First Financial Bancorp. (NASDAQ:FFBC) Rating Increased to Moderate Buy at Raymond James Financial

Key Points

• Raymond James Financial has upgraded First Financial Bancorp. from a "hold" rating to a "moderate buy" rating, with a target price of $30.00, indicating a potential upside of 16.05%.
• The company's stock opened at $25.85 and has a current market capitalization of $2.48 billion, with a reported P/E ratio of 10.34.
• First Financial Bancorp. reported earnings of $0.74 EPS, surpassing consensus estimates of $0.69, while its revenue for the quarter was $226.30 million, above analyst expectations.

First Financial Bancorp. (NASDAQ:FFBC - Get Free Report) was upgraded by equities research analysts at Raymond James Financial from a "hold" rating to a "moderate buy" rating in a research report issued on Tuesday, Marketbeat Ratings reports. The brokerage currently has a $30.00 target price on the bank's stock. Raymond James Financial's price target points to a potential upside of 16.05% from the stock's previous close.

Several other equities research analysts have also weighed in on FFBC. Stephens reissued an "overweight" rating and set a $29.00 target price on shares of First Financial Bancorp. in a research report on Friday, June 27th. Wall Street Zen raised First Financial Bancorp. from a "sell" rating to a "hold" rating in a research report on Sunday, July 20th. Weiss Ratings reissued a "buy (b-)" rating on shares of First Financial Bancorp. in a research report on Saturday, September 27th. Keefe, Bruyette & Woods lifted their target price on 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. Finally, Truist Financial boosted their target price on First Financial Bancorp. from $28.00 to $29.00 and gave the company a "hold" rating in a report on Friday. Four equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $29.83.

First Financial Bancorp. Stock Down 0.6%

First Financial Bancorp. stock opened at $25.85 on Tuesday. The firm has a market capitalization of $2.48 billion, a P/E ratio of 10.34 and a beta of 0.96. The stock's fifty day simple moving average is $25.50 and its 200-day simple moving average is $24.58. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.40. 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 posted its earnings results on Thursday, July 24th. The bank reported $0.74 EPS for the quarter, beating the consensus estimate of $0.69 by $0.05. First Financial Bancorp. had a return on equity of 10.57% and a net margin of 19.41%.The firm had revenue of $226.30 million for the quarter, compared to analyst estimates of $219.95 million. During the same quarter in the prior year, the company posted $0.64 earnings per share. As a group, equities analysts expect that First Financial Bancorp. will post 2.64 earnings per share for the current fiscal year.

Insider Transactions at First Financial Bancorp.

In related news, Director Thomas Murray Obrien sold 7,383 shares of the firm's stock in a transaction dated Friday, August 22nd. The shares were sold at an average price of $26.54, for a total value of $195,944.82. Following the completion of the sale, the director owned 46,480 shares in the company, valued at $1,233,579.20. This trade represents a 13.71% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Archie M. Brown sold 12,500 shares of the firm's stock in a transaction dated Thursday, August 14th. The shares were sold at an average price of $24.79, for a total transaction 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 disclosure for this sale can be found here. 1.13% of the stock is owned by company insiders.

Institutional Investors Weigh In On First Financial Bancorp.

Hedge funds and other institutional investors have recently modified their holdings of the stock. GAMMA Investing LLC lifted its position in shares of First Financial Bancorp. by 43.9% during the 1st quarter. GAMMA Investing LLC now owns 1,522 shares of the bank's stock valued at $38,000 after acquiring an additional 464 shares during the period. CWM LLC lifted its position in shares of First Financial Bancorp. by 24.4% during the 1st quarter. CWM LLC now owns 2,201 shares of the bank's stock valued at $55,000 after acquiring an additional 432 shares during the period. Allworth Financial LP lifted its position in shares of First Financial Bancorp. by 75.4% during the 2nd quarter. Allworth Financial LP now owns 3,102 shares of the bank's stock valued at $75,000 after acquiring an additional 1,333 shares during the period. Federated Hermes Inc. acquired a new stake in shares of First Financial Bancorp. during the 1st quarter valued at approximately $78,000. Finally, 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 valued at $89,000 after acquiring an additional 954 shares during the period. 77.23% of the stock is currently owned by institutional investors and hedge funds.

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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