First Financial Bancorp. (NASDAQ:FFBC) Sees Significant Decline in Short Interest

First Financial Bancorp. (NASDAQ:FFBC) was the recipient of a significant decline in short interest during the month of October. As of October 31st, there was short interest totalling 1,510,000 shares, a decline of 10.1% from the October 15th total of 1,680,000 shares. Based on an average daily volume of 414,100 shares, the days-to-cover ratio is currently 3.6 days. Currently, 1.6% of the company’s shares are short sold.

First Financial Bancorp. Stock Down 0.4 %

NASDAQ:FFBC traded down $0.13 during mid-day trading on Tuesday, hitting $28.77. 73,408 shares of the company’s stock were exchanged, compared to its average volume of 374,654. The company has a market cap of $2.75 billion, a PE ratio of 12.37 and a beta of 0.99. The company has a debt-to-equity ratio of 0.45, a current ratio of 0.91 and a quick ratio of 0.91. First Financial Bancorp. has a one year low of $19.92 and a one year high of $30.11. The business has a fifty day moving average price of $25.89 and a 200 day moving average price of $24.53.

First Financial Bancorp. (NASDAQ:FFBC) last released its earnings results on Thursday, October 24th. The bank reported $0.67 EPS for the quarter, topping the consensus estimate of $0.66 by $0.01. First Financial Bancorp. had a return on equity of 10.32% and a net margin of 18.55%. The business had revenue of $302.82 million for the quarter, compared to the consensus estimate of $214.00 million. During the same period in the previous year, the company posted $0.67 earnings per share. Equities analysts predict that First Financial Bancorp. will post 2.53 EPS for the current year.

First Financial Bancorp. Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Monday, December 2nd will be issued a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a dividend yield of 3.34%. The ex-dividend date of this dividend is Monday, December 2nd. First Financial Bancorp.’s payout ratio is 41.38%.

Insider Buying and Selling at First Financial Bancorp.

In other First Financial Bancorp. news, insider Richard S. Dennen sold 932 shares of the stock in a transaction on Wednesday, November 13th. The shares were sold at an average price of $30.00, for a total transaction of $27,960.00. Following the completion of the sale, the insider now owns 74,720 shares of the company’s stock, valued at $2,241,600. This represents a 1.23 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider James R. Shank sold 3,700 shares of the business’s stock in a transaction dated Wednesday, October 30th. The shares were sold at an average price of $26.34, for a total transaction of $97,458.00. Following the completion of the transaction, the insider now owns 15,374 shares in the company, valued at $404,951.16. The trade was a 19.40 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 36,632 shares of company stock worth $984,748. 2.04% of the stock is currently owned by insiders.

Hedge Funds Weigh In On First Financial Bancorp.

A number of hedge funds have recently added to or reduced their stakes in the company. Financial Management Professionals Inc. bought a new position in First Financial Bancorp. in the 3rd quarter valued at approximately $28,000. Point72 DIFC Ltd bought a new position in shares of First Financial Bancorp. during the third quarter valued at $30,000. EntryPoint Capital LLC boosted its position in shares of First Financial Bancorp. by 63.9% during the first quarter. EntryPoint Capital LLC now owns 1,732 shares of the bank’s stock valued at $39,000 after buying an additional 675 shares during the last quarter. Bogart Wealth LLC increased its holdings in First Financial Bancorp. by 2,976.9% in the 3rd quarter. Bogart Wealth LLC now owns 2,000 shares of the bank’s stock worth $50,000 after buying an additional 1,935 shares in the last quarter. Finally, Blue Trust Inc. raised its position in First Financial Bancorp. by 23.1% in the 2nd quarter. Blue Trust Inc. now owns 3,340 shares of the bank’s stock worth $75,000 after buying an additional 627 shares during the last quarter. 77.23% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of brokerages recently commented on FFBC. Keefe, Bruyette & Woods raised their price target on 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. Royal Bank of Canada lifted their price objective on First Financial Bancorp. from $25.00 to $29.00 and gave the company a “sector perform” rating in a research report on Monday, July 29th.

About First Financial Bancorp.

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.