Sequoia Financial Advisors LLC cut its position in First Financial Bancorp (NASDAQ:FFBC) by 8.1% during the second quarter, Holdings Channel reports. The firm owned 26,467 shares of the company’s stock after selling 2,326 shares during the period. Sequoia Financial Advisors LLC’s holdings in First Financial Bancorp were worth $515,000 as of its most recent SEC filing.
Several other hedge funds also recently modified their holdings of the company. Jacobs Levy Equity Management Inc. increased its stake in shares of First Financial Bancorp by 379.0% in the first quarter. Jacobs Levy Equity Management Inc. now owns 115,190 shares of the company’s stock worth $2,094,000 after buying an additional 91,140 shares during the period. Zurich Insurance Group Ltd FI bought a new stake in shares of First Financial Bancorp during the first quarter worth about $1,304,000. Hancock Holding Co. increased its stake in shares of First Financial Bancorp by 5.1% in the first quarter. Hancock Holding Co. now owns 40,967 shares of the company’s stock worth $745,000 after buying an additional 1,975 shares during the period. Loomis Sayles & Co. L P increased its stake in shares of First Financial Bancorp by 1.6% in the first quarter. Loomis Sayles & Co. L P now owns 1,013,763 shares of the company’s stock worth $18,430,000 after buying an additional 15,863 shares during the period. Finally, Goldman Sachs Group Inc. increased its stake in shares of First Financial Bancorp by 4.9% in the first quarter. Goldman Sachs Group Inc. now owns 191,101 shares of the company’s stock worth $3,474,000 after buying an additional 8,913 shares during the period. 72.66% of the stock is owned by institutional investors and hedge funds.
Shares of First Financial Bancorp (NASDAQ:FFBC) remained flat at $21.10 during trading on Monday. 106,509 shares of the stock were exchanged. First Financial Bancorp has a 52-week low of $13.76 and a 52-week high of $22.53. The stock’s 50 day moving average price is $21.74 and its 200-day moving average price is $20.25. The firm has a market cap of $1.31 billion, a price-to-earnings ratio of 16.23 and a beta of 1.19.
First Financial Bancorp (NASDAQ:FFBC) last released its earnings results on Thursday, July 21st. The company reported $0.36 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.34 by $0.02. First Financial Bancorp had a return on equity of 9.82% and a net margin of 22.23%. During the same period last year, the company earned $0.31 earnings per share. Equities analysts anticipate that First Financial Bancorp will post $1.41 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which was paid on Monday, October 3rd. Investors of record on Friday, September 2nd were paid a $0.16 dividend. The ex-dividend date was Wednesday, August 31st. This represents a $0.64 annualized dividend and a yield of 3.03%. First Financial Bancorp’s payout ratio is currently 49.23%.
A number of equities analysts have recently weighed in on FFBC shares. Raymond James Financial Inc. cut First Financial Bancorp from an “outperform” rating to a “market perform” rating in a report on Thursday, October 6th. Piper Jaffray Cos. started coverage on First Financial Bancorp in a report on Thursday, October 6th. They set a “neutral” rating and a $23.00 price target for the company. Zacks Investment Research upgraded First Financial Bancorp from a “hold” rating to a “buy” rating and set a $24.00 price target for the company in a report on Wednesday, October 12th. Barclays PLC increased their price target on First Financial Bancorp from $20.00 to $22.00 and gave the stock an “underweight” rating in a report on Tuesday, October 11th. Finally, Keefe, Bruyette & Woods increased their price target on First Financial Bancorp from $19.00 to $21.00 and gave the stock a “market perform” rating in a report on Monday, July 25th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and one has assigned a buy rating to the company’s stock. First Financial Bancorp has an average rating of “Hold” and a consensus price target of $20.81.
In related news, EVP Holly M. Foster sold 2,021 shares of the company’s stock in a transaction on Friday, August 5th. The stock was sold at an average price of $21.84, for a total value of $44,138.64. Following the completion of the transaction, the executive vice president now directly owns 4,979 shares in the company, valued at $108,741.36. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO Anthony M. Stollings sold 13,081 shares of the company’s stock in a transaction on Monday, August 1st. The shares were sold at an average price of $21.11, for a total value of $276,139.91. The disclosure for this sale can be found here. 2.19% of the stock is owned by corporate insiders.
About First Financial Bancorp
First Financial Bancorp. (First Financial) is a regional bank holding company. First Financial is engaged in the business of commercial banking and other banking and banking-related activities through its subsidiary, First Financial Bank, National Association (the Bank). The range of banking services provided by First Financial to individuals and businesses include commercial lending, real estate lending and consumer financing.
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