Corebridge Financial Inc. Lowers Stake in First Financial Bancorp. $FFBC

Corebridge Financial Inc. lessened its position in shares of First Financial Bancorp. (NASDAQ:FFBC – Free Report) by 1.9% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 49,346 shares of the bank’s stock after selling 968 shares during the period. Corebridge Financial Inc. owned approximately 0.05% of First Financial Bancorp. worth $1,233,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. GAMMA Investing LLC lifted its stake in shares of First Financial Bancorp. by 43.9% during the first quarter. GAMMA Investing LLC now owns 1,522 shares of the bank’s stock worth $38,000 after purchasing an additional 464 shares in the last quarter. CWM LLC lifted its stake in shares of First Financial Bancorp. by 24.4% during the first quarter. CWM LLC now owns 2,201 shares of the bank’s stock worth $55,000 after purchasing an additional 432 shares in the last quarter. Federated Hermes Inc. acquired a new position in shares of First Financial Bancorp. during the first quarter worth about $78,000. TD Private Client Wealth LLC lifted its stake in shares of First Financial Bancorp. by 36.5% during the first quarter. TD Private Client Wealth LLC now owns 3,570 shares of the bank’s stock worth $89,000 after purchasing an additional 954 shares in the last quarter. Finally, Vestcor Inc acquired a new position in shares of First Financial Bancorp. during the first quarter worth about $169,000. Hedge funds and other institutional investors own 77.23% of the company’s stock.

First Financial Bancorp. Trading Up 1.9%

NASDAQ:FFBC opened at $26.70 on Friday. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.90 and a current ratio of 0.90. First Financial Bancorp. has a one year low of $21.10 and a one year high of $31.18. The business’s 50-day simple moving average is $25.13 and its 200 day simple moving average is $24.61. The stock has a market cap of $2.56 billion, a price-to-earnings ratio of 10.68 and a beta of 1.02.

First Financial Bancorp. (NASDAQ:FFBC – Get Free Report) last released its quarterly earnings results on Thursday, July 24th. The bank reported $0.74 EPS for the quarter, topping the consensus estimate of $0.69 by $0.05. First Financial Bancorp. had a return on equity of 10.57% and a net margin of 19.41%.The business had revenue of $226.30 million for the quarter, compared to analysts’ expectations of $219.95 million. During the same quarter in the previous year, the firm posted $0.64 earnings per share. As a group, sell-side analysts predict that First Financial Bancorp. will post 2.64 earnings per share for the current fiscal year.

First Financial Bancorp. Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 15th. Investors of record on Tuesday, September 2nd will be issued a $0.25 dividend. This is an increase from First Financial Bancorp.’s previous quarterly dividend of $0.24. This represents a $1.00 annualized dividend and a yield of 3.7%. The ex-dividend date of this dividend is Tuesday, September 2nd. First Financial Bancorp.’s dividend payout ratio is presently 40.00%.

Analyst Ratings Changes

FFBC has been the topic of a number of recent research reports. Stephens restated an “overweight” rating and set a $29.00 price objective on shares of First Financial Bancorp. in a research note on Friday, June 27th. Truist Financial initiated coverage on First Financial Bancorp. in a research note on Tuesday, May 13th. They set a “hold” rating and a $27.00 price objective on the stock. Royal Bank Of Canada restated a “sector perform” rating and set a $28.00 price objective (up previously from $27.00) on shares of First Financial Bancorp. in a research note on Monday, July 28th. Wall Street Zen upgraded First Financial Bancorp. from a “sell” rating to a “hold” rating in a research note on Sunday, July 20th. Finally, Keefe, Bruyette & Woods boosted their price target on First Financial Bancorp. from $30.00 to $32.00 and gave the stock a “market perform” rating in a research note on Wednesday, June 25th. Two equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $29.40.

Get Our Latest Stock Report on FFBC

Insider Activity

In related news, Director Thomas Murray Obrien sold 7,383 shares of the business’s stock in a transaction dated Friday, August 22nd. The stock was sold at an average price of $26.54, for a total value of $195,944.82. Following the completion of the sale, the director directly owned 46,480 shares of the company’s stock, valued at $1,233,579.20. The trade was a 13.71% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Archie M. Brown sold 12,500 shares of the business’s stock in a transaction dated Thursday, August 14th. The shares were sold at an average price of $24.79, for a total value of $309,875.00. Following the completion of the sale, the chief executive officer directly owned 240,891 shares of the company’s stock, valued at approximately $5,971,687.89. This represents a 4.93% decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.13% of the stock is owned by insiders.

First Financial Bancorp. Company Profile

(Free Report)

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.

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