First Financial Bancorp. (NASDAQ:FFBC) Short Interest Down 15.9% in March

First Financial Bancorp. (NASDAQ:FFBC) was the recipient of a significant drop in short interest in the month of 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. Approximately 1.2% of the company’s shares are short sold. Based on an average daily trading volume, of 427,300 shares, the short-interest ratio is presently 2.7 days.

First Financial Bancorp. Stock Performance

Shares of FFBC traded down $0.12 during mid-day trading on Tuesday, hitting $24.87. The stock had a trading volume of 29,941 shares, compared to its average volume of 400,763. First Financial Bancorp. has a fifty-two week low of $20.59 and a fifty-two week high of $31.18. 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 company has a market cap of $2.37 billion, a PE ratio of 10.36 and a beta of 0.99. The company’s fifty day simple moving average is $26.72 and its two-hundred day simple moving average is $26.88.

First Financial Bancorp. (NASDAQ:FFBC) last released 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 net margin of 18.67% and a return on equity of 10.52%. On average, equities analysts expect that First Financial Bancorp. will post 2.64 earnings per share for the current year.

First Financial Bancorp. Dividend Announcement

The firm also recently disclosed 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. The ex-dividend date of this dividend was Monday, March 3rd. This represents a $0.96 annualized dividend and a yield of 3.86%. First Financial Bancorp.’s dividend payout ratio (DPR) is 40.00%.

Analysts Set New Price Targets

Several equities analysts recently commented on the company. Keefe, Bruyette & Woods boosted their price target on First Financial Bancorp. from $31.00 to $32.00 and gave the stock a “market perform” rating in a research report on Monday, January 27th. Royal Bank of Canada reiterated a “sector perform” rating and issued a $30.00 price objective on shares of First Financial Bancorp. in a report on Monday, January 27th. Finally, Stephens reiterated an “overweight” rating and issued a $33.00 price target on shares of First Financial Bancorp. in a research note on Friday, January 24th.

Insider Activity at First Financial Bancorp.

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

Hedge Funds Weigh In On First Financial Bancorp.

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Principal Financial Group Inc. raised its position in shares of First Financial Bancorp. by 4.3% during the 3rd quarter. Principal Financial Group Inc. now owns 491,232 shares of the bank’s stock worth $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 fourth quarter worth $273,000. Geode Capital Management LLC lifted its stake in First Financial Bancorp. by 1.6% in the third quarter. Geode Capital Management LLC now owns 2,271,990 shares of the bank’s stock valued at $57,333,000 after buying an additional 34,977 shares during the last quarter. Citigroup Inc. lifted its stake in First Financial Bancorp. by 25.2% in the third quarter. Citigroup Inc. now owns 166,170 shares of the bank’s stock valued at $4,192,000 after buying an additional 33,464 shares during the last quarter. Finally, Edgestream Partners L.P. bought a new position in shares of First Financial Bancorp. during the third quarter worth about $2,792,000. 77.23% of the stock is currently owned by institutional investors and hedge funds.

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.