Hovde Group initiated coverage on shares of First Financial Bancorp. (NASDAQ:FFBC – Get Free Report) in a report issued on Tuesday, MarketBeat Ratings reports. The firm set an “outperform” rating and a $31.00 price target on the bank’s stock. Hovde Group’s price target would indicate a potential upside of 21.95% from the stock’s previous close.
A number of other equities research analysts also recently weighed in on FFBC. Royal Bank Of Canada reaffirmed a “sector perform” rating and set a $28.00 price objective (up from $27.00) on shares of First Financial Bancorp. in a report on Monday, July 28th. Truist Financial began coverage on First Financial Bancorp. in a report on Tuesday, May 13th. They set a “hold” rating and a $27.00 price objective on the stock. Wall Street Zen raised First Financial Bancorp. from a “sell” rating to a “hold” rating in a report on Sunday, July 20th. Keefe, Bruyette & Woods boosted their target price on First Financial Bancorp. from $30.00 to $32.00 and gave the stock a “market perform” rating in a report on Wednesday, June 25th. Finally, Stephens reissued an “overweight” rating and issued a $29.00 target price on shares of First Financial Bancorp. in a report on Friday, June 27th. Two research analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat.com, First Financial Bancorp. has an average rating of “Hold” and an average target price of $29.40.
Read Our Latest Report on FFBC
First Financial Bancorp. Stock Up 1.2%
First Financial Bancorp. (NASDAQ:FFBC – Get Free Report) last released its earnings results on Thursday, July 24th. The bank reported $0.74 earnings per share for the quarter, topping analysts’ consensus estimates of $0.69 by $0.05. First Financial Bancorp. had a return on equity of 10.57% and a net margin of 19.41%.The business had revenue of $226.30 million for the quarter, compared to the consensus estimate of $219.95 million. During the same period last year, the business earned $0.64 earnings per share. On average, research analysts anticipate that First Financial Bancorp. will post 2.64 earnings per share for the current year.
Insider Activity at First Financial Bancorp.
In other news, CEO Archie M. Brown sold 12,500 shares of the business’s stock in a transaction on Thursday, August 14th. The shares were sold at an average price of $24.79, for a total value of $309,875.00. Following the completion of the transaction, the chief executive officer owned 240,891 shares of the company’s stock, valued at $5,971,687.89. The trade was a 4.93% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 1.13% of the company’s stock.
Hedge Funds Weigh In On First Financial Bancorp.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Geode Capital Management LLC boosted its stake in First Financial Bancorp. by 0.4% in the 2nd quarter. Geode Capital Management LLC now owns 2,340,113 shares of the bank’s stock worth $56,777,000 after purchasing an additional 10,470 shares during the period. Northern Trust Corp boosted its stake in shares of First Financial Bancorp. by 16.2% during the 4th quarter. Northern Trust Corp now owns 1,362,436 shares of the bank’s stock worth $36,622,000 after buying an additional 189,715 shares during the last quarter. First Trust Advisors LP boosted its stake in shares of First Financial Bancorp. by 38.3% during the 4th quarter. First Trust Advisors LP now owns 1,186,286 shares of the bank’s stock worth $31,887,000 after buying an additional 328,788 shares during the last quarter. First Financial Bank Trust Division boosted its stake in shares of First Financial Bancorp. by 2.8% during the 1st quarter. First Financial Bank Trust Division now owns 893,713 shares of the bank’s stock worth $22,325,000 after buying an additional 24,690 shares during the last quarter. Finally, Bank of America Corp DE boosted its stake in shares of First Financial Bancorp. by 9.4% during the 2nd quarter. Bank of America Corp DE now owns 840,851 shares of the bank’s stock worth $20,399,000 after buying an additional 72,165 shares during the last quarter. 77.23% of the stock is owned by institutional investors and hedge funds.
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 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.
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