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

Key Points

• Truist Financial raised its price target on First Financial Bancorp. to $35 from $33, while keeping a hold rating, implying only modest upside from the prior close.
• Analyst sentiment remains mixed overall: the stock has a Moderate Buy consensus, with four Buy ratings and four Hold ratings, and a consensus target price of $33.67.
• First Financial Bancorp. recently beat quarterly expectations, reporting $0.77 EPS versus $0.70 expected and stronger-than-expected revenue, even as some insiders sold shares and the stock traded near its 52-week high.

First Financial Bancorp. (NASDAQ:FFBC - Get Free Report) had its price objective lifted by Truist Financial from $33.00 to $35.00 in a report issued on Friday,Benzinga reports. The brokerage presently has a "hold" rating on the bank's stock. Truist Financial's price objective would indicate a potential upside of 2.24% from the stock's previous close.

Several other brokerages also recently issued reports on FFBC. Wall Street Zen downgraded First Financial Bancorp. from a "buy" rating to a "hold" rating in a research report on Tuesday, June 30th. Royal Bank Of Canada lifted their price objective on First Financial Bancorp. from $30.00 to $32.00 and gave the stock a "sector perform" rating in a research report on Monday, April 27th. Weiss Ratings reissued a "buy (b)" rating on shares of First Financial Bancorp. in a research note on Monday, June 8th. Raymond James Financial boosted their target price on shares of First Financial Bancorp. from $34.00 to $36.00 and gave the company an "outperform" rating in a research note on Wednesday, July 1st. Finally, Stephens initiated coverage on shares of First Financial Bancorp. in a report on Friday, March 27th. They issued an "overweight" rating and a $33.00 target price on the stock. Four equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat.com, First Financial Bancorp. presently has an average rating of "Moderate Buy" and a consensus target price of $33.67.

First Financial Bancorp. Price Performance

Shares of FFBC traded up $0.22 during mid-day trading on Friday, reaching $34.23. 214,727 shares of the company's stock were exchanged, compared to its average volume of 945,255. The company has a quick ratio of 0.84, a current ratio of 0.84 and a debt-to-equity ratio of 0.32. The company has a 50-day simple moving average of $31.55 and a two-hundred day simple moving average of $29.23. First Financial Bancorp. has a 52-week low of $23.06 and a 52-week high of $35.00. The company has a market cap of $3.59 billion, a price-to-earnings ratio of 12.10 and a beta of 0.92.

First Financial Bancorp. (NASDAQ:FFBC - Get Free Report) last posted its earnings results on Thursday, April 23rd. The bank reported $0.77 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.70 by $0.07. The firm had revenue of $265.30 million for the quarter, compared to analyst estimates of $257.97 million. First Financial Bancorp. had a return on equity of 11.09% and a net margin of 20.92%.During the same quarter in the prior year, the company earned $0.63 EPS. On average, sell-side analysts predict that First Financial Bancorp. will post 3.25 EPS for the current fiscal year.

Insider Activity

In other news, CFO James M. Anderson sold 4,263 shares of the stock in a transaction dated Wednesday, April 29th. The shares were sold at an average price of $30.00, for a total transaction of $127,890.00. Following the transaction, the chief financial officer owned 118,537 shares of the company's stock, valued at approximately $3,556,110. This trade represents a 3.47% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Claude E. Davis sold 26,123 shares of First Financial Bancorp. stock in a transaction dated Friday, May 1st. The stock was sold at an average price of $30.45, for a total value of $795,445.35. Following the completion of the transaction, the insider owned 30,410 shares of the company's stock, valued at $925,984.50. This trade represents a 46.21% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 41,126 shares of company stock worth $1,255,501. 1.08% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On First Financial Bancorp.

Institutional investors have recently made changes to their positions in the company. International Assets Investment Management LLC bought a new position in First Financial Bancorp. in the 4th quarter worth about $936,000. Charles Schwab Investment Management Inc. boosted its position in shares of First Financial Bancorp. by 3.3% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,309,205 shares of the bank's stock worth $32,756,000 after buying an additional 42,116 shares during the period. Maltese Capital Management LLC grew its holdings in First Financial Bancorp. by 171.4% in the 3rd quarter. Maltese Capital Management LLC now owns 142,500 shares of the bank's stock worth $3,598,000 after buying an additional 90,000 shares in the last quarter. SG Americas Securities LLC raised its stake in First Financial Bancorp. by 174.7% during the 4th quarter. SG Americas Securities LLC now owns 72,244 shares of the bank's stock valued at $1,808,000 after acquiring an additional 45,943 shares in the last quarter. Finally, Vanguard Group Inc. grew its stake in shares of First Financial Bancorp. by 2.0% in the fourth quarter. Vanguard Group Inc. now owns 10,929,185 shares of the bank's stock worth $273,448,000 after purchasing an additional 215,357 shares in the last quarter. 77.23% of the stock is currently owned by institutional investors.

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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