Kavar Capital Partners LLC Trims Stock Position in First Financial Bancorp (NASDAQ:FFBC)
Kavar Capital Partners LLC lessened its holdings in shares of First Financial Bancorp (NASDAQ:FFBC) by 5.1% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 64,500 shares of the bank’s stock after selling 3,500 shares during the period. Kavar Capital Partners LLC owned approximately 0.07% of First Financial Bancorp worth $1,562,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other institutional investors have also modified their holdings of FFBC. Norges Bank purchased a new position in shares of First Financial Bancorp during the fourth quarter worth $28,757,000. BlackRock Inc. increased its holdings in First Financial Bancorp by 5.4% in the first quarter. BlackRock Inc. now owns 14,311,731 shares of the bank’s stock valued at $344,339,000 after buying an additional 735,295 shares in the last quarter. JPMorgan Chase & Co. increased its holdings in First Financial Bancorp by 4.4% in the first quarter. JPMorgan Chase & Co. now owns 3,383,113 shares of the bank’s stock valued at $81,399,000 after buying an additional 142,898 shares in the last quarter. Walthausen & Co. LLC increased its holdings in First Financial Bancorp by 25.9% in the first quarter. Walthausen & Co. LLC now owns 302,804 shares of the bank’s stock valued at $7,285,000 after buying an additional 62,280 shares in the last quarter. Finally, First Trust Advisors LP increased its holdings in First Financial Bancorp by 50.3% in the second quarter. First Trust Advisors LP now owns 150,511 shares of the bank’s stock valued at $3,645,000 after buying an additional 50,374 shares in the last quarter. 74.72% of the stock is owned by hedge funds and other institutional investors.
A number of research firms have weighed in on FFBC. Piper Jaffray Companies raised shares of First Financial Bancorp from a “neutral” rating to an “overweight” rating and lifted their price objective for the company from $28.00 to $29.00 in a report on Thursday, June 20th. Zacks Investment Research raised shares of First Financial Bancorp from a “sell” rating to a “hold” rating in a report on Monday, August 5th. Finally, BidaskClub raised shares of First Financial Bancorp from a “sell” rating to a “hold” rating in a report on Wednesday, July 24th. Two research analysts have rated the stock with a sell rating, five have given a hold rating and one has issued a buy rating to the stock. The stock has an average rating of “Hold” and an average price target of $28.50.
Shares of NASDAQ FFBC traded up $0.01 during trading on Thursday, hitting $23.36. The company had a trading volume of 5,575 shares, compared to its average volume of 358,634. The firm’s fifty day simple moving average is $24.24. First Financial Bancorp has a fifty-two week low of $22.07 and a fifty-two week high of $32.25. The firm has a market capitalization of $2.34 billion, a price-to-earnings ratio of 10.23 and a beta of 1.23. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 0.73.
First Financial Bancorp (NASDAQ:FFBC) last announced its earnings results on Thursday, July 18th. The bank reported $0.58 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.57 by $0.01. First Financial Bancorp had a net margin of 28.03% and a return on equity of 10.45%. The business had revenue of $156.94 million for the quarter, compared to analyst estimates of $153.34 million. During the same quarter last year, the business earned $0.57 earnings per share. Sell-side analysts predict that First Financial Bancorp will post 2.13 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Monday, September 16th. Investors of record on Monday, September 2nd will be given a dividend of $0.23 per share. The ex-dividend date of this dividend is Thursday, August 29th. This is a positive change from First Financial Bancorp’s previous quarterly dividend of $0.22. This represents a $0.92 dividend on an annualized basis and a yield of 3.94%. First Financial Bancorp’s payout ratio is presently 38.60%.
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 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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