First Financial Bancorp. (NASDAQ:FFBC) Hits New 12-Month High – Time to Buy?

First Financial Bancorp. (NASDAQ:FFBC) reached a new 52-week high during mid-day trading on Tuesday . The company traded as high as $31.64 and last traded at $31.7020, with a volume of 54238 shares. The stock had previously closed at $30.82.

Analysts Set New Price Targets

FFBC has been the subject of a number of research reports. Royal Bank Of Canada increased their target price on First Financial Bancorp. from $30.00 to $32.00 and gave the stock a “sector perform” rating in a research note on Monday, April 27th. Raymond James Financial restated an “outperform” rating and issued a $34.00 target price on shares of First Financial Bancorp. in a research note on Monday, April 27th. Stephens initiated coverage on First Financial Bancorp. in a research note on Friday, March 27th. They issued an “overweight” rating and a $33.00 target price on the stock. Truist Financial raised their price target on shares of First Financial Bancorp. from $30.00 to $33.00 and gave the stock a “hold” rating in a research note on Monday, April 27th. Finally, Wall Street Zen raised shares of First Financial Bancorp. from a “hold” rating to a “buy” rating in a research note on Saturday. Four research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat, First Financial Bancorp. currently has a consensus rating of “Moderate Buy” and an average price target of $33.00.

First Financial Bancorp. Stock Up 1.4%

The company has a market capitalization of $3.28 billion, a P/E ratio of 11.03 and a beta of 0.93. The firm’s 50 day moving average price is $29.78 and its two-hundred day moving average price is $28.05. The company has a current ratio of 0.84, a quick ratio of 0.84 and a debt-to-equity ratio of 0.32.

First Financial Bancorp. Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 15th. Stockholders of record on Monday, June 1st will be paid a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 3.2%. The ex-dividend date of this dividend is Monday, June 1st. First Financial Bancorp.’s dividend payout ratio (DPR) is currently 35.34%.

Insider Activity at First Financial Bancorp.

In related news, insider Claude E. Davis sold 26,123 shares of the firm’s stock in a transaction on Friday, May 1st. The shares were sold at an average price of $30.45, for a total value of $795,445.35. Following the completion of the transaction, the insider directly owned 30,410 shares of the company’s stock, valued at approximately $925,984.50. This trade represents a 46.21% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO James M. Anderson sold 4,263 shares of the firm’s stock in a transaction on Wednesday, April 29th. The shares were sold at an average price of $30.00, for a total transaction of $127,890.00. Following the completion of the transaction, the chief financial officer directly owned 118,537 shares of the company’s stock, valued at $3,556,110. This represents a 3.47% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 31,126 shares of company stock valued at $946,201 over the last ninety days. Company insiders own 1.08% of the company’s stock.

Hedge Funds Weigh In On First Financial Bancorp.

Hedge funds and other institutional investors have recently made changes to their positions in the company. Rockefeller Capital Management L.P. grew its stake in shares of First Financial Bancorp. by 137.6% in the fourth quarter. Rockefeller Capital Management L.P. now owns 991 shares of the bank’s stock valued at $25,000 after buying an additional 574 shares in the last quarter. First Horizon Corp grew its stake in shares of First Financial Bancorp. by 56.0% in the fourth quarter. First Horizon Corp now owns 1,526 shares of the bank’s stock valued at $38,000 after buying an additional 548 shares in the last quarter. MAI Capital Management grew its stake in shares of First Financial Bancorp. by 530.6% in the third quarter. MAI Capital Management now owns 1,545 shares of the bank’s stock valued at $39,000 after buying an additional 1,300 shares in the last quarter. Hantz Financial Services Inc. raised its stake in First Financial Bancorp. by 38.7% in the 4th quarter. Hantz Financial Services Inc. now owns 1,743 shares of the bank’s stock valued at $44,000 after acquiring an additional 486 shares during the period. Finally, Smithfield Trust Co bought a new stake in First Financial Bancorp. in the 4th quarter valued at $50,000. 77.23% of the stock is owned by institutional investors.

First Financial Bancorp. Company Profile

First Financial Bancorp (NASDAQ: FFBC) is a bank holding company headquartered in Cincinnati, Ohio, and the parent of First Financial Bank. The company provides a comprehensive suite of commercial and consumer banking services through a network of more than 100 full-service banking centers and mortgage offices across Ohio, Indiana and Kentucky. Its core mission centers on delivering personalized relationship banking to businesses, individuals and public sector clients.

First Financial Bank’s product portfolio includes deposit solutions such as checking, savings and money market accounts, alongside a range of lending offerings that cover commercial and industrial loans, real estate and construction financing, home mortgages and home equity lines of credit.