First Financial Bancorp Secures “Moderate Buy” Rating from Analysts

First Financial Bancorp. (NASDAQ: FFBC) has been assigned a consensus rating of “Moderate Buy” by eight brokerages following the company, according to data from MarketBeat.com. The analysis revealed that four investment analysts recommended holding the stock, while the remaining four rated it as a buy. The average target price among these analysts stands at $29.50 for the next twelve months.

Several analysts have recently provided updates on First Financial Bancorp.’s stock performance. On October 27, 2023, Raymond James Financial maintained an “outperform” rating and adjusted its price target to $28.00, down from $30.00. Similarly, Weiss Ratings affirmed a “buy (B-)” rating for the company. In a contrasting move, Zacks Research downgraded First Financial Bancorp. from a “strong-buy” to a “hold” rating on October 13, 2023. Hovde Group initiated coverage and set an “outperform” rating for the stock, further demonstrating the mixed sentiments among analysts.

In its most recent earnings report released on November 4, 2023, First Financial Bancorp. reported earnings of $0.76 per share for the quarter. The company achieved a return on equity of 10.72% and a net margin of 20.64%. Revenue for the quarter reached $234.01 million, as analysts anticipate earnings per share of $2.64 for the current fiscal year.

First Financial Bancorp. also announced a quarterly dividend of $0.25 per share, which was paid on December 15, 2023. Shareholders on record as of December 1, 2023 received this dividend, representing an annualized payment of $1.00 and a dividend yield of 3.9%. The company’s current payout ratio is 37.04%.

In related developments, CEO Archie M. Brown sold 11,500 shares of the company on December 16, 2023, at an average price of $26.80, totaling $308,200.00. Following the sale, Brown holds 229,391 shares in First Financial Bancorp., valued at approximately $6,147,678.80. This transaction reflects a 4.77% reduction in his shareholding. Insider ownership currently stands at 1.13% of the company’s total stock.

Institutional investors have also been active in the market, with several firms adjusting their holdings in First Financial Bancorp. HighTower Advisors LLC increased its stake by 0.7% during the first quarter, now owning 58,585 shares valued at $1,463,000. CWM LLC expanded its holdings by 21.3% in the second quarter, acquiring an additional 469 shares. Smartleaf Asset Management LLC and Arizona State Retirement System also reported increases in their stakes, reinforcing institutional interest in the company.

Approximately 77.23% of First Financial Bancorp.’s stock is currently held by institutional investors and hedge funds, indicating a strong backing from large financial entities.

First Financial Bancorp., headquartered in Cincinnati, Ohio, serves as a bank holding company and the parent of First Financial Bank. The institution 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. The company aims to deliver personalized banking solutions to businesses, individuals, and public sector clients, with a product portfolio that includes checking, savings, and money market accounts, as well as various lending options.

As First Financial Bancorp. navigates a fluctuating market, the mixed ratings from analysts and ongoing institutional investments underscore its potential for growth amidst economic uncertainties.