Principal Financial Group Inc. Boosts Stock Position in First Financial Bancorp. (NASDAQ:FFBC)

Principal Financial Group Inc. grew its holdings in shares of First Financial Bancorp. (NASDAQ:FFBC) by 4.3% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 491,232 shares of the bank’s stock after purchasing an additional 20,449 shares during the quarter. Principal Financial Group Inc. owned approximately 0.51% of First Financial Bancorp. worth $12,394,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the business. Financial Management Professionals Inc. purchased a new position in First Financial Bancorp. in the third quarter valued at approximately $28,000. Point72 DIFC Ltd bought a new stake in shares of First Financial Bancorp. in the third quarter valued at $30,000. Bogart Wealth LLC raised its stake in First Financial Bancorp. by 2,976.9% in the 3rd quarter. Bogart Wealth LLC now owns 2,000 shares of the bank’s stock valued at $50,000 after acquiring an additional 1,935 shares during the period. nVerses Capital LLC purchased a new stake in shares of First Financial Bancorp. during the 2nd quarter valued at approximately $96,000. Finally, Point72 Asia Singapore Pte. Ltd. bought a new stake in First Financial Bancorp. during the 3rd quarter valued at $149,000. 77.23% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

FFBC has been the topic of a number of recent research reports. Keefe, Bruyette & Woods increased their price objective on First Financial Bancorp. from $28.00 to $31.00 and gave the stock a “market perform” rating in a report on Wednesday, December 4th. Stephens raised shares of First Financial Bancorp. from an “equal weight” rating to an “overweight” rating in a report on Monday, December 9th.

Insider Activity at First Financial Bancorp.

In other First Financial Bancorp. news, insider James R. Shank sold 3,700 shares of the firm’s stock in a transaction on Wednesday, October 30th. The shares were sold at an average price of $26.34, for a total value of $97,458.00. Following the sale, the insider now owns 15,374 shares of the company’s stock, valued at $404,951.16. This trade represents a 19.40 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Richard S. Dennen sold 932 shares of the company’s stock in a transaction dated Wednesday, November 13th. The shares were sold at an average price of $30.00, for a total transaction of $27,960.00. Following the transaction, the insider now directly owns 74,720 shares of the company’s stock, valued at approximately $2,241,600. This trade represents a 1.23 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 11,700 shares of company stock worth $335,429 in the last ninety days. 2.04% of the stock is owned by company insiders.

First Financial Bancorp. Price Performance

FFBC opened at $27.09 on Monday. The stock has a market capitalization of $2.59 billion, a P/E ratio of 11.68 and a beta of 1.01. The company has a current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 0.45. First Financial Bancorp. has a 12-month low of $20.59 and a 12-month high of $31.18. The stock has a 50-day moving average price of $27.99 and a 200-day moving average price of $25.74.

First Financial Bancorp. (NASDAQ:FFBC) last posted its quarterly earnings results on Thursday, October 24th. The bank reported $0.67 EPS for the quarter, topping the consensus estimate of $0.66 by $0.01. The firm had revenue of $302.82 million for the quarter, compared to the consensus estimate of $214.00 million. First Financial Bancorp. had a net margin of 18.55% and a return on equity of 10.32%. During the same period last year, the firm posted $0.67 earnings per share. Equities analysts predict that First Financial Bancorp. will post 2.53 earnings per share for the current fiscal year.

First Financial Bancorp. Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, December 16th. Stockholders of record on Monday, December 2nd were issued a $0.24 dividend. The ex-dividend date of this dividend was Monday, December 2nd. This represents a $0.96 annualized dividend and a dividend yield of 3.54%. First Financial Bancorp.’s dividend payout ratio is currently 41.38%.

About First Financial Bancorp.

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.