QRG Capital Management Inc. Increases Stake in First Financial Bancorp. (NASDAQ:FFBC)

QRG Capital Management Inc. has increased its investment in First Financial Bancorp. (NASDAQ:FFBC) by 7.6% during the third quarter, according to reports from Holdings Channel. Following the purchase of an additional 2,543 shares, the firm now owns a total of 35,968 shares of the bank’s stock. At the conclusion of the latest reporting period, QRG Capital Management Inc. valued its holdings in First Financial Bancorp. at approximately $907,000.

Other institutional investors have also adjusted their holdings in First Financial Bancorp. Financial Management Professionals Inc. established a new position in the company, valued at about $28,000, during the third quarter. Additionally, EntryPoint Capital LLC increased its stake in shares of First Financial Bancorp. by 63.9% during the first quarter, and now owns 1,732 shares valued at approximately $39,000 after acquiring an extra 675 shares in the last quarter. Furthermore, Bogart Wealth LLC significantly boosted its holdings by 2,976.9% in the third quarter, acquiring 1,935 additional shares and now owning 2,000 shares worth $50,000. Blue Trust Inc. saw its position in First Financial Bancorp. grow by 23.1% during the second quarter, owning 3,340 shares valued at about $75,000 after purchasing 627 additional shares. Finally, Innealta Capital LLC took on a new stake in First Financial Bancorp. valued at $77,000 in the second quarter. Overall, institutional investors control 77.23% of First Financial Bancorp's shares.

Recent Stock Performance of First Financial Bancorp.

First Financial Bancorp. shares opened at $28.53. The company maintains a debt-to-equity ratio of 0.45, a current ratio of 0.91, and a quick ratio of 0.91. The 50-day simple moving average for the stock is $25.48 with a 200-day simple moving average of $24.23. Over the past year, the stock has ranged from a low of $19.00 to a high of $29.77, and the company has a market capitalization of $2.72 billion with a P/E ratio of 12.30 and a beta of 0.99.

First Financial Bancorp. recently released its earnings report for the third quarter on October 24th. The bank successfully reported an earnings per share (EPS) of $0.67, surpassing the consensus estimate of $0.66 by $0.01. Additionally, the bank recorded a return on equity of 10.32% alongside a net margin of 18.55%. The revenues for the quarter amounted to $302.82 million, notably exceeding analysts’ expectations of $214.00 million. The previous year, during the same period, the bank's EPS was also $0.67. Analysts predict that First Financial Bancorp. will achieve an EPS of 2.58 for the ongoing fiscal year.

Dividend Announcement by First Financial Bancorp.

The company has recently announced a quarterly dividend payment scheduled for December 16th. Shareholders on record as of December 2nd will receive a dividend of $0.24 per share, with the ex-dividend date also set for December 2nd. This equates to an annualized dividend of $0.96, representing a yield of 3.36%. First Financial Bancorp.'s current dividend payout ratio stands at 41.38%.

Insights from Analysts

Several analysts have shared their views on First Financial Bancorp. Royal Bank of Canada raised their price target from $25.00 to $29.00, maintaining a “sector perform” rating. Similarly, Keefe, Bruyette & Woods increased their price target from $25.00 to $27.00, indicating a “market perform” rating for the stock.

Insider Transactions at First Financial Bancorp.

In related developments, insider Scott T. Crawley sold 3,000 shares on November 6th, at an average stock price of $29.31, totaling $87,930. Following this, Crawley holds 19,279 shares, valued at approximately $565,067.49, marking no significant change in ownership percentage. This transaction is detailed in a filing with the Securities and Exchange Commission (SEC). Additionally, on October 30th, insider James R. Shank disposed of 3,700 shares at an average price of $26.34, amounting to $97,458, leaving him with 15,374 shares valued at roughly $404,951.16. In total, insiders sold 35,700 shares of company stock valued at $956,788 in the last three months, with company insiders currently possessing 2.04% of the stock.

About First Financial Bancorp.

First Financial Bancorp. operates as the holding company for First Financial Bank, providing comprehensive commercial banking services to individuals and businesses in Ohio, Indiana, Kentucky, and Illinois. Its offerings include checking, savings, money market accounts, and various deposit products tailored to both personal and commercial clients.

Investment, Shares, Finance