Royal Bank of Canada Reiterates $24.00 Price Target for First Financial Bancorp (NASDAQ:FFBC)

First Financial Bancorp (NASDAQ:FFBC) received a $24.00 target price from stock analysts at Royal Bank of Canada in a report issued on Monday, TipRanks reports. The firm currently has a “hold” rating on the bank’s stock. Royal Bank of Canada’s price objective indicates a potential upside of 0.76% from the stock’s previous close.

A number of other analysts have also recently weighed in on FFBC. BidaskClub upgraded First Financial Bancorp from a “sell” rating to a “hold” rating in a research note on Thursday, September 12th. ValuEngine lowered First Financial Bancorp from a “hold” rating to a “sell” rating in a report on Monday. Finally, Zacks Investment Research lowered First Financial Bancorp from a “hold” rating to a “sell” rating in a report on Thursday, October 17th. Three equities research analysts have rated the stock with a sell rating, five have issued a hold rating and one has assigned a buy rating to the stock. First Financial Bancorp presently has a consensus rating of “Hold” and a consensus price target of $27.86.

First Financial Bancorp stock traded down $0.10 during midday trading on Monday, reaching $23.82. The company’s stock had a trading volume of 328,405 shares, compared to its average volume of 351,561. First Financial Bancorp has a fifty-two week low of $22.07 and a fifty-two week high of $28.59. The company has a quick ratio of 0.95, a current ratio of 0.96 and a debt-to-equity ratio of 1.26. The company has a market cap of $2.36 billion, a P/E ratio of 10.45 and a beta of 1.25. The business has a 50-day simple moving average of $24.17 and a 200-day simple moving average of $24.06.

First Financial Bancorp (NASDAQ:FFBC) last posted its quarterly earnings results on Thursday, October 17th. The bank reported $0.56 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.54 by $0.02. First Financial Bancorp had a return on equity of 10.13% and a net margin of 27.72%. The company had revenue of $154.68 million for the quarter, compared to analysts’ expectations of $150.98 million. During the same period last year, the firm earned $0.58 earnings per share. As a group, equities analysts forecast that First Financial Bancorp will post 2.12 earnings per share for the current year.

In other First Financial Bancorp news, Chairman Claude E. Davis sold 22,420 shares of the firm’s stock in a transaction dated Friday, September 13th. The stock was sold at an average price of $25.40, for a total transaction of $569,468.00. Following the transaction, the chairman now owns 356,517 shares of the company’s stock, valued at $9,055,531.80. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Chairman Claude E. Davis sold 26,657 shares of the firm’s stock in a transaction dated Monday, September 16th. The stock was sold at an average price of $25.32, for a total value of $674,955.24. Following the transaction, the chairman now directly owns 329,860 shares in the company, valued at approximately $8,352,055.20. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 54,077 shares of company stock worth $1,372,473. Corporate insiders own 2.00% of the company’s stock.

Several hedge funds have recently modified their holdings of the business. Arizona State Retirement System grew its holdings in shares of First Financial Bancorp by 0.8% during the second quarter. Arizona State Retirement System now owns 152,971 shares of the bank’s stock worth $3,705,000 after buying an additional 1,193 shares during the last quarter. HighTower Advisors LLC grew its holdings in shares of First Financial Bancorp by 0.3% during the second quarter. HighTower Advisors LLC now owns 203,346 shares of the bank’s stock worth $4,923,000 after buying an additional 536 shares during the last quarter. Prudential Financial Inc. grew its holdings in shares of First Financial Bancorp by 11.5% during the second quarter. Prudential Financial Inc. now owns 445,752 shares of the bank’s stock worth $10,796,000 after buying an additional 45,870 shares during the last quarter. Meeder Asset Management Inc. purchased a new position in shares of First Financial Bancorp during the third quarter worth about $383,000. Finally, Swiss National Bank grew its holdings in shares of First Financial Bancorp by 2.6% during the second quarter. Swiss National Bank now owns 183,043 shares of the bank’s stock worth $4,433,000 after buying an additional 4,600 shares during the last quarter. 73.98% of the stock is currently owned by institutional investors.

First Financial Bancorp Company Profile

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 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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Analyst Recommendations for First Financial Bancorp (NASDAQ:FFBC)

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