Texas Permanent School Fund Corp Has $1.92 Million Stake in First Financial Bancorp. (NASDAQ:FFBC)

Texas Permanent School Fund Corp lifted its position in shares of First Financial Bancorp. (NASDAQ:FFBC) by 3.7% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 86,359 shares of the bank’s stock after purchasing an additional 3,093 shares during the period. Texas Permanent School Fund Corp owned 0.09% of First Financial Bancorp. worth $1,919,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also added to or reduced their stakes in the company. Choreo LLC lifted its holdings in shares of First Financial Bancorp. by 176.3% during the second quarter. Choreo LLC now owns 127,326 shares of the bank’s stock worth $2,820,000 after buying an additional 81,245 shares in the last quarter. Quest Partners LLC bought a new stake in First Financial Bancorp. in the 2nd quarter valued at about $1,652,000. Arizona State Retirement System grew its position in shares of First Financial Bancorp. by 1.8% during the 2nd quarter. Arizona State Retirement System now owns 26,617 shares of the bank’s stock worth $591,000 after purchasing an additional 475 shares in the last quarter. Jackson Creek Investment Advisors LLC bought a new position in shares of First Financial Bancorp. during the second quarter worth approximately $1,050,000. Finally, nVerses Capital LLC acquired a new stake in shares of First Financial Bancorp. in the second quarter valued at approximately $96,000. 77.23% of the stock is owned by institutional investors and hedge funds.

First Financial Bancorp. Price Performance

First Financial Bancorp. stock opened at $25.39 on Wednesday. The company has a debt-to-equity ratio of 0.59, a quick ratio of 0.93 and a current ratio of 0.93. First Financial Bancorp. has a 52 week low of $17.23 and a 52 week high of $28.25. The stock has a market capitalization of $2.42 billion, a P/E ratio of 10.24 and a beta of 0.99. The stock has a fifty day moving average of $25.42 and a 200-day moving average of $23.21.

First Financial Bancorp. (NASDAQ:FFBC) last posted its earnings results on Thursday, July 25th. The bank reported $0.64 EPS for the quarter, topping analysts’ consensus estimates of $0.59 by $0.05. The firm had revenue of $314.22 million during the quarter, compared to analysts’ expectations of $203.50 million. First Financial Bancorp. had a net margin of 19.67% and a return on equity of 10.69%. During the same quarter in the prior year, the business earned $0.72 earnings per share. On average, sell-side analysts expect that First Financial Bancorp. will post 2.58 earnings per share for the current fiscal year.

First Financial Bancorp. Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, September 16th. Stockholders of record on Monday, September 2nd were paid a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a dividend yield of 3.78%. This is a boost from First Financial Bancorp.’s previous quarterly dividend of $0.23. The ex-dividend date was Friday, August 30th. First Financial Bancorp.’s dividend payout ratio is presently 38.71%.

Insider Activity at First Financial Bancorp.

In other First Financial Bancorp. news, insider Claude E. Davis sold 29,000 shares of the company’s stock in a transaction dated Thursday, August 29th. The stock was sold at an average price of $26.60, for a total value of $771,400.00. Following the completion of the transaction, the insider now owns 53,576 shares of the company’s stock, valued at approximately $1,425,121.60. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. 2.04% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

FFBC has been the topic of a number of recent research reports. Keefe, Bruyette & Woods raised their price objective on First Financial Bancorp. from $25.00 to $27.00 and gave the stock a “market perform” rating in a research note on Monday, July 29th. Royal Bank of Canada boosted their price target on First Financial Bancorp. from $25.00 to $29.00 and gave the company a “sector perform” rating in a research note on Monday, July 29th.

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 offers checking, savings, and money-market accounts; and accepts various deposit products, such as interest-bearing and non-interest-bearing accounts, time deposits, and cash management services for commercial customers.