Victory Capital Management Inc. Cuts Holdings in First Financial Bancorp (FFBC)

Victory Capital Management Inc. cut its stake in shares of First Financial Bancorp (NASDAQ:FFBC) by 13.5% in the 1st quarter, Holdings Channel reports. The fund owned 1,200,186 shares of the bank’s stock after selling 187,160 shares during the quarter. Victory Capital Management Inc.’s holdings in First Financial Bancorp were worth $28,876,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently modified their holdings of the business. Bahl & Gaynor Inc. raised its position in shares of First Financial Bancorp by 23.5% in the fourth quarter. Bahl & Gaynor Inc. now owns 299,205 shares of the bank’s stock valued at $7,098,000 after buying an additional 56,863 shares in the last quarter. Assenagon Asset Management S.A. raised its position in First Financial Bancorp by 157.0% during 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. Comerica Bank raised its position in First Financial Bancorp by 0.5% during the fourth quarter. Comerica Bank now owns 95,739 shares of the bank’s stock valued at $2,528,000 after purchasing an additional 495 shares in the last quarter. Eukles Asset Management acquired a new position in First Financial Bancorp during the fourth quarter valued at approximately $49,000. Finally, Legal & General Group Plc raised its position in First Financial Bancorp by 7.4% during the third quarter. Legal & General Group Plc now owns 232,457 shares of the bank’s stock valued at $6,885,000 after purchasing an additional 16,076 shares in the last quarter. Hedge funds and other institutional investors own 75.65% of the company’s stock.

Several brokerages have commented on FFBC. Zacks Investment Research downgraded shares of First Financial Bancorp from a “hold” rating to a “sell” rating in a research report on Monday, April 15th. BidaskClub downgraded shares of First Financial Bancorp from a “buy” rating to a “hold” rating in a research report on Friday, March 1st. ValuEngine downgraded shares of First Financial Bancorp from a “hold” rating to a “sell” rating in a research report on Wednesday, March 6th. Stephens restated a “hold” rating and set a $30.00 price objective on shares of First Financial Bancorp in a research report on Wednesday, April 10th. Finally, Keefe, Bruyette & Woods downgraded shares of First Financial Bancorp from an “outperform” rating to a “market perform” rating and lowered their price objective for the company from $31.00 to $30.00 in a research report on Sunday, February 24th. Three analysts have rated the stock with a sell rating, four have given a hold rating and one has given a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus target price of $28.67.

Shares of NASDAQ FFBC traded down $0.23 during midday trading on Friday, reaching $24.10. 378,703 shares of the company were exchanged, compared to its average volume of 296,756. The stock has a market cap of $2.38 billion, a PE ratio of 10.57, a PEG ratio of 1.11 and a beta of 1.22. First Financial Bancorp has a one year low of $22.27 and a one year high of $33.70. The company has a debt-to-equity ratio of 0.70, a quick ratio of 0.91 and a current ratio of 0.92.

First Financial Bancorp (NASDAQ:FFBC) last posted its earnings results on Thursday, April 25th. The bank reported $0.47 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.47. The firm had revenue of $148.34 million for the quarter, compared to analysts’ expectations of $150.53 million. First Financial Bancorp had a net margin of 26.28% and a return on equity of 10.60%. During the same quarter in the previous year, the firm posted $0.49 earnings per share. As a group, sell-side analysts predict that First Financial Bancorp will post 2.19 earnings per share for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Monday, June 17th. Shareholders of record on Monday, June 3rd will be paid a dividend of $0.22 per share. The ex-dividend date of this dividend is Friday, May 31st. This represents a $0.88 dividend on an annualized basis and a dividend yield of 3.65%. First Financial Bancorp’s payout ratio is presently 38.60%.

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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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