. Company insiders own 1.08% of the company's stock.

Institutional Investors Weigh In On First Financial Bancorp.

Large investors have recently modified their holdings of the stock. Jones Financial Companies Lllp lifted its holdings in First Financial Bancorp. by 571.4% in the first quarter. Jones Financial Companies Lllp now owns 7,412 shares of the bank's stock worth $185,000 after buying an additional 6,308 shares during the period. O Shaughnessy Asset Management LLC bought a new position in shares of First Financial Bancorp. in the 4th quarter worth approximately $200,000. Caxton Associates LLP bought a new position in shares of First Financial Bancorp. in the 3rd quarter worth approximately $226,000. EP Wealth Advisors LLC purchased a new position in shares of First Financial Bancorp. in the 4th quarter valued at approximately $236,000. Finally, CIBC Asset Management Inc purchased a new position in shares of First Financial Bancorp. in the 4th quarter valued at approximately $237,000. Institutional investors own 77.23% of the company's stock.

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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