First Financial Bancorp (FFBC) Position Trimmed by PNC Financial Services Group Inc.

PNC Financial Services Group Inc. cut its holdings in shares of First Financial Bancorp (NASDAQ:FFBC) by 1.8% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 214,234 shares of the bank’s stock after selling 3,919 shares during the quarter. PNC Financial Services Group Inc. owned about 0.22% of First Financial Bancorp worth $6,363,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Advisors Asset Management Inc. purchased a new position in First Financial Bancorp during the second quarter worth about $1,113,000. Envestnet Asset Management Inc. raised its holdings in shares of First Financial Bancorp by 597.3% in the 2nd quarter. Envestnet Asset Management Inc. now owns 4,567 shares of the bank’s stock worth $140,000 after purchasing an additional 3,912 shares during the period. Neuburgh Advisers LLC purchased a new position in shares of First Financial Bancorp in the 2nd quarter worth about $146,000. Riverhead Capital Management LLC purchased a new position in shares of First Financial Bancorp in the 2nd quarter worth about $159,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in shares of First Financial Bancorp by 114.8% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 6,190 shares of the bank’s stock worth $190,000 after purchasing an additional 3,308 shares during the period. Hedge funds and other institutional investors own 73.82% of the company’s stock.

Shares of NASDAQ:FFBC opened at $27.92 on Monday. The stock has a market cap of $2.73 billion, a P/E ratio of 17.34, a P/E/G ratio of 1.25 and a beta of 1.14. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 0.86. 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 announced its earnings results on Thursday, October 18th. The bank reported $0.58 EPS for the quarter, beating the consensus estimate of $0.57 by $0.01. The business had revenue of $152.80 million for the quarter, compared to the consensus estimate of $151.74 million. First Financial Bancorp had a return on equity of 11.70% and a net margin of 25.08%. The company’s revenue was up 63.6% on a year-over-year basis. During the same period last year, the business posted $0.39 EPS. On average, equities analysts forecast that First Financial Bancorp will post 2.24 earnings per share for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 17th. Shareholders of record on Monday, December 3rd will be paid a dividend of $0.20 per share. The ex-dividend date is Friday, November 30th. This represents a $0.80 dividend on an annualized basis and a yield of 2.87%. First Financial Bancorp’s dividend payout ratio (DPR) is presently 49.69%.

A number of research firms have recently commented on FFBC. Zacks Investment Research upgraded First Financial Bancorp from a “hold” rating to a “buy” rating and set a $34.00 price objective on the stock in a report on Wednesday, August 8th. Barclays dropped their target price on First Financial Bancorp from $31.00 to $29.00 and set an “underweight” rating on the stock in a report on Monday, October 22nd. Keefe, Bruyette & Woods upgraded First Financial Bancorp from a “market perform” rating to an “outperform” rating and dropped their target price for the company from $34.00 to $32.00 in a report on Sunday, October 21st. ValuEngine downgraded First Financial Bancorp from a “hold” rating to a “sell” rating in a report on Friday, October 19th. Finally, BidaskClub downgraded First Financial Bancorp from a “hold” rating to a “sell” rating in a report on Thursday, September 20th. Three research analysts have rated the stock with a sell rating, five have assigned a hold rating and three have issued a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average target price of $31.75.

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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.

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Institutional Ownership by Quarter for First Financial Bancorp (NASDAQ:FFBC)

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