First Financial Bancorp. (NASDAQ:FFBC) Given New $31.00 Price Target at Keefe, Bruyette & Woods

First Financial Bancorp. (NASDAQ:FFBC) had its target price boosted by Keefe, Bruyette & Woods from $28.00 to $31.00 in a report released on Wednesday,Benzinga reports. The brokerage currently has a “market perform” rating on the bank’s stock. Keefe, Bruyette & Woods’ target price would suggest a potential upside of 7.34% from the company’s current price.

First Financial Bancorp. Stock Performance

FFBC traded up $0.04 on Wednesday, hitting $28.88. 42,906 shares of the company traded hands, compared to its average volume of 373,569. The company has a 50 day moving average of $26.81 and a 200-day moving average of $24.99. First Financial Bancorp. has a 12-month low of $20.59 and a 12-month high of $31.18. The stock has a market capitalization of $2.76 billion, a PE ratio of 12.45 and a beta of 1.01. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 0.45.

First Financial Bancorp. (NASDAQ:FFBC) last released its earnings results on Thursday, October 24th. The bank reported $0.67 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.66 by $0.01. The company had revenue of $302.82 million for the quarter, compared to analysts’ expectations of $214.00 million. First Financial Bancorp. had a return on equity of 10.32% and a net margin of 18.55%. During the same quarter in the previous year, the firm posted $0.67 EPS. Sell-side analysts anticipate that First Financial Bancorp. will post 2.53 earnings per share for the current year.

Insider Buying and Selling

In other First Financial Bancorp. news, insider James R. Shank sold 3,700 shares of the firm’s stock in a transaction dated Wednesday, October 30th. The shares were sold at an average price of $26.34, for a total transaction of $97,458.00. Following the sale, the insider now directly owns 15,374 shares of the company’s stock, valued at $404,951.16. This trade represents a 19.40 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Scott T. Crawley sold 3,000 shares of First Financial Bancorp. stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $29.31, for a total transaction of $87,930.00. Following the completion of the sale, the insider now directly owns 19,279 shares of the company’s stock, valued at $565,067.49. The trade was a 13.47 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 11,700 shares of company stock valued at $335,429. 2.04% of the stock is owned by insiders.

Hedge Funds Weigh In On First Financial Bancorp.

Large investors have recently added to or reduced their stakes in the business. AQR Capital Management LLC purchased a new stake in First Financial Bancorp. in the 2nd quarter valued at about $300,000. QRG Capital Management Inc. grew its holdings in First Financial Bancorp. by 10.1% in the second quarter. QRG Capital Management Inc. now owns 33,425 shares of the bank’s stock valued at $743,000 after purchasing an additional 3,067 shares during the period. AE Wealth Management LLC acquired a new position in First Financial Bancorp. during the second quarter worth approximately $762,000. Millennium Management LLC increased its position in First Financial Bancorp. by 162.4% during the second quarter. Millennium Management LLC now owns 242,187 shares of the bank’s stock worth $5,381,000 after purchasing an additional 149,896 shares during the last quarter. Finally, Edgestream Partners L.P. purchased a new position in First Financial Bancorp. during the third quarter worth approximately $2,792,000. 77.23% of the stock is currently owned by hedge funds and other institutional investors.

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.