First Financial Bancorp. (NASDAQ:FFBC) Stock Price Expected to Rise, Truist Financial Analyst Says

Key Points

• Truist raised its price target on First Financial Bancorp. from $30 to $33 while keeping a "hold" rating, implying about a 7.9% upside; the stock's consensus rating is "Moderate Buy" with a $31.67 average target (4 Buy, 4 Hold).
• Quarterly results beat expectations: FFBC reported $0.77 EPS vs. $0.70 expected and $265.3M in revenue vs. $257.97M, with a 20.92% net margin and 11.09% return on equity; analysts forecast ~3.04 EPS for the year.
• Insider selling and institutional ownership: insiders sold 32,141 shares worth about $969K in the past quarter (insiders own 1.13%), while institutional investors hold 77.23% of the shares.

First Financial Bancorp. (NASDAQ:FFBC - Get Free Report) had its price target lifted by equities researchers at Truist Financial from $30.00 to $33.00 in a note issued to investors on Monday,Benzinga reports. The firm presently has a "hold" rating on the bank's stock. Truist Financial's price target indicates a potential upside of 7.91% from the company's current price.

Other research analysts have also issued reports about the stock. Stephens began coverage on shares of First Financial Bancorp. in a research note on Friday, March 27th. They issued an "overweight" rating and a $33.00 price objective on the stock. Hovde Group increased their price target on shares of First Financial Bancorp. from $32.00 to $34.00 and gave the company an "outperform" rating in a report on Friday, January 30th. Keefe, Bruyette & Woods lifted their price objective on First Financial Bancorp. from $31.00 to $32.00 and gave the stock a "market perform" rating in a report on Friday, January 30th. Royal Bank Of Canada increased their target price on First Financial Bancorp. from $28.00 to $30.00 and gave the company a "sector perform" rating in a report on Friday, January 30th. Finally, Weiss Ratings raised shares of First Financial Bancorp. from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Monday, January 26th. Four research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $31.67.

First Financial Bancorp. Price Performance

Shares of NASDAQ:FFBC opened at $30.58 on Monday. The firm has a 50 day simple moving average of $28.42 and a 200-day simple moving average of $26.76. First Financial Bancorp. has a twelve month low of $22.55 and a twelve month high of $31.38. The company has a current ratio of 0.84, a quick ratio of 0.84 and a debt-to-equity ratio of 0.32. The company has a market capitalization of $3.21 billion, a PE ratio of 10.81 and a beta of 0.94.

First Financial Bancorp. (NASDAQ:FFBC - Get Free Report) last announced its quarterly earnings results on Thursday, April 23rd. The bank reported $0.77 earnings per share for the quarter, beating analysts' consensus estimates of $0.70 by $0.07. The firm had revenue of $265.30 million during the quarter, compared to analysts' expectations of $257.97 million. First Financial Bancorp. had a net margin of 20.92% and a return on equity of 11.09%. During the same period in the previous year, the company earned $0.63 earnings per share. On average, equities analysts predict that First Financial Bancorp. will post 3.04 EPS for the current fiscal year.

Insider Buying and Selling at First Financial Bancorp.

In related news, insider Richard S. Dennen sold 20,000 shares of First Financial Bancorp. stock in a transaction on Wednesday, February 4th. The stock was sold at an average price of $30.20, for a total value of $604,000.00. Following the transaction, the insider owned 61,856 shares in the company, valued at approximately $1,868,051.20. This trade represents a 24.43% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Gregory A. Harris sold 1,821 shares of the company's stock in a transaction dated Monday, February 2nd. The stock was sold at an average price of $29.43, for a total value of $53,592.03. Following the sale, the insider owned 42,431 shares of the company's stock, valued at $1,248,744.33. This represents a 4.12% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 32,141 shares of company stock worth $969,429 in the last quarter. 1.13% of the stock is owned by insiders.

Institutional Trading of First Financial Bancorp.

Institutional investors have recently modified their holdings of the company. First Horizon Corp purchased a new position in First Financial Bancorp. in the third quarter valued at approximately $25,000. Rockefeller Capital Management L.P. grew its stake in First Financial Bancorp. by 137.6% during the fourth quarter. Rockefeller Capital Management L.P. now owns 991 shares of the bank's stock worth $25,000 after buying an additional 574 shares during the period. Bogart Wealth LLC purchased a new stake in First Financial Bancorp. during the third quarter worth approximately $25,000. MAI Capital Management increased its position in shares of First Financial Bancorp. by 530.6% in the third quarter. MAI Capital Management now owns 1,545 shares of the bank's stock worth $39,000 after acquiring an additional 1,300 shares in the last quarter. Finally, Hantz Financial Services Inc. increased its position in shares of First Financial Bancorp. by 38.7% in the fourth quarter. Hantz Financial Services Inc. now owns 1,743 shares of the bank's stock worth $44,000 after acquiring an additional 486 shares in the last quarter. Hedge funds and other institutional investors own 77.23% of the company's stock.

About First Financial Bancorp.

First Financial Bancorp NASDAQ: FFBC is a bank holding company headquartered in Cincinnati, Ohio, and the parent of First Financial Bank. The company provides a comprehensive suite of commercial and consumer banking services through a network of more than 100 full-service banking centers and mortgage offices across Ohio, Indiana and Kentucky. Its core mission centers on delivering personalized relationship banking to businesses, individuals and public sector clients.

First Financial Bank's product portfolio includes deposit solutions such as checking, savings and money market accounts, alongside a range of lending offerings that cover commercial and industrial loans, real estate and construction financing, home mortgages and home equity lines of credit.

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