Short Interest in First Financial Bancorp. (NASDAQ:FFBC) Rises By 5.3%

First Financial Bancorp. (NASDAQ:FFBC) was the target of a large growth in short interest in the month of September. As of September 15th, there was short interest totalling 1,580,000 shares, a growth of 5.3% from the August 31st total of 1,500,000 shares. Based on an average trading volume of 429,200 shares, the short-interest ratio is currently 3.7 days. Currently, 1.7% of the company’s shares are short sold.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on the stock. Royal Bank of Canada boosted their price target on shares of First Financial Bancorp. from $25.00 to $29.00 and gave the company a “sector perform” rating in a research note on Monday, July 29th. Keefe, Bruyette & Woods upped their target price on shares of First Financial Bancorp. from $25.00 to $27.00 and gave the stock a “market perform” rating in a research note on Monday, July 29th.

First Financial Bancorp. Price Performance

Shares of FFBC opened at $24.37 on Wednesday. First Financial Bancorp. has a fifty-two week low of $17.23 and a fifty-two week high of $28.25. The firm’s 50 day moving average price is $25.50 and its 200 day moving average price is $23.47. The company has a market cap of $2.33 billion, a P/E ratio of 9.83 and a beta of 0.99. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 0.59.

First Financial Bancorp. (NASDAQ:FFBC) last announced its quarterly earnings data on Thursday, July 25th. The bank reported $0.64 EPS for the quarter, beating analysts’ consensus estimates of $0.59 by $0.05. First Financial Bancorp. had a net margin of 19.67% and a return on equity of 10.69%. The company had revenue of $314.22 million for the quarter, compared to the consensus estimate of $203.50 million. During the same period in the prior year, the firm posted $0.72 EPS. On average, research analysts forecast that First Financial Bancorp. will post 2.58 earnings per share for the current fiscal year.

First Financial Bancorp. Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 16th. Shareholders of record on Monday, September 2nd were given a $0.24 dividend. The ex-dividend date of this dividend was Friday, August 30th. This is an increase from First Financial Bancorp.’s previous quarterly dividend of $0.23. This represents a $0.96 dividend on an annualized basis and a dividend yield of 3.94%. First Financial Bancorp.’s dividend payout ratio is currently 38.71%.

Insider Activity

In other news, insider Claude E. Davis sold 29,000 shares of the business’s stock in a transaction that occurred on Thursday, August 29th. The shares were sold at an average price of $26.60, for a total value of $771,400.00. Following the sale, the insider now directly owns 53,576 shares of the company’s stock, valued at approximately $1,425,121.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 2.04% of the company’s stock.

Institutional Investors Weigh In On First Financial Bancorp.

A number of large investors have recently modified their holdings of FFBC. Norges Bank purchased a new stake in shares of First Financial Bancorp. in the 4th quarter valued at approximately $15,348,000. Hsbc Holdings PLC boosted its holdings in shares of First Financial Bancorp. by 2,655.1% in the 4th quarter. Hsbc Holdings PLC now owns 518,061 shares of the bank’s stock valued at $12,360,000 after buying an additional 499,257 shares in the last quarter. TFO Wealth Partners LLC boosted its holdings in shares of First Financial Bancorp. by 6,820.5% in the 4th quarter. TFO Wealth Partners LLC now owns 3,045 shares of the bank’s stock valued at $72,000 after buying an additional 3,001 shares in the last quarter. Campbell & CO Investment Adviser LLC acquired a new position in shares of First Financial Bancorp. in the 4th quarter valued at $652,000. Finally, Rafferty Asset Management LLC boosted its holdings in shares of First Financial Bancorp. by 60.0% in the 4th quarter. Rafferty Asset Management LLC now owns 73,270 shares of the bank’s stock valued at $1,740,000 after buying an additional 27,479 shares in the last quarter. 77.23% of the stock is owned by hedge funds and other institutional investors.

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.