First Financial Bancorp. (NASDAQ:FFBC) Sees Significant Decrease in Short Interest

First Financial Bancorp. (NASDAQ:FFBC - Get Free Report) was the recipient of a large drop in short interest in March. As of March 15th, there was short interest totalling 1,160,000 shares, a drop of 15.9% from the February 28th total of 1,380,000 shares. Based on an average daily volume of 427,300 shares, the days-to-cover ratio is currently 2.7 days. Currently, 1.2% of the company's stock are sold short.

Insider Buying and Selling at First Financial Bancorp.

In other First Financial Bancorp. news, insider James R. Shank sold 7,600 shares of the stock in a transaction on Wednesday, March 19th. The shares were sold at an average price of $24.92, for a total transaction of $189,392.00. Following the transaction, the insider now directly owns 11,141 shares in the company, valued at $277,633.72. This represents a 40.55 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 2.04% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Principal Financial Group Inc. increased its stake in shares of First Financial Bancorp. by 4.3% in the third quarter. Principal Financial Group Inc. now owns 491,232 shares of the bank's stock valued at $12,394,000 after purchasing an additional 20,449 shares during the period. Contravisory Investment Management Inc. acquired a new stake in First Financial Bancorp. in the 4th quarter valued at approximately $273,000. Geode Capital Management LLC boosted its position in First Financial Bancorp. by 1.6% during the 3rd quarter. Geode Capital Management LLC now owns 2,271,990 shares of the bank's stock worth $57,333,000 after acquiring an additional 34,977 shares during the period. Citigroup Inc. increased its holdings in shares of First Financial Bancorp. by 25.2% during the third quarter. Citigroup Inc. now owns 166,170 shares of the bank's stock valued at $4,192,000 after purchasing an additional 33,464 shares during the period. Finally, Edgestream Partners L.P. acquired a new stake in First Financial Bancorp. in the third quarter worth about $2,792,000. 77.23% of the stock is owned by institutional investors and hedge funds.

First Financial Bancorp. Stock Performance

Shares of NASDAQ:FFBC traded down $0.76 during trading on Friday, hitting $22.12. 570,346 shares of the company traded hands, compared to its average volume of 399,824. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.40. The business's fifty day moving average is $26.38 and its 200-day moving average is $26.82. The stock has a market capitalization of $2.11 billion, a price-to-earnings ratio of 9.22 and a beta of 0.85. First Financial Bancorp. has a one year low of $20.59 and a one year high of $31.18.

First Financial Bancorp. (NASDAQ:FFBC - Get Free Report) last issued its quarterly earnings data on Thursday, January 23rd. The bank reported $0.71 EPS 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, equities analysts predict that First Financial Bancorp. will post 2.64 earnings per share for the current fiscal year.

First Financial Bancorp. Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 17th. Investors of record on Monday, March 3rd were issued a $0.24 dividend. The ex-dividend date of this dividend was Monday, March 3rd. This represents a $0.96 dividend on an annualized basis and a dividend yield of 4.34%. First Financial Bancorp.'s dividend payout ratio (DPR) is presently 40.00%.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on FFBC. Royal Bank of Canada reissued a "sector perform" rating and issued a $30.00 price objective on shares of First Financial Bancorp. in a report on Monday, January 27th. Keefe, Bruyette & Woods raised their price objective on First Financial Bancorp. from $31.00 to $32.00 and gave the stock a "market perform" rating in a research note on Monday, January 27th. Finally, Stephens reiterated an "overweight" rating and set a $33.00 target price on shares of First Financial Bancorp. in a research note on Friday, January 24th.

First Financial Bancorp. Company Profile

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.