Cubist Systematic Strategies LLC lowered its holdings in shares of First Financial Bancorp (NASDAQ:FFBC) by 53.9% during the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 6,849 shares of the bank’s stock after selling 8,008 shares during the period. Cubist Systematic Strategies LLC’s holdings in First Financial Bancorp were worth $210,000 as of its most recent filing with the SEC.
Several other hedge funds have also added to or reduced their stakes in FFBC. Wells Fargo & Company MN grew its holdings in shares of First Financial Bancorp by 13.3% during the 1st quarter. Wells Fargo & Company MN now owns 193,508 shares of the bank’s stock valued at $5,679,000 after purchasing an additional 22,746 shares during the last quarter. SG Americas Securities LLC bought a new position in shares of First Financial Bancorp during the 1st quarter valued at $120,000. Schwab Charles Investment Management Inc. grew its holdings in shares of First Financial Bancorp by 3.7% during the 1st quarter. Schwab Charles Investment Management Inc. now owns 415,540 shares of the bank’s stock valued at $12,197,000 after purchasing an additional 14,941 shares during the last quarter. BlackRock Inc. grew its holdings in shares of First Financial Bancorp by 30.2% during the 1st quarter. BlackRock Inc. now owns 10,460,988 shares of the bank’s stock valued at $307,030,000 after purchasing an additional 2,424,695 shares during the last quarter. Finally, Great West Life Assurance Co. Can boosted its position in First Financial Bancorp by 55.4% during the 1st quarter. Great West Life Assurance Co. Can now owns 123,175 shares of the bank’s stock valued at $3,597,000 after buying an additional 43,929 shares during the period. 73.84% of the stock is currently owned by institutional investors.
In related news, Director Vince Berta bought 1,500 shares of the company’s stock in a transaction dated Tuesday, July 31st. The stock was purchased at an average cost of $29.95 per share, with a total value of $44,925.00. Following the transaction, the director now owns 6,527 shares in the company, valued at approximately $195,483.65. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, COO Anthony M. Stollings sold 15,847 shares of the firm’s stock in a transaction dated Friday, August 17th. The stock was sold at an average price of $31.59, for a total transaction of $500,606.73. The disclosure for this sale can be found here. Company insiders own 3.36% of the company’s stock.
First Financial Bancorp (NASDAQ:FFBC) last announced its quarterly earnings results on Thursday, July 19th. The bank reported $0.57 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.52 by $0.05. The business had revenue of $152.20 million during the quarter, compared to analysts’ expectations of $147.77 million. First Financial Bancorp had a net margin of 25.41% and a return on equity of 12.13%. The firm’s revenue for the quarter was up 77.0% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.37 EPS. As a group, equities research analysts forecast that First Financial Bancorp will post 2.25 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Monday, September 17th. Stockholders of record on Monday, September 3rd were given a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 2.71%. This is a boost from First Financial Bancorp’s previous quarterly dividend of $0.19. The ex-dividend date of this dividend was Thursday, August 30th. First Financial Bancorp’s dividend payout ratio (DPR) is currently 49.69%.
FFBC has been the subject of several analyst reports. BidaskClub cut shares of First Financial Bancorp from a “buy” rating to a “hold” rating in a research report on Saturday, June 30th. Zacks Investment Research raised shares of First Financial Bancorp from a “sell” rating to a “hold” rating in a research report on Wednesday, July 4th. Stephens reissued a “buy” rating and set a $35.00 price target on shares of First Financial Bancorp in a research report on Monday, July 23rd. Barclays dropped their price target on shares of First Financial Bancorp from $32.00 to $31.00 and set a “$31.40” rating for the company in a research report on Monday, July 23rd. Finally, Sandler O’Neill reissued a “buy” rating and set a $35.00 price target on shares of First Financial Bancorp in a research report on Friday, July 20th. One analyst has rated the stock with a sell rating, five have given a hold rating and four have assigned a buy rating to the company. First Financial Bancorp currently has an average rating of “Hold” and an average target price of $32.13.
First Financial Bancorp Company Profile
First Financial Bancorp. operates as the bank holding company for First Financial Bank that provides commercial banking and other banking, and banking-related services to individuals and businesses in Ohio, Indiana, and Kentucky. The company accepts various deposit products, such as interest-bearing and noninterest-bearing accounts, time deposits, and cash management services for commercial customers.
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