First Financial Bancorp. (NASDAQ:FFBC) Earns Sector Perform Rating from Royal Bank of Canada

Royal Bank of Canada restated their sector perform rating on shares of First Financial Bancorp. (NASDAQ:FFBCFree Report) in a research report released on Tuesday, Benzinga reports. They currently have a $24.00 price target on the bank’s stock.

Separately, Piper Sandler assumed coverage on shares of First Financial Bancorp. in a report on Friday, February 23rd. They issued an overweight rating and a $26.00 target price on the stock.

Check Out Our Latest Stock Report on FFBC

First Financial Bancorp. Price Performance

FFBC stock opened at $21.18 on Tuesday. The firm has a market cap of $2.01 billion, a price-to-earnings ratio of 7.87 and a beta of 1.05. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 0.50. First Financial Bancorp. has a 12-month low of $17.23 and a 12-month high of $24.99. The company’s fifty day simple moving average is $21.81 and its 200 day simple moving average is $21.49.

First Financial Bancorp. (NASDAQ:FFBCGet Free Report) last released its earnings results on Thursday, January 25th. The bank reported $0.62 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.61 by $0.01. The business had revenue of $202.43 million for the quarter, compared to analyst estimates of $207.95 million. First Financial Bancorp. had a net margin of 22.94% and a return on equity of 12.16%. On average, analysts expect that First Financial Bancorp. will post 2.3 earnings per share for the current year.

First Financial Bancorp. Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 15th. Stockholders of record on Friday, March 1st were issued a dividend of $0.23 per share. The ex-dividend date was Thursday, February 29th. This represents a $0.92 annualized dividend and a dividend yield of 4.34%. First Financial Bancorp.’s dividend payout ratio is currently 34.20%.

Hedge Funds Weigh In On First Financial Bancorp.

Several institutional investors have recently made changes to their positions in FFBC. Norges Bank acquired a new position in shares of First Financial Bancorp. during the fourth quarter valued at about $21,748,000. Hsbc Holdings PLC raised its holdings in shares of First Financial Bancorp. by 2,655.1% in the 4th quarter. Hsbc Holdings PLC now owns 518,061 shares of the bank’s stock worth $12,360,000 after acquiring an additional 499,257 shares during the last quarter. BlackRock Inc. raised its holdings in shares of First Financial Bancorp. by 3.1% in the 1st quarter. BlackRock Inc. now owns 13,933,810 shares of the bank’s stock worth $303,339,000 after acquiring an additional 423,327 shares during the last quarter. Fidelity National Financial Inc. acquired a new stake in shares of First Financial Bancorp. in the 1st quarter worth about $4,354,000. Finally, State Street Corp raised its holdings in shares of First Financial Bancorp. by 4.5% in the 1st quarter. State Street Corp now owns 4,138,615 shares of the bank’s stock worth $90,098,000 after acquiring an additional 178,038 shares during the last quarter. Institutional investors and hedge funds own 77.23% of the company’s stock.

First Financial Bancorp. Company Profile

(Get Free Report)

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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