QRG Capital Management Increases Stake in First Financial Bancorp

During the third quarter, QRG Capital Management Inc. enhanced its position in First Financial Bancorp. (NASDAQ:FFBC) by 7.6%, as reported by Holdings Channel. After acquiring an additional 2,543 shares, the firm now holds a total of 35,968 shares in the bank. As of the conclusion of the latest reporting period, the value of QRG Capital Management Inc.'s holdings in First Financial Bancorp. was estimated at $907,000.

A number of significant investors have also adjusted their stakes in First Financial Bancorp. Financial Management Professionals Inc. made a new investment in the bank during the third quarter, valued at approximately $28,000. EntryPoint Capital LLC increased its shareholding in First Financial Bancorp. by 63.9% in the first quarter, bringing its total to 1,732 shares, worth $39,000 after purchasing an additional 675 shares last quarter. Additionally, Bogart Wealth LLC boosted its investment in First Financial Bancorp. by an impressive 2,976.9% during the third quarter. The firm now holds 2,000 shares valued at $50,000 after acquiring another 1,935 shares last quarter. Meanwhile, Blue Trust Inc. increased its stake by 23.1% during the second quarter, resulting in ownership of 3,340 shares valued at $75,000 following an additional purchase of 627 shares. Lastly, Innealta Capital LLC also entered a new position in the second quarter, valued at $77,000. Overall, institutional investors now own 77.23% of First Financial Bancorp.'s stock.

Overview of First Financial Bancorp.'s Stock Performance

As of Friday, shares of First Financial Bancorp. were trading at $28.53. The bank has a debt-to-equity ratio of 0.45, with both current and quick ratios standing at 0.91. The company's 50-day simple moving average is $25.48, while its 200-day moving average is $24.23. Over the past year, the stock reached a low of $19.00 and a high of $29.77, and it currently boasts a market cap of $2.72 billion, a P/E ratio of 12.30, and a beta value of 0.99.

First Financial Bancorp. announced its latest earnings results on October 24th, reporting earnings of $0.67 per share for the quarter. This surpassed the consensus estimate of $0.66 by $0.01. The company achieved a return on equity of 10.32% and a net margin of 18.55%, generating revenues of $302.82 million, well above analysts' expectations of $214.00 million. Comparatively, the firm reported earnings of $0.67 per share in the same quarter the previous year. Analysts project that First Financial Bancorp. will post earnings of $2.58 per share for the current fiscal year.

Dividend Announcement from First Financial Bancorp.

First Financial Bancorp. has recently announced a quarterly dividend of $0.24 per share, which is set to be paid on December 16th. The record date for shareholders is December 2nd, marking the ex-dividend date on the same day. This indicates an annualized dividend of $0.96 and yields approximately 3.36%. Currently, the company's dividend payout ratio stands at 41.38%.

Recent Analyst Upgrades and Downgrades

Equities analysts have expressed opinions on First Financial Bancorp. Royal Bank of Canada raised its price target from $25.00 to $29.00 while maintaining a “sector perform” rating in a research note dated July 29th. Similarly, Keefe, Bruyette & Woods increased their price target from $25.00 to $27.00, giving the stock a “market perform” rating on the same date.

Insider Transactions at First Financial Bancorp.

In related insider activity, on November 6th, insider Scott T. Crawley sold 3,000 shares of the company, earning a total of $87,930 at an average price of $29.31 per share. After this sale, he retained ownership of 19,279 shares valued at about $565,067. The transaction represented a 0.00% change in his ownership stake. Another insider, James R. Shank, sold 3,700 shares on October 30th, receiving $97,458 at an average price of $26.34, lowering his holdings to 15,374 shares worth approximately $404,951. In total, insiders have sold 35,700 shares in the last three months, amounting to $956,788. Insider ownership in the company stands at 2.04%.

Profile of First Financial Bancorp.

First Financial Bancorp. functions as the bank holding company for First Financial Bank, providing various banking and related services to individuals and businesses in regions of Ohio, Indiana, Kentucky, and Illinois. Its services include checking and savings accounts, as well as a variety of deposit products, such as interest-bearing and non-interest-bearing accounts, time deposits, and cash management solutions for commercial clients.

investment, shares, dividends