First Financial Bancorp. (NASDAQ:FFBC) Shares Sold by Bank of America Corp DE

Bank of America Corp DE cut its stake in First Financial Bancorp. (NASDAQ:FFBC) by 0.5% in the fourth quarter, HoldingsChannel reports. The fund owned 830,310 shares of the bank’s stock after selling 4,047 shares during the period. Bank of America Corp DE’s holdings in First Financial Bancorp. were worth $22,319,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors also recently bought and sold shares of the stock. Principal Financial Group Inc. increased its holdings in shares of First Financial Bancorp. by 4.3% during the 3rd quarter. Principal Financial Group Inc. now owns 491,232 shares of the bank’s stock valued at $12,394,000 after purchasing an additional 20,449 shares in the last quarter. Vanguard Group Inc. grew its position in First Financial Bancorp. by 0.7% during the fourth quarter. Vanguard Group Inc. now owns 10,892,158 shares of the bank’s stock valued at $292,781,000 after buying an additional 72,367 shares during the period. Charles Schwab Investment Management Inc. grew its position in First Financial Bancorp. by 1.8% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,304,922 shares of the bank’s stock valued at $35,076,000 after buying an additional 22,573 shares during the period. KBC Group NV increased its holdings in First Financial Bancorp. by 82.8% in the fourth quarter. KBC Group NV now owns 5,150 shares of the bank’s stock valued at $138,000 after buying an additional 2,333 shares in the last quarter. Finally, Inceptionr LLC acquired a new position in shares of First Financial Bancorp. in the fourth quarter worth about $432,000. 77.23% of the stock is owned by institutional investors and hedge funds.

First Financial Bancorp. Stock Up 0.2%

Shares of NASDAQ FFBC opened at $25.10 on Monday. The firm has a market cap of $2.40 billion, a price-to-earnings ratio of 10.46 and a beta of 0.94. The company’s 50-day simple moving average is $23.85 and its 200-day simple moving average is $26.43. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.40. First Financial Bancorp. has a 52-week low of $20.59 and a 52-week high of $31.18.

First Financial Bancorp. (NASDAQ:FFBC) last issued its quarterly earnings results on Thursday, April 24th. The bank reported $0.63 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.63. First Financial Bancorp. had a net margin of 18.67% and a return on equity of 10.52%. The firm had revenue of $201.59 million for the quarter, compared to analyst estimates of $214.80 million. During the same period last year, the company posted $0.59 EPS. First Financial Bancorp.’s quarterly revenue was up 2.6% compared to the same quarter last year. Equities analysts predict that First Financial Bancorp. will post 2.64 EPS for the current fiscal year.

First Financial Bancorp. Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, June 16th. Shareholders of record on Monday, June 2nd will be issued a dividend of $0.24 per share. The ex-dividend date is Monday, June 2nd. This represents a $0.96 dividend on an annualized basis and a dividend yield of 3.82%. First Financial Bancorp.’s payout ratio is currently 39.83%.

Analyst Ratings Changes

Several research firms have recently issued reports on FFBC. Stephens reissued an “overweight” rating and set a $33.00 target price on shares of First Financial Bancorp. in a research note on Friday, January 24th. Keefe, Bruyette & Woods lowered their price target on First Financial Bancorp. from $31.00 to $30.00 and set a “market perform” rating on the stock in a research report on Monday, April 28th. Royal Bank of Canada dropped their price objective on First Financial Bancorp. from $30.00 to $27.00 and set a “sector perform” rating on the stock in a report on Monday, April 28th. Finally, Truist Financial began coverage on First Financial Bancorp. in a research report on Tuesday, May 13th. They issued a “hold” rating and a $27.00 price objective for the company.

Insider Activity

In related news, insider James R. Shank sold 7,600 shares of the business’s stock in a transaction that occurred on Wednesday, March 19th. The stock was sold at an average price of $24.92, for a total transaction of $189,392.00. Following the completion of the sale, the insider now directly owns 11,141 shares in the company, valued at approximately $277,633.72. The trade was a 40.55% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 2.04% of the company’s stock.

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.