First Financial Bancorp. (NASDAQ:FFBC) Shares Cross Above Two Hundred Day Moving Average - Here's What Happened

Key Points

• First Financial Bancorp. shares crossed above their 200-day moving average, reaching $32.01 before closing at $31.48, signaling improved technical momentum.
• Analysts maintain a generally positive outlook, with five Buy ratings and two Holds producing a “Moderate Buy” consensus and a $34.00 average price target.
• The bank’s latest quarterly results exceeded EPS expectations by $0.02, while revenue rose 16.7% year over year; however, insiders sold 27,788 shares worth approximately $919,006 over the past 90 days.

First Financial Bancorp. (NASDAQ:FFBC - Get Free Report) crossed above its 200-day moving average during trading on Friday. The stock has a 200-day moving average of $31.87 and traded as high as $32.01. First Financial Bancorp. shares last traded at $31.48, with a volume of 1,049,131 shares.

Analysts Set New Price Targets

A number of research firms recently issued reports on FFBC. Weiss Ratings reiterated a "buy (b)" rating on shares of First Financial Bancorp. in a research note on Friday, September 4th. Raymond James Financial lifted their target price on shares of First Financial Bancorp. from $34.00 to $36.00 and gave the stock an "outperform" rating in a report on Wednesday, July 1st. Truist Financial raised shares of First Financial Bancorp. from a "hold" rating to a "buy" rating and boosted their target price for the stock from $35.00 to $37.00 in a research report on Thursday, September 24th. Finally, Wall Street Zen lowered shares of First Financial Bancorp. from a "buy" rating to a "hold" rating in a research report on Tuesday, June 30th. Five equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $34.00.

First Financial Bancorp. Stock Performance

The firm has a 50 day moving average of $32.34 and a two-hundred day moving average of $31.87. The stock has a market cap of $3.30 billion, a P/E ratio of 11.12 and a beta of 0.93. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.85 and a current ratio of 0.85.

First Financial Bancorp. (NASDAQ:FFBC - Get Free Report) last released its earnings results on Tuesday, July 21st. The bank reported $0.80 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.78 by $0.02. First Financial Bancorp. had a return on equity of 11.13% and a net margin of 20.77%. The firm had revenue of $264.17 million for the quarter, compared to analyst estimates of $270.29 million. During the same quarter last year, the firm posted $0.74 EPS. The company's revenue was up 16.7% on a year-over-year basis. On average, research analysts predict that First Financial Bancorp. will post 3.18 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CFO James Anderson sold 4,000 shares of the firm's stock in a transaction on Friday, July 31st. The shares were sold at an average price of $33.73, for a total value of $134,920.00. Following the sale, the chief financial officer owned 114,537 shares in the company, valued at approximately $3,863,333.01. This trade represents a 3.37% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Archie Brown sold 5,000 shares of the firm's stock in a transaction on Thursday, September 3rd. The stock was sold at an average price of $32.93, for a total transaction of $164,650.00. Following the completion of the sale, the chief executive officer owned 238,758 shares in the company, valued at approximately $7,862,300.94. The trade was a 2.05% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 27,788 shares of company stock valued at $919,006 over the last ninety days. 1.08% of the stock is owned by insiders.

Institutional Trading of First Financial Bancorp.

A number of hedge funds have recently bought and sold shares of the stock. USA Financial Formulas bought a new position in shares of First Financial Bancorp. during the 3rd quarter worth about $39,000. Daytona Street Capital LLC acquired a new position in shares of First Financial Bancorp. during the third quarter valued at about $61,000. Saxony Capital Management LLC raised its position in shares of First Financial Bancorp. by 65.1% during the third quarter. Saxony Capital Management LLC now owns 30,433 shares of the bank's stock valued at $953,000 after buying an additional 12,000 shares during the last quarter. Mather Group LLC. bought a new stake in shares of First Financial Bancorp. in the third quarter valued at about $77,000. Finally, Legacy Wealth Asset Management LLC lifted its stake in shares of First Financial Bancorp. by 6.0% in the third quarter. Legacy Wealth Asset Management LLC now owns 19,737 shares of the bank's stock valued at $618,000 after buying an additional 1,117 shares during the period. 77.23% of the stock is owned by institutional investors.

About First Financial Bancorp.

First Financial Bancorp. is a bank holding company headquartered in Cincinnati, Ohio. Through its principal subsidiary, First Financial Bank, the company provides banking and financial services to businesses, individuals and institutions.

First Financial Bank offers commercial and consumer lending, deposit accounts, treasury management, cash-management services and mortgage banking. Its services also include wealth management, investment management, trust and estate administration, and other financial solutions designed for businesses, municipalities, nonprofit organizations and individual customers.

The company serves communities across Ohio, Indiana and Kentucky through a network of banking offices and digital banking channels.

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