First Financial Bancorp (FFBC) Expected to Post Quarterly Sales of $150.90 Million

Analysts predict that First Financial Bancorp (NASDAQ:FFBC) will report sales of $150.90 million for the current fiscal quarter, Zacks reports. Four analysts have made estimates for First Financial Bancorp’s earnings, with the lowest sales estimate coming in at $149.90 million and the highest estimate coming in at $151.90 million. First Financial Bancorp reported sales of $92.75 million in the same quarter last year, which indicates a positive year over year growth rate of 62.7%. The company is expected to announce its next quarterly earnings report on Thursday, April 18th.

On average, analysts expect that First Financial Bancorp will report full-year sales of $613.00 million for the current year, with estimates ranging from $606.80 million to $622.40 million. For the next financial year, analysts expect that the firm will report sales of $634.63 million, with estimates ranging from $626.00 million to $644.00 million. Zacks’ sales calculations are an average based on a survey of analysts that cover First Financial Bancorp.

First Financial Bancorp (NASDAQ:FFBC) last issued its earnings results on Wednesday, January 23rd. The bank reported $0.61 EPS for the quarter, topping analysts’ consensus estimates of $0.58 by $0.03. The company had revenue of $155.46 million for the quarter, compared to the consensus estimate of $152.75 million. First Financial Bancorp had a net margin of 26.81% and a return on equity of 11.63%. During the same period in the previous year, the firm earned $0.45 earnings per share.

A number of equities research analysts have recently issued reports on FFBC shares. BidaskClub downgraded shares of First Financial Bancorp from a “sell” rating to a “strong sell” rating in a research note on Tuesday, March 19th. Stephens reissued a “buy” rating and issued a $30.00 price target on shares of First Financial Bancorp in a research note on Wednesday, December 19th. Zacks Investment Research downgraded shares of First Financial Bancorp from a “hold” rating to a “sell” rating in a research note on Tuesday, January 8th. ValuEngine raised shares of First Financial Bancorp from a “sell” rating to a “hold” rating in a research note on Monday, February 4th. Finally, Keefe, Bruyette & Woods downgraded shares of First Financial Bancorp from an “outperform” rating to a “market perform” rating and reduced their price target for the company from $31.00 to $30.00 in a research note on Sunday, February 24th. Three investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and one has assigned a buy rating to the company’s stock. First Financial Bancorp presently has an average rating of “Hold” and a consensus price target of $30.43.

Hedge funds have recently made changes to their positions in the stock. Assenagon Asset Management S.A. grew its holdings in shares of First Financial Bancorp by 157.0% in the fourth quarter. Assenagon Asset Management S.A. now owns 87,693 shares of the bank’s stock valued at $2,080,000 after purchasing an additional 53,575 shares in the last quarter. Allianz Asset Management GmbH grew its holdings in First Financial Bancorp by 798.7% during the 3rd quarter. Allianz Asset Management GmbH now owns 74,278 shares of the bank’s stock worth $2,206,000 after acquiring an additional 66,013 shares in the last quarter. Vanguard Group Inc grew its holdings in First Financial Bancorp by 2.1% during the 3rd quarter. Vanguard Group Inc now owns 9,764,366 shares of the bank’s stock worth $290,002,000 after acquiring an additional 197,490 shares in the last quarter. Comerica Bank grew its holdings in First Financial Bancorp by 0.5% during the 4th quarter. Comerica Bank now owns 95,739 shares of the bank’s stock worth $2,528,000 after acquiring an additional 495 shares in the last quarter. Finally, Virtu Financial LLC acquired a new position in First Financial Bancorp during the 3rd quarter worth approximately $301,000. Hedge funds and other institutional investors own 74.52% of the company’s stock.

First Financial Bancorp stock opened at $23.02 on Friday. The company has a market capitalization of $2.38 billion, a PE ratio of 10.10, a P/E/G ratio of 1.05 and a beta of 1.25. First Financial Bancorp has a 1 year low of $22.27 and a 1 year high of $33.70. The company has a current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 0.69.

The business also recently declared a quarterly dividend, which was paid on Friday, March 15th. Stockholders of record on Friday, March 1st were paid a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a dividend yield of 3.82%. This is an increase from First Financial Bancorp’s previous quarterly dividend of $0.20. The ex-dividend date was Thursday, February 28th. First Financial Bancorp’s payout ratio is 38.60%.

First Financial Bancorp announced that its board has initiated a share repurchase plan on Monday, January 14th that authorizes the company to repurchase 0 outstanding shares. This repurchase authorization authorizes the bank to repurchase shares of its stock through open market purchases. Shares repurchase plans are generally a sign that the company’s board believes its shares are undervalued.

First Financial Bancorp Company Profile

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 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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Earnings History and Estimates for First Financial Bancorp (NASDAQ:FFBC)

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