First Financial Bancorp (FFBC) Stake Lessened by ProShare Advisors LLC
ProShare Advisors LLC trimmed its position in First Financial Bancorp (NASDAQ:FFBC) by 23.5% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 7,319 shares of the bank’s stock after selling 2,248 shares during the quarter. ProShare Advisors LLC’s holdings in First Financial Bancorp were worth $203,000 at the end of the most recent quarter.
Several other institutional investors have also recently made changes to their positions in FFBC. BlackRock Inc. lifted its holdings in shares of First Financial Bancorp by 46,873.9% in the first quarter. BlackRock Inc. now owns 7,672,717 shares of the bank’s stock worth $210,616,000 after buying an additional 7,656,383 shares in the last quarter. Vanguard Group Inc. lifted its holdings in shares of First Financial Bancorp by 6.1% in the first quarter. Vanguard Group Inc. now owns 5,671,527 shares of the bank’s stock worth $155,684,000 after buying an additional 324,078 shares in the last quarter. State Street Corp lifted its holdings in shares of First Financial Bancorp by 14.6% in the first quarter. State Street Corp now owns 1,939,096 shares of the bank’s stock worth $53,223,000 after buying an additional 247,198 shares in the last quarter. Bank of America Corp DE lifted its holdings in shares of First Financial Bancorp by 254.4% in the first quarter. Bank of America Corp DE now owns 226,074 shares of the bank’s stock worth $6,206,000 after buying an additional 162,292 shares in the last quarter. Finally, JPMorgan Chase & Co. lifted its holdings in shares of First Financial Bancorp by 4.2% in the second quarter. JPMorgan Chase & Co. now owns 2,615,610 shares of the bank’s stock worth $72,453,000 after buying an additional 106,493 shares in the last quarter. 74.23% of the stock is currently owned by hedge funds and other institutional investors.
Shares of First Financial Bancorp (NASDAQ FFBC) opened at 26.15 on Monday. The stock has a market capitalization of $1.63 billion, a P/E ratio of 17.32 and a beta of 1.20. The company has a 50-day moving average of $25.04 and a 200-day moving average of $26.25. First Financial Bancorp has a 52 week low of $20.55 and a 52 week high of $29.80.
First Financial Bancorp (NASDAQ:FFBC) last posted its quarterly earnings results on Tuesday, July 25th. The bank reported $0.37 EPS for the quarter, missing the Zacks’ consensus estimate of $0.38 by ($0.01). First Financial Bancorp had a return on equity of 10.26% and a net margin of 26.45%. The business had revenue of $85.97 million during the quarter, compared to analysts’ expectations of $89.52 million. During the same period in the prior year, the firm posted $0.36 earnings per share. On average, analysts anticipate that First Financial Bancorp will post $1.52 EPS for the current year.
The firm also recently declared a quarterly dividend, which was paid on Monday, October 2nd. Investors of record on Friday, September 1st were issued a $0.17 dividend. The ex-dividend date of this dividend was Wednesday, August 30th. This represents a $0.68 dividend on an annualized basis and a yield of 2.60%. First Financial Bancorp’s dividend payout ratio is presently 45.03%.
In related news, insider C Douglas Lefferson sold 40,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 1st. The stock was sold at an average price of $25.69, for a total value of $1,027,600.00. Following the transaction, the insider now directly owns 74,170 shares of the company’s stock, valued at approximately $1,905,427.30. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Over the last three months, insiders purchased 801 shares of company stock worth $20,054. 1.88% of the stock is owned by insiders.
A number of equities research analysts have recently issued reports on the stock. BidaskClub downgraded shares of First Financial Bancorp from a “buy” rating to a “hold” rating in a report on Wednesday, June 21st. Stephens raised shares of First Financial Bancorp from an “equal weight” rating to an “overweight” rating and set a $31.00 price target on the stock in a report on Wednesday, July 26th. Zacks Investment Research downgraded shares of First Financial Bancorp from a “buy” rating to a “hold” rating in a report on Wednesday, July 12th. Piper Jaffray Companies set a $28.00 price target on shares of First Financial Bancorp and gave the stock a “hold” rating in a report on Friday, October 6th. Finally, Royal Bank Of Canada reissued a “hold” rating and issued a $28.00 price target on shares of First Financial Bancorp in a report on Friday, September 8th. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and three have issued a buy rating to the stock. The stock has an average rating of “Hold” and a consensus target price of $28.29.
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First Financial Bancorp Company Profile
First Financial Bancorp. (First Financial) is a regional bank holding company. First Financial is engaged in the business of commercial banking and other banking and banking-related activities through its subsidiary, First Financial Bank, National Association (the Bank). The range of banking services provided by First Financial to individuals and businesses include commercial lending, real estate lending and consumer financing.
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