First Financial Bancorp Secures “Moderate Buy” Rating from Analysts

First Financial Bancorp (NASDAQ:FFBC) has garnered a consensus rating of “Moderate Buy” from eight brokerage firms, according to Marketbeat.com. Four analysts have assigned a hold rating, while an equal number have given the stock a buy rating. The average target price for the stock over the next twelve months is set at $29.50.

Recently, several analysts shared their perspectives on First Financial Bancorp’s performance. Weiss Ratings maintained a “buy (B-)” rating in a report released on Monday. In a separate review, Raymond James Financial restated an “outperform” rating but adjusted its price target for the stock down to $28.00 from $30.00 on October 27, 2023. Meanwhile, Zacks Research downgraded the stock from a “strong-buy” to a “hold” rating on October 13, 2023. Hovde Group initiated coverage of First Financial Bancorp with an “outperform” rating on October 6, 2023. Truist Financial raised its price target from $28.00 to $29.00 and maintained a “hold” rating in a note published on October 3, 2023.

First Financial Bancorp reported its earnings results on November 4, 2023. The bank achieved an earnings per share (EPS) of $0.76 for the quarter. The company recorded a return on equity of 10.72% and a net margin of 20.64%. Revenue for the quarter totaled $234.01 million. Analysts anticipate that First Financial Bancorp will post earnings of $2.64 per share for the current fiscal year.

Dividend Announcement and Insider Activity

On December 15, 2023, First Financial Bancorp paid a quarterly dividend of $0.25 per share to stockholders of record as of December 1, 2023. This dividend results in an annualized yield of 3.9% and a payout ratio of 37.04%.

In related news, CEO Archie M. Brown sold 11,500 shares of the company’s stock on December 16, 2023, at an average price of $26.80, amounting to $308,200. Following this transaction, Brown retains ownership of 229,391 shares valued at approximately $6,147,678.80, representing a 4.77% reduction in his stake. This sale was documented in a filing with the Securities and Exchange Commission (SEC).

Institutional Investor Activity

Institutional investors have been active in buying and selling shares of First Financial Bancorp. HighTower Advisors LLC increased its holdings by 0.7% in the first quarter, now owning 58,585 shares valued at $1,463,000. CWM LLC also raised its stake by 21.3% in the second quarter, now holding 2,670 shares valued at $65,000. Smartleaf Asset Management LLC expanded its position by 19.4% in the third quarter, acquiring 2,903 shares valued at $74,000. Additionally, Arizona State Retirement System and Amalgamated Bank both increased their stakes, reflecting continued interest from institutional investors.

Currently, institutional investors and hedge funds hold 77.23% of First Financial Bancorp’s stock.

About First Financial Bancorp

First Financial Bancorp, headquartered in Cincinnati, Ohio, is a bank holding company and the parent of First Financial Bank. The organization offers a wide range of commercial and consumer banking services through over 100 full-service banking centers and mortgage offices across Ohio, Indiana, and Kentucky. Its core mission is to deliver personalized relationship banking to both business and individual clients. The bank’s product offerings include various deposit solutions and lending options, including commercial loans, real estate financing, and home equity lines of credit.

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