First Financial Bancorp. (NASDAQ:FFBC) Short Interest Up 25.6% in August

Key Points

• First Financial Bancorp. experienced a 25.6% increase in short interest in August, reaching a total of 2,060,000 shares, which represents 2.2% of the company's shares.
• Analysts have updated their target prices for First Financial Bancorp., with ranges from $28.00 to $32.00, while maintaining a general average rating of "Hold".
• The company announced a quarterly dividend increase from $0.24 to $0.25, reflecting a dividend yield of 3.9% and a payout ratio of 40.00%.

First Financial Bancorp. (NASDAQ:FFBC - Get Free Report) was the target of a significant increase in short interest during the month of August. As of August 31st, there was short interest totaling 2,060,000 shares, an increase of 25.6% from the August 15th total of 1,640,000 shares. Currently, 2.2% of the company's shares are sold short. Based on an average daily volume of 414,900 shares, the short-interest ratio is presently 5.0 days. Based on an average daily volume of 414,900 shares, the short-interest ratio is presently 5.0 days. Currently, 2.2% of the company's shares are sold short.

Wall Street Analysts Forecast Growth

FFBC has been the topic of several recent research reports. Keefe, Bruyette & Woods boosted 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. Stephens restated an "overweight" rating and issued a $29.00 target price on shares of First Financial Bancorp. in a research report on Friday, June 27th. Hovde Group started coverage on First Financial Bancorp. in a research report on Tuesday, August 19th. They issued an "outperform" rating and a $31.00 target price for the company. Royal Bank Of Canada reaffirmed a "sector perform" rating and issued a $28.00 price objective (up previously from $27.00) on shares of First Financial Bancorp. in a research note on Monday, July 28th. Finally, Wall Street Zen raised First Financial Bancorp. from a "sell" rating to a "hold" rating in a report on Sunday, July 20th. Two investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the company's stock. According to data from MarketBeat, First Financial Bancorp. currently has a consensus rating of "Hold" and an average target price of $29.40.

First Financial Bancorp. Price Performance

NASDAQ FFBC remained flat at $26.36 on Friday. 2,214,832 shares of the company's stock traded hands, compared to its average volume of 519,637. The stock's fifty day simple moving average is $25.27 and its 200-day simple moving average is $24.50. First Financial Bancorp. has a 1 year low of $21.10 and a 1 year high of $31.18. The company has a market capitalization of $2.52 billion, a price-to-earnings ratio of 10.54 and a beta of 1.02. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.90 and a current ratio of 0.90.

First Financial Bancorp. (NASDAQ:FFBC - Get Free Report) last announced its quarterly earnings data on Thursday, July 24th. The bank reported $0.74 EPS for the quarter, beating analysts' consensus estimates 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 during the quarter, compared to analysts' expectations of $219.95 million. During the same quarter last year, the firm posted $0.64 earnings per share. On average, equities analysts expect that First Financial Bancorp. will post 2.64 EPS for the current year.

First Financial Bancorp. Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, September 15th. Investors of record on Tuesday, September 2nd were issued a dividend of $0.25 per share. The ex-dividend date was Tuesday, September 2nd. This represents a $1.00 dividend on an annualized basis and a yield of 3.8%. This is an increase from First Financial Bancorp.'s previous quarterly dividend of $0.24. First Financial Bancorp.'s dividend payout ratio (DPR) is currently 40.00%.

Insider Transactions at First Financial Bancorp.

In other news, Director Thomas Murray Obrien sold 7,383 shares of the business'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 approximately $1,233,579.20. The trade was a 13.71% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Archie M. Brown sold 12,500 shares of the company's stock in a transaction that occurred on Thursday, August 14th. The stock was sold at an average price of $24.79, for a total value of $309,875.00. Following the completion of the sale, the chief executive officer owned 240,891 shares in the company, valued at approximately $5,971,687.89. This represents a 4.93% decrease in their position. The disclosure for this sale can be found here. Company insiders own 1.13% of the company's stock.

Hedge Funds Weigh In On First Financial Bancorp.

Institutional investors have recently bought and sold shares of the stock. Nuveen LLC bought a new stake in shares of First Financial Bancorp. during the first quarter valued at approximately $16,615,000. Nuveen Asset Management LLC raised its stake in shares of First Financial Bancorp. by 65.2% during the fourth quarter. Nuveen Asset Management LLC now owns 669,409 shares of the bank's stock valued at $17,994,000 after acquiring an additional 264,083 shares in the last quarter. Jane Street Group LLC bought a new position in First Financial Bancorp. in the first quarter worth approximately $5,714,000. Cubist Systematic Strategies LLC increased its holdings in shares of First Financial Bancorp. by 110.5% during the second quarter. Cubist Systematic Strategies LLC now owns 324,852 shares of the bank's stock valued at $7,881,000 after acquiring an additional 170,540 shares in the last quarter. Finally, Universal Beteiligungs und Servicegesellschaft mbH acquired a new stake in First Financial Bancorp. during the 4th quarter worth about $4,253,000. 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.