First Financial Bancorp. (NASDAQ:FFBC) Hits New 1-Year High – Should You Buy?

Shares of First Financial Bancorp. (NASDAQ:FFBC) hit a new 52-week high during trading on Wednesday . The company traded as high as $32.68 and last traded at $32.6930, with a volume of 27870 shares traded. The stock had previously closed at $32.47.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on FFBC. Raymond James Financial restated an “outperform” rating and issued a $34.00 price objective on shares of First Financial Bancorp. in a report on Monday, April 27th. Truist Financial increased their price objective on First Financial Bancorp. from $30.00 to $33.00 and gave the company a “hold” rating in a report on Monday, April 27th. Royal Bank Of Canada raised their target price on shares of First Financial Bancorp. from $30.00 to $32.00 and gave the company a “sector perform” rating in a research note on Monday, April 27th. Stephens assumed 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. Finally, Wall Street Zen raised First Financial Bancorp. from a “hold” rating to a “buy” rating in a report on Monday. Four equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat.com, First Financial Bancorp. has an average rating of “Moderate Buy” and an average price target of $33.00.

First Financial Bancorp. Stock Up 0.8%

The company has a current ratio of 0.84, a quick ratio of 0.84 and a debt-to-equity ratio of 0.32. The stock has a market cap of $3.44 billion, a P/E ratio of 11.59 and a beta of 0.93. The firm has a 50-day simple moving average of $30.53 and a two-hundred day simple moving average of $28.60.

First Financial Bancorp. Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, June 15th. Investors of record on Monday, June 1st were given a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 3.1%. The ex-dividend date of this dividend was Monday, June 1st. First Financial Bancorp.’s dividend payout ratio (DPR) is currently 35.34%.

Insider Transactions at First Financial Bancorp.

In related news, CFO James M. Anderson sold 4,263 shares of the business’s stock in a transaction that occurred on Wednesday, April 29th. The stock was sold at an average price of $30.00, for a total value of $127,890.00. Following the completion of the sale, the chief financial officer directly owned 118,537 shares in the company, valued at approximately $3,556,110. The trade was a 3.47% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Claude E. Davis sold 26,123 shares of the stock in a transaction that occurred on Friday, May 1st. The stock was sold at an average price of $30.45, for a total value of $795,445.35. Following the sale, the insider directly owned 30,410 shares in the company, valued at $925,984.50. This represents a 46.21% decrease in their position. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 41,126 shares of company stock valued at $1,255,501. 1.08% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On First Financial Bancorp.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Rockefeller Capital Management L.P. increased its position in shares of First Financial Bancorp. by 137.6% in the fourth quarter. Rockefeller Capital Management L.P. now owns 991 shares of the bank’s stock worth $25,000 after purchasing an additional 574 shares during the period. First Horizon Corp increased its holdings in First Financial Bancorp. by 56.0% in the 4th quarter. First Horizon Corp now owns 1,526 shares of the bank’s stock valued at $38,000 after buying an additional 548 shares during the period. MAI Capital Management raised its position in shares of First Financial Bancorp. by 530.6% in the 3rd quarter. MAI Capital Management now owns 1,545 shares of the bank’s stock valued at $39,000 after buying an additional 1,300 shares in the last quarter. Hantz Financial Services Inc. lifted its holdings in shares of First Financial Bancorp. by 38.7% during the 4th quarter. Hantz Financial Services Inc. now owns 1,743 shares of the bank’s stock worth $44,000 after acquiring an additional 486 shares during the period. Finally, Smithfield Trust Co bought a new stake in shares of First Financial Bancorp. during the 4th quarter worth approximately $50,000. 77.23% of the stock is owned by institutional investors and hedge funds.

First Financial Bancorp. Company Profile

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.