First Financial Bancorp. (NASDAQ:FFBC) Hits New 12-Month Low - Here's Why

First Financial Bancorp. (NASDAQ:FFBC - Get Free Report) shares hit a new 52-week low during mid-day trading on Wednesday . The company traded as low as $22.63 and last traded at $23.15, with a volume of 471101 shares changing hands. The stock had previously closed at $23.42.

Analysts Set New Price Targets

A number of equities analysts have commented on FFBC shares. Keefe, Bruyette & Woods reduced their target price on shares of First Financial Bancorp. from $31.00 to $30.00 and set a "market perform" rating on the stock in a research note on Monday, April 28th. Royal Bank of Canada reduced their price target on shares of First Financial Bancorp. from $30.00 to $27.00 and set a "sector perform" rating on the stock in a research report on Monday, April 28th. Finally, Stephens reiterated an "overweight" rating and issued a $33.00 price objective on shares of First Financial Bancorp. in a report on Friday, January 24th.

First Financial Bancorp. Price Performance

The stock's 50-day simple moving average is $24.09 and its 200 day simple moving average is $26.49. The company has a market cap of $2.28 billion, a price-to-earnings ratio of 9.98 and a beta of 0.94. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.40.

First Financial Bancorp. (NASDAQ:FFBC - Get Free Report) last announced its earnings results on Thursday, April 24th. The bank reported $0.63 earnings per share (EPS) for the quarter, meeting analysts' consensus estimates of $0.63. First Financial Bancorp. had a return on equity of 10.52% and a net margin of 18.67%. The company had revenue of $201.59 million for the quarter, compared to analyst estimates of $214.80 million. During the same quarter in the previous year, the company earned $0.59 earnings per share. The firm's quarterly revenue was up 2.6% compared to the same quarter last year. On average, equities research analysts anticipate that First Financial Bancorp. will post 2.64 EPS for the current fiscal year.

First Financial Bancorp. Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 16th. Stockholders of record on Monday, June 2nd will be given a dividend of $0.24 per share. The ex-dividend date is Monday, June 2nd. This represents a $0.96 annualized dividend and a dividend yield of 4.02%. First Financial Bancorp.'s dividend payout ratio is presently 39.83%.

Insider Activity at First Financial Bancorp.

In other news, insider James R. Shank sold 7,600 shares of the stock in a transaction on Wednesday, March 19th. The stock was sold at an average price of $24.92, for a total value of $189,392.00. Following the sale, the insider now directly owns 11,141 shares in the company, valued at approximately $277,633.72. This trade represents a 40.55 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 2.04% of the company's stock.

Institutional Investors Weigh In On First Financial Bancorp.

Large investors have recently modified their holdings of the company. ORG Partners LLC purchased a new position in First Financial Bancorp. in the fourth quarter valued at $35,000. GAMMA Investing LLC increased its holdings in shares of First Financial Bancorp. by 43.9% in 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 last quarter. Allworth Financial LP acquired a new stake in shares of First Financial Bancorp. during the 4th quarter worth about $44,000. CWM LLC lifted its stake in First Financial Bancorp. by 24.4% during the first quarter. CWM LLC now owns 2,201 shares of the bank's stock worth $55,000 after purchasing an additional 432 shares during the last quarter. Finally, Quarry LP boosted its holdings in First Financial Bancorp. by 68.9% in the fourth quarter. Quarry LP now owns 2,502 shares of the bank's stock valued at $67,000 after purchasing an additional 1,021 shares in the last quarter. 77.23% of the stock is owned by hedge funds and other institutional investors.

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.