First Financial Bancorp. (NASDAQ:FFBC) Sees Large Growth in Short Interest

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) saw a large increase in short interest in 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. Approximately 2.2% of the shares of the company are sold short. Based on an average daily volume of 414,900 shares, the days-to-cover ratio is presently 5.0 days. Based on an average daily volume of 414,900 shares, the days-to-cover ratio is presently 5.0 days. Approximately 2.2% of the shares of the company are sold short.

Insider Transactions at First Financial Bancorp.

In other First Financial Bancorp. news, Director Thomas Murray Obrien sold 7,383 shares of the 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 transaction, the director directly owned 46,480 shares of the company's stock, valued at $1,233,579.20. This represents a 13.71% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Archie M. Brown sold 12,500 shares of the 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 transaction, the chief executive officer directly owned 240,891 shares in the company, valued at approximately $5,971,687.89. This represents a 4.93% decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.13% of the stock is currently owned by corporate insiders.

Institutional Trading of First Financial Bancorp.

Several hedge funds have recently added to or reduced their stakes in the stock. Geode Capital Management LLC raised its position in First Financial Bancorp. by 0.4% in the second quarter. Geode Capital Management LLC now owns 2,340,113 shares of the bank's stock worth $56,777,000 after acquiring an additional 10,470 shares during the period. First Financial Bank Trust Division increased its holdings in shares of First Financial Bancorp. by 2.8% in the 1st quarter. First Financial Bank Trust Division now owns 893,713 shares of the bank's stock worth $22,325,000 after buying an additional 24,690 shares during the last quarter. Bank of America Corp DE boosted its stake in shares of First Financial Bancorp. by 9.4% in the 2nd quarter. Bank of America Corp DE now owns 840,851 shares of the bank's stock valued at $20,399,000 after purchasing an additional 72,165 shares in the last quarter. Qube Research & Technologies Ltd boosted its stake in shares of First Financial Bancorp. by 22.7% in the 2nd quarter. Qube Research & Technologies Ltd now owns 786,319 shares of the bank's stock valued at $19,076,000 after purchasing an additional 145,575 shares in the last quarter. Finally, The Manufacturers Life Insurance Company boosted its position in First Financial Bancorp. by 1.0% during the 1st quarter. The Manufacturers Life Insurance Company now owns 749,100 shares of the bank's stock valued at $18,713,000 after buying an additional 7,641 shares during the period. Institutional investors own 77.23% of the company's stock.

First Financial Bancorp. Stock Up 3.2%

NASDAQ:FFBC traded up $0.81 during trading hours on Thursday, reaching $26.36. The company had a trading volume of 421,829 shares, compared to its average volume of 453,108. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.40. The firm has a market cap of $2.52 billion, a price-to-earnings ratio of 10.54 and a beta of 1.02. The business's 50-day simple moving average is $25.25 and its two-hundred day simple moving average is $24.51. 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 issued its quarterly earnings data on Thursday, July 24th. The bank reported $0.74 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.69 by $0.05. The firm had revenue of $226.30 million during the quarter, compared to analysts' expectations of $219.95 million. First Financial Bancorp. had a net margin of 19.41% and a return on equity of 10.57%. During the same period last year, the company earned $0.64 earnings per share. On average, equities analysts expect that First Financial Bancorp. will post 2.64 earnings per share 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. This represents a $1.00 annualized dividend and a yield of 3.8%. This is a boost from First Financial Bancorp.'s previous quarterly dividend of $0.24. The ex-dividend date was Tuesday, September 2nd. First Financial Bancorp.'s dividend payout ratio is presently 40.00%.

Analyst Upgrades and Downgrades

FFBC has been the topic of a number of analyst reports. Stephens restated 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 upgraded shares of First Financial Bancorp. from a "sell" rating to a "hold" rating in a research report on Sunday, July 20th. Keefe, Bruyette & Woods increased their target price 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 restated a "sector perform" rating and set a $28.00 target price (up previously from $27.00) on shares of First Financial Bancorp. in a research report on Monday, July 28th. Finally, Hovde Group started coverage on shares of First Financial Bancorp. in a research report on Tuesday, August 19th. They set an "outperform" rating and a $31.00 price target on the stock. Two equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and an average target price of $29.40.

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.