Insider Selling: First Financial Bancorp. (NASDAQ:FFBC) Director Sells $195,944.82 in Stock

Key Points

• Director Thomas Murray Obrien sold 7,383 shares of First Financial Bancorp. at an average price of $26.54, totaling approximately $195,944.82, which reduces his ownership by 13.71%.
• First Financial Bancorp. recently announced a quarterly dividend increase to $0.25 per share, with a dividend yield of 3.8%, to be paid on September 15th.
• After exceeding analysts' expectations, the company reported a quarterly EPS of $0.74 and revenue of $226.3 million, leading to expectations of a full-year EPS of 2.64.

First Financial Bancorp. (NASDAQ:FFBC - Get Free Report) Director Thomas Murray Obrien sold 7,383 shares of the stock in a transaction that occurred on Friday, August 22nd. The stock was sold at an average price of $26.54, for a total transaction of $195,944.82. Following the sale, the director owned 46,480 shares in the company, valued at approximately $1,233,579.20. This trade represents a 13.71% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.

First Financial Bancorp. Stock Down 0.2%

NASDAQ:FFBC traded down $0.05 during midday trading on Friday, reaching $26.48. The company had a trading volume of 348,950 shares, compared to its average volume of 452,198. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.40. The firm has a market capitalization of $2.54 billion, a price-to-earnings ratio of 10.59 and a beta of 0.98. The stock's fifty day simple moving average is $24.95 and its 200-day simple moving average is $24.65. First Financial Bancorp. has a 12-month low of $21.10 and a 12-month high of $31.18.

First Financial Bancorp. (NASDAQ:FFBC - Get Free Report) last issued its earnings results on Thursday, July 24th. The bank reported $0.74 earnings per share for the quarter, beating the consensus estimate of $0.69 by $0.05. First Financial Bancorp. had a net margin of 19.41% and a return on equity of 10.57%. The firm had revenue of $226.30 million for the quarter, compared to analysts' expectations of $219.95 million. During the same quarter last year, the company earned $0.64 earnings per share. On average, sell-side analysts anticipate that First Financial Bancorp. will post 2.64 earnings per share for the current fiscal year.

First Financial Bancorp. Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 15th. Investors of record on Tuesday, September 2nd will be issued a $0.25 dividend. 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 of this dividend is Tuesday, September 2nd. First Financial Bancorp.'s dividend payout ratio is currently 38.40%.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. GAMMA Investing LLC raised its stake in shares of First Financial Bancorp. by 43.9% during the first quarter. GAMMA Investing LLC now owns 1,522 shares of the bank's stock valued at $38,000 after purchasing an additional 464 shares during the period. CWM LLC raised its stake in shares of First Financial Bancorp. by 24.4% in the 1st quarter. CWM LLC now owns 2,201 shares of the bank's stock valued at $55,000 after purchasing an additional 432 shares in the last quarter. Quarry LP grew its stake in First Financial Bancorp. by 68.9% in the fourth quarter. Quarry LP now owns 2,502 shares of the bank's stock worth $67,000 after purchasing an additional 1,021 shares in the last quarter. Allworth Financial LP increased its holdings in First Financial Bancorp. by 75.4% in the second quarter. Allworth Financial LP now owns 3,102 shares of the bank's stock valued at $75,000 after buying an additional 1,333 shares during the last quarter. Finally, Federated Hermes Inc. bought a new position in First Financial Bancorp. during the 1st quarter worth approximately $78,000. 77.23% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

FFBC has been the topic of several research analyst reports. Keefe, Bruyette & Woods lifted their price target on 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. Hovde Group assumed coverage on shares of First Financial Bancorp. in a report on Tuesday, August 19th. They issued an "outperform" rating and a $31.00 target price for the company. Wall Street Zen upgraded First Financial Bancorp. from a "sell" rating to a "hold" rating in a research report on Sunday, July 20th. Royal Bank Of Canada reissued a "sector perform" rating and issued a $28.00 target price (up previously from $27.00) on shares of First Financial Bancorp. in a report on Monday, July 28th. Finally, Stephens reaffirmed an "overweight" rating and set a $29.00 price target on shares of First Financial Bancorp. in a report on Friday, June 27th. Two equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat, First Financial Bancorp. currently has a consensus rating of "Hold" and a consensus price target of $29.40.

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.