JPMorgan Chase & Co. Lowers Holdings in First Financial Bancorp. $FFBC

JPMorgan Chase & Co. reduced its stake in shares of First Financial Bancorp. (NASDAQ:FFBC) by 2.3% during the 2nd quarter, according to its most recent filing with the SEC. The firm owned 2,790,128 shares of the bank’s stock after selling 65,918 shares during the period. JPMorgan Chase & Co.’s holdings in First Financial Bancorp. were worth $67,689,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also modified their holdings of FFBC. Jump Financial LLC purchased a new stake in shares of First Financial Bancorp. in the first quarter worth about $418,000. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in First Financial Bancorp. by 43.8% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 36,408 shares of the bank’s stock valued at $909,000 after acquiring an additional 11,098 shares during the period. KLP Kapitalforvaltning AS boosted its position in First Financial Bancorp. by 12.1% in the 2nd quarter. KLP Kapitalforvaltning AS now owns 20,313 shares of the bank’s stock worth $493,000 after purchasing an additional 2,200 shares in the last quarter. MQS Management LLC grew its stake in shares of First Financial Bancorp. by 20.5% during the 2nd quarter. MQS Management LLC now owns 26,192 shares of the bank’s stock worth $635,000 after purchasing an additional 4,463 shares during the period. Finally, Intech Investment Management LLC increased its holdings in shares of First Financial Bancorp. by 70.0% during the 1st quarter. Intech Investment Management LLC now owns 74,527 shares of the bank’s stock valued at $1,862,000 after purchasing an additional 30,677 shares in the last quarter. Institutional investors and hedge funds own 77.23% of the company’s stock.

First Financial Bancorp. Stock Down 0.7%

Shares of NASDAQ FFBC opened at $24.89 on Friday. The firm has a market cap of $2.45 billion, a price-to-earnings ratio of 9.22 and a beta of 1.03. The company’s 50-day simple moving average is $24.60 and its 200-day simple moving average is $24.77. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.29. First Financial Bancorp. has a 52-week low of $21.10 and a 52-week high of $30.36.

First Financial Bancorp. (NASDAQ:FFBC) last issued its quarterly earnings results on Tuesday, November 4th. The bank reported $0.76 earnings per share for the quarter. First Financial Bancorp. had a net margin of 20.64% and a return on equity of 10.72%. The firm had revenue of $234.01 million for the quarter. Equities analysts predict that First Financial Bancorp. will post 2.64 EPS for the current fiscal year.

First Financial Bancorp. Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, December 15th. Stockholders of record on Monday, December 1st will be given a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 4.0%. The ex-dividend date is Monday, December 1st. First Financial Bancorp.’s dividend payout ratio (DPR) is 37.04%.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the stock. Zacks Research downgraded shares of First Financial Bancorp. from a “strong-buy” rating to a “hold” rating in a report on Monday, October 13th. Weiss Ratings reiterated a “hold (c+)” rating on shares of First Financial Bancorp. in a research report on Monday, November 24th. Hovde Group initiated coverage on shares of First Financial Bancorp. in a research note on Monday, October 6th. They set an “outperform” rating on the stock. Raymond James Financial restated an “outperform” rating and issued a $28.00 price target (down previously from $30.00) on shares of First Financial Bancorp. in a research note on Monday, October 27th. Finally, Truist Financial upped their price target on First Financial Bancorp. from $28.00 to $29.00 and gave the stock a “hold” rating in a report on Friday, October 3rd. Three research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. According to data from MarketBeat.com, First Financial Bancorp. presently has an average rating of “Hold” and an average price target of $29.50.

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.