Stocks

First Financial Bank Trust Division Reduces Stake in First Financial Bancorp (NASDAQ:FFBC)

Published January 2, 2025

First Financial Bank Trust Division has recently decreased its investment in First Financial Bancorp (NASDAQ:FFBC) by 3.6% during the fourth quarter, as indicated in its latest filing with the Securities and Exchange Commission (SEC). After selling 32,885 shares, the institutional investor now holds 869,023 shares of the bank's stock. This reduction positions First Financial Bancorp as the 11th largest holding in First Financial Bank Trust Division’s portfolio, which accounts for 2.2% of its overall investments.

As of the latest SEC report, the shares held by First Financial Bank Trust Division have an approximate value of $23,359,000, representing about 0.91% of the total shares in First Financial Bancorp.

In addition to First Financial Bank Trust Division, several institutional investors and hedge funds have also made moves regarding FFBC shares. For instance, Financial Management Professionals Inc. acquired a new stake in First Financial Bancorp during the third quarter, which was valued at around $28,000. Similarly, Point72 DIFC Ltd entered the market with a new investment also in the third quarter, valued at $30,000. Notably, Bogart Wealth LLC significantly increased its stake by a staggering 2,976.9% within the third quarter, now owning 2,000 shares worth approximately $50,000 after purchasing an additional 1,935 shares. Other firms like nVerses Capital LLC and Point72 Asia Singapore Pte. Ltd. also made new investments totaling $96,000 and $149,000, respectively. Currently, institutional investors control 77.23% of the stock.

Analyst Opinions on FFBC

Recent evaluations from various research firms have shed light on First Financial Bancorp’s market performance. Keefe, Bruyette & Woods increased their target price for the bank from $28.00 to $31.00, assigning the company a "market perform" rating in a report published on December 4. Meanwhile, Stephens upgraded First Financial Bancorp from an "equal weight" rating to an "overweight" rating in their report from December 9.

Current Stock Performance

On Thursday, shares of NASDAQ:FFBC fell by 1.6%, reaching a price of $26.46. The trading volume was 256,496 shares, compared to an average volume of 380,706. First Financial Bancorp’s market capitalization stands at $2.53 billion, with a price-to-earnings (PE) ratio of 11.41 and a beta of 1.01. The company retains a current ratio and a quick ratio of 0.91, along with a debt-to-equity ratio of 0.45. Over the past year, FFBC’s stock hit a low of $20.59 and a high of $31.18, with its 50-day and 200-day simple moving averages at $28.09 and $25.87 respectively.

The last earnings report disclosed by First Financial Bancorp occurred on October 24, when the bank posted an earnings per share (EPS) of $0.67, slightly surpassing analyst expectations of $0.66. The bank's revenue for that quarter was reported at $302.82 million, significantly higher than the anticipated $214.00 million. The net margin was reported at 18.55%, alongside a return on equity of 10.32%. Analysts forecast that First Financial Bancorp will achieve an EPS of 2.53 for the current fiscal year.

Dividend Announcement

First Financial Bancorp has also declared a quarterly dividend, which was distributed on December 16. Shareholders who were on record by December 2 received a dividend of $0.24 per share, equating to an annualized dividend yield of 3.63%. The dividend payout ratio is currently set at 41.38%.

Insider Trading Activities

In related news, insider Richard S. Dennen sold 4,068 shares of First Financial Bancorp on November 25 at an average price of $30.01, generating approximately $122,080.68 from the sale. Following this transaction, Dennen's remaining shares stand at 70,652, valued at roughly $2,120,266.52. This move represents a 5.44% decrease in his position. Moreover, insider James R. Shank exchanged 3,700 shares on October 30 at an average price of $26.34, totaling $97,458.00. After this sale, Shank holds about 15,374 shares valued at around $404,951.16, marking a 19.40% decrease in his holdings. In the past quarter, insiders collectively sold 11,700 shares, valued at approximately $335,429, with corporate insiders owning 2.04% of the stock.

Overview of First Financial Bancorp

First Financial Bancorp operates as a bank holding company for First Financial Bank, offering various commercial banking services to individual and business clients across Ohio, Indiana, Kentucky, and Illinois. Its services include checking, savings, and money-market accounts, along with a range of deposit products for commercial customers.

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