First Financial Bancorp. (NASDAQ:FFBC) Sees Large Growth in Short Interest

First Financial Bancorp. (NASDAQ:FFBC) saw a significant increase in short interest during the month of February. As of February 28th, there was short interest totalling 1,380,000 shares, an increase of 19.0% from the February 13th total of 1,160,000 shares. Approximately 1.5% of the shares of the company are sold short. Based on an average trading volume of 419,700 shares, the days-to-cover ratio is presently 3.3 days.

Analysts Set New Price Targets

FFBC has been the subject of a number of research reports. Royal Bank of Canada reiterated a “sector perform” rating and set a $30.00 price objective on shares of First Financial Bancorp. in a research report on Monday, January 27th. Stephens reissued an “overweight” rating and set a $33.00 price target on shares of First Financial Bancorp. in a report on Friday, January 24th. Finally, Keefe, Bruyette & Woods boosted their price target on First Financial Bancorp. from $31.00 to $32.00 and gave the company a “market perform” rating in a report on Monday, January 27th.

Insider Activity at First Financial Bancorp.

In related news, insider James R. Shank sold 7,600 shares of the company’s stock in a transaction on Wednesday, March 19th. The stock was sold at an average price of $24.92, for a total transaction of $189,392.00. Following the completion of the sale, the insider now owns 11,141 shares in the company, valued at approximately $277,633.72. This represents a 40.55 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 2.04% of the stock is owned by company insiders.

Hedge Funds Weigh In On First Financial Bancorp.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Universal Beteiligungs und Servicegesellschaft mbH bought a new position in First Financial Bancorp. during the fourth quarter valued at approximately $4,253,000. Palisades Investment Partners LLC boosted its stake in First Financial Bancorp. by 11.8% during the fourth quarter. Palisades Investment Partners LLC now owns 150,711 shares of the bank’s stock valued at $4,051,000 after buying an additional 15,876 shares during the last quarter. PharVision Advisers LLC bought a new position in First Financial Bancorp. during the fourth quarter valued at approximately $280,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in First Financial Bancorp. by 32.5% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 300,387 shares of the bank’s stock valued at $8,074,000 after buying an additional 73,727 shares during the last quarter. Finally, Waverly Advisors LLC bought a new position in First Financial Bancorp. during the fourth quarter valued at approximately $1,258,000. 77.23% of the stock is owned by institutional investors.

First Financial Bancorp. Price Performance

Shares of NASDAQ FFBC traded up $0.13 during mid-day trading on Wednesday, reaching $25.03. The company’s stock had a trading volume of 415,603 shares, compared to its average volume of 361,373. The firm has a market capitalization of $2.39 billion, a PE ratio of 10.43 and a beta of 0.99. The company has a debt-to-equity ratio of 0.40, a current ratio of 0.90 and a quick ratio of 0.90. The stock has a fifty day moving average of $27.06 and a two-hundred day moving average of $26.91. First Financial Bancorp. has a 52 week low of $20.59 and a 52 week high of $31.18.

First Financial Bancorp. (NASDAQ:FFBC) last released its quarterly earnings data on Thursday, January 23rd. The bank reported $0.71 earnings per share for the quarter, topping analysts’ consensus estimates of $0.65 by $0.06. First Financial Bancorp. had a return on equity of 10.52% and a net margin of 18.67%. As a group, sell-side analysts anticipate that First Financial Bancorp. will post 2.64 EPS for the current fiscal year.

First Financial Bancorp. Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, March 17th. Investors of record on Monday, March 3rd were paid a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a yield of 3.84%. The ex-dividend date was Monday, March 3rd. First Financial Bancorp.’s payout ratio is presently 40.00%.

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.