State of Alaska Department of Revenue Buys 445 Shares of First Financial Bancorp (FFBC)

State of Alaska Department of Revenue lifted its stake in First Financial Bancorp (NASDAQ:FFBC) by 1.4% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 33,164 shares of the bank’s stock after buying an additional 445 shares during the period. State of Alaska Department of Revenue’s holdings in First Financial Bancorp were worth $797,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently modified their holdings of the company. Geode Capital Management LLC lifted its holdings in shares of First Financial Bancorp by 4.1% in the fourth quarter. Geode Capital Management LLC now owns 1,085,173 shares of the bank’s stock valued at $25,740,000 after purchasing an additional 42,890 shares in the last quarter. Sowell Financial Services LLC lifted its holdings in shares of First Financial Bancorp by 11.2% in the fourth quarter. Sowell Financial Services LLC now owns 8,901 shares of the bank’s stock valued at $211,000 after purchasing an additional 900 shares in the last quarter. Norges Bank bought a new stake in shares of First Financial Bancorp in the fourth quarter valued at about $28,757,000. Nordea Investment Management AB lifted its holdings in shares of First Financial Bancorp by 10.5% in the fourth quarter. Nordea Investment Management AB now owns 162,597 shares of the bank’s stock valued at $3,858,000 after purchasing an additional 15,503 shares in the last quarter. Finally, Public Employees Retirement System of Ohio lifted its holdings in shares of First Financial Bancorp by 822.8% in the fourth quarter. Public Employees Retirement System of Ohio now owns 18,908 shares of the bank’s stock valued at $448,000 after purchasing an additional 16,859 shares in the last quarter. 75.99% of the stock is owned by institutional investors and hedge funds.

FFBC has been the topic of a number of recent research reports. BidaskClub downgraded First Financial Bancorp from a “sell” rating to a “strong sell” rating in a research report on Tuesday, March 19th. Zacks Investment Research downgraded First Financial Bancorp from a “hold” rating to a “sell” rating in a research report on Tuesday, January 8th. ValuEngine raised First Financial Bancorp from a “sell” rating to a “hold” rating in a research report on Monday, February 4th. Keefe, Bruyette & Woods downgraded First Financial Bancorp from an “outperform” rating to a “market perform” rating and lowered their target price for the company from $31.00 to $30.00 in a research report on Sunday, February 24th. Finally, Barclays reaffirmed a “sell” rating and issued a $26.00 target price on shares of First Financial Bancorp in a research report on Friday, January 11th. Four equities research analysts have rated the stock with a sell rating, six have issued a hold rating and one has assigned a buy rating to the company. The company has an average rating of “Hold” and an average target price of $29.29.

NASDAQ:FFBC opened at $24.75 on Monday. The company has a debt-to-equity ratio of 0.69, a quick ratio of 0.91 and a current ratio of 0.91. The stock has a market capitalization of $2.44 billion, a P/E ratio of 10.86, a P/E/G ratio of 1.10 and a beta of 1.22. First Financial Bancorp has a 52-week low of $22.27 and a 52-week high of $33.70.

First Financial Bancorp (NASDAQ:FFBC) last released its earnings results on Wednesday, January 23rd. The bank reported $0.61 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.58 by $0.03. The business had revenue of $155.46 million for the quarter, compared to the consensus estimate of $152.75 million. First Financial Bancorp had a return on equity of 11.63% and a net margin of 26.81%. During the same quarter in the previous year, the business earned $0.45 earnings per share. On average, analysts anticipate that First Financial Bancorp will post 2.25 earnings per share for the current year.

First Financial Bancorp declared that its Board of Directors has authorized a share repurchase program on Monday, January 14th that allows the company to buyback 0 outstanding shares. This buyback authorization allows the bank to reacquire shares of its stock through open market purchases. Shares buyback programs are usually an indication that the company’s leadership believes its shares are undervalued.

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

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