First Financial Bancorp. (NASDAQ:FFBC) Short Interest Down 10.1% in October

First Financial Bancorp. (NASDAQ:FFBC) was the recipient of a significant decline in short interest in the month of October. As of October 31st, there was short interest totalling 1,510,000 shares, a decline of 10.1% from the October 15th total of 1,680,000 shares. Based on an average daily volume of 414,100 shares, the days-to-cover ratio is currently 3.6 days. Currently, 1.6% of the company’s shares are sold short.

First Financial Bancorp. Price Performance

Shares of FFBC stock traded down $0.14 during trading hours on Tuesday, reaching $28.76. The company had a trading volume of 67,666 shares, compared to its average volume of 374,628. First Financial Bancorp. has a 12-month low of $19.92 and a 12-month high of $30.11. The company has a market capitalization of $2.75 billion, a price-to-earnings ratio of 12.37 and a beta of 0.99. The stock has a fifty day moving average of $25.89 and a 200-day moving average of $24.53. The company has a debt-to-equity ratio of 0.45, a quick ratio of 0.91 and a current ratio of 0.91.

First Financial Bancorp. (NASDAQ:FFBC) last released its earnings results on Thursday, October 24th. The bank reported $0.67 earnings per share for the quarter, beating the consensus estimate of $0.66 by $0.01. First Financial Bancorp. had a return on equity of 10.32% and a net margin of 18.55%. The company had revenue of $302.82 million during the quarter, compared to the consensus estimate of $214.00 million. During the same period in the previous year, the company posted $0.67 EPS. On average, equities analysts anticipate that First Financial Bancorp. will post 2.53 earnings per share for the current year.

First Financial Bancorp. Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Monday, December 2nd will be issued a $0.24 dividend. The ex-dividend date is Monday, December 2nd. This represents a $0.96 dividend on an annualized basis and a dividend yield of 3.34%. First Financial Bancorp.’s payout ratio is 41.38%.

Insider Activity

In other news, insider Scott T. Crawley sold 3,000 shares of the business’s stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $29.31, for a total value of $87,930.00. Following the completion of the transaction, the insider now directly owns 19,279 shares of the company’s stock, valued at approximately $565,067.49. The trade was a 13.47 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Claude E. Davis sold 29,000 shares of the business’s stock in a transaction on Thursday, August 29th. The stock was sold at an average price of $26.60, for a total value of $771,400.00. Following the transaction, the insider now owns 53,576 shares in the company, valued at approximately $1,425,121.60. This trade represents a 35.12 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 36,632 shares of company stock valued at $984,748. 2.04% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On First Financial Bancorp.

A number of hedge funds and other institutional investors have recently bought and sold shares of FFBC. Sei Investments Co. increased its holdings in First Financial Bancorp. by 10.0% in the first quarter. Sei Investments Co. now owns 63,715 shares of the bank’s stock valued at $1,428,000 after buying an additional 5,773 shares in the last quarter. ProShare Advisors LLC grew its holdings in First Financial Bancorp. by 7.4% in the first quarter. ProShare Advisors LLC now owns 19,020 shares of the bank’s stock valued at $426,000 after purchasing an additional 1,307 shares during the last quarter. State Board of Administration of Florida Retirement System raised its stake in shares of First Financial Bancorp. by 115.9% during the 1st quarter. State Board of Administration of Florida Retirement System now owns 58,070 shares of the bank’s stock worth $1,264,000 after buying an additional 31,170 shares during the last quarter. Bahl & Gaynor Inc. boosted its position in shares of First Financial Bancorp. by 6.8% in the 1st quarter. Bahl & Gaynor Inc. now owns 625,822 shares of the bank’s stock worth $14,031,000 after buying an additional 39,870 shares in the last quarter. Finally, CANADA LIFE ASSURANCE Co grew its stake in First Financial Bancorp. by 4.4% in the 1st quarter. CANADA LIFE ASSURANCE Co now owns 99,222 shares of the bank’s stock valued at $2,223,000 after acquiring an additional 4,157 shares during the last quarter. 77.23% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on the stock. Keefe, Bruyette & Woods raised their price target on shares of First Financial Bancorp. from $25.00 to $27.00 and gave the stock a “market perform” rating in a report on Monday, July 29th. Royal Bank of Canada lifted their price objective 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.

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.