First Financial Bancorp. (NASDAQ:FFBC) Posts Quarterly Earnings Results, Beats Expectations By $0.05 EPS

Key Points

• First Financial Bancorp. reported a quarterly EPS of $0.74, exceeding expectations by $0.05, along with a revenue of $226.30 million.
• The company announced a quarterly dividend increase from $0.24 to $0.25 per share, representing a dividend yield of 4.02%.
• Analysts have a consensus rating of "Hold" on the stock, with a target price averaging $28.75.

First Financial Bancorp. (NASDAQ:FFBC - Get Free Report) posted its earnings results on Thursday. The bank reported $0.74 EPS for the quarter, topping the consensus estimate of $0.69 by $0.05, Zacks reports. The company had revenue of $226.30 million during 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 10.67%. During the same period in the previous year, the firm posted $0.64 earnings per share.

First Financial Bancorp. Stock Performance

Shares of First Financial Bancorp. stock traded up $1.02 on Friday, reaching $24.86. 882,214 shares of the company traded hands, compared to its average volume of 380,034. First Financial Bancorp. has a 52 week low of $21.10 and a 52 week high of $31.18. The company has a 50 day moving average of $24.41 and a 200 day moving average of $25.12. The firm has a market capitalization of $2.38 billion, a PE ratio of 9.94 and a beta of 0.96. The company has a debt-to-equity ratio of 0.43, a current ratio of 0.91 and a quick ratio of 0.91.

First Financial Bancorp. Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, September 15th. Stockholders of record on Tuesday, September 2nd will be given 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 dividend on an annualized basis and a dividend yield of 4.02%. The ex-dividend date of this dividend is Tuesday, September 2nd. First Financial Bancorp.'s dividend payout ratio is currently 39.83%.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports 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. Royal Bank Of Canada reaffirmed a "sector perform" rating and issued a $27.00 price objective on shares of First Financial Bancorp. in a research report on Wednesday, June 25th. Wall Street Zen raised shares of First Financial Bancorp. from a "sell" rating to a "hold" rating in a research report on Sunday, July 20th. Stephens reaffirmed an "overweight" rating and issued a $29.00 price objective on shares of First Financial Bancorp. in a research report on Friday, June 27th. Finally, Truist Financial initiated coverage on shares of First Financial Bancorp. in a research report on Tuesday, May 13th. They issued a "hold" rating and a $27.00 price objective for the company. Four 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, First Financial Bancorp. presently has an average rating of "Hold" and a consensus target price of $28.75.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Jane Street Group LLC bought a new position in shares of First Financial Bancorp. during the 1st quarter valued at approximately $5,714,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in shares of First Financial Bancorp. by 6.0% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 318,298 shares of the bank's stock valued at $7,951,000 after acquiring an additional 17,911 shares during the period. Jones Financial Companies Lllp boosted its holdings in First Financial Bancorp. by 571.4% in the 1st 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. Millennium Management LLC boosted its holdings in First Financial Bancorp. by 3.9% in the 1st quarter. Millennium Management LLC now owns 589,799 shares of the bank's stock worth $14,733,000 after buying an additional 22,227 shares during the period. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in First Financial Bancorp. by 4.6% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 56,205 shares of the bank's stock worth $1,404,000 after buying an additional 2,458 shares during the period. 77.23% of the stock is owned by institutional investors.

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.

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