Bridgeway Capital Management Inc. lowered its holdings in First Financial Bancorp (NASDAQ:FFBC) by 77.0% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 27,948 shares of the bank’s stock after selling 93,808 shares during the period. Bridgeway Capital Management Inc.’s holdings in First Financial Bancorp were worth $830,000 as of its most recent SEC filing.
Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Advisors Asset Management Inc. purchased a new stake in shares of First Financial Bancorp during the second quarter worth $1,113,000. Envestnet Asset Management Inc. raised its holdings in shares of First Financial Bancorp by 597.3% during the second quarter. Envestnet Asset Management Inc. now owns 4,567 shares of the bank’s stock worth $140,000 after acquiring an additional 3,912 shares in the last quarter. Neuburgh Advisers LLC purchased a new stake in shares of First Financial Bancorp during the second quarter worth $146,000. Riverhead Capital Management LLC purchased a new stake in shares of First Financial Bancorp during the second quarter worth $159,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in shares of First Financial Bancorp by 114.8% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 6,190 shares of the bank’s stock worth $190,000 after acquiring an additional 3,308 shares in the last quarter. Institutional investors own 73.82% of the company’s stock.
First Financial Bancorp stock opened at $26.20 on Friday. The company has a debt-to-equity ratio of 0.86, a quick ratio of 0.94 and a current ratio of 0.94. The firm has a market cap of $2.52 billion, a price-to-earnings ratio of 16.27, a price-to-earnings-growth ratio of 1.15 and a beta of 1.15. First Financial Bancorp has a one year low of $24.05 and a one year high of $33.70.
First Financial Bancorp (NASDAQ:FFBC) last posted its earnings results on Thursday, October 18th. The bank reported $0.58 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.57 by $0.01. The firm had revenue of $152.80 million for the quarter, compared to the consensus estimate of $151.74 million. First Financial Bancorp had a net margin of 25.08% and a return on equity of 11.70%. The business’s quarterly revenue was up 63.6% on a year-over-year basis. During the same period in the prior year, the business posted $0.39 earnings per share. On average, sell-side analysts predict that First Financial Bancorp will post 2.24 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Monday, December 17th. Shareholders of record on Monday, December 3rd will be given a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 3.05%. The ex-dividend date of this dividend is Friday, November 30th. First Financial Bancorp’s payout ratio is 49.69%.
Several brokerages recently issued reports on FFBC. Zacks Investment Research lowered First Financial Bancorp from a “hold” rating to a “sell” rating in a report on Tuesday, October 23rd. Sandler O’Neill lowered First Financial Bancorp from a “buy” rating to a “hold” rating and set a $30.00 price objective for the company. in a report on Thursday, November 29th. Keefe, Bruyette & Woods upgraded First Financial Bancorp from a “market perform” rating to an “outperform” rating and cut their price objective for the stock from $34.00 to $32.00 in a report on Sunday, October 21st. BidaskClub lowered First Financial Bancorp from a “hold” rating to a “sell” rating in a report on Thursday, September 20th. Finally, Barclays lowered their target price on shares of First Financial Bancorp from $31.00 to $29.00 and set an “underweight” rating on the stock in a research report on Monday, October 22nd. Three analysts have rated the stock with a sell rating, five have assigned a hold rating and three have given a buy rating to the company. The stock presently has an average rating of “Hold” and an average price target of $31.75.
First Financial Bancorp Profile
First Financial Bancorp. operates as the bank holding company for First Financial Bank that provides commercial banking and other banking, and banking-related services to individuals and businesses in Ohio, Indiana, and Kentucky. The company accepts various deposit products, such as interest-bearing and noninterest-bearing accounts, time deposits, and cash management services for commercial customers.
See Also: Systematic Risk
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