First Financial Bancorp. (FFBC) Set to Announce Quarterly Earnings on Thursday

Posted by Defense World Staff on Jul 13th, 2023

First Financial Bancorp. (NASDAQ:FFBC – Get Free Report) will announce its earnings results after the market closes on Thursday, July 20th. Analysts expect the company to announce earnings of $0.70 per share for the quarter. Persons that wish to listen to the company’s earnings conference call can do so using this link.

First Financial Bancorp. (NASDAQ:FFBC – Get Free Report) last released its quarterly earnings data on Friday, April 21st. The bank reported $0.76 EPS for the quarter, topping the consensus estimate of $0.70 by $0.06. The company had revenue of $264.12 million during the quarter, compared to the consensus estimate of $202.70 million. First Financial Bancorp. had a net margin of 27.92% and a return on equity of 12.18%. First Financial Bancorp.’s revenue for the quarter was up 70.3% on a year-over-year basis. During the same period last year, the firm earned $0.46 EPS. On average, analysts expect First Financial Bancorp. to post $3 EPS for the current fiscal year and $2 EPS for the next fiscal year.

First Financial Bancorp. Stock Up 1.7 %

FFBC opened at $21.80 on Thursday. The company has a 50 day moving average of $20.32 and a 200 day moving average of $22.20. The company has a market cap of $2.07 billion, a PE ratio of 8.35 and a beta of 1.07. First Financial Bancorp. has a 12 month low of $17.99 and a 12 month high of $26.72. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.68.

First Financial Bancorp. Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, June 15th. Shareholders of record on Thursday, June 1st were issued a $0.23 dividend. This represents a $0.92 annualized dividend and a yield of 4.22%. The ex-dividend date was Wednesday, May 31st. First Financial Bancorp.’s payout ratio is 35.25%.

Hedge Funds Weigh In On First Financial Bancorp.

A number of large investors have recently added to or reduced their stakes in the business. Coppell Advisory Solutions Corp. bought a new position in shares of First Financial Bancorp. during the fourth quarter valued at about $48,000. Belpointe Asset Management LLC raised its stake in shares of First Financial Bancorp. by 74.9% during the first quarter. Belpointe Asset Management LLC now owns 2,335 shares of the bank’s stock valued at $51,000 after acquiring an additional 1,000 shares during the last quarter. Quarry LP purchased a new position in shares of First Financial Bancorp. during the first quarter valued at about $55,000. Point72 Hong Kong Ltd purchased a new position in shares of First Financial Bancorp. during the second quarter valued at about $82,000. Finally, Quantbot Technologies LP increased its position in shares of First Financial Bancorp. by 1,883.6% during the second quarter. Quantbot Technologies LP now owns 6,030 shares of the bank’s stock valued at $116,000 after buying an additional 5,726 shares during the period. Hedge funds and other institutional investors own 75.67% of the company’s stock.

Analyst Upgrades and Downgrades

FFBC has been the topic of several research reports. Keefe, Bruyette & Woods lowered their price objective on shares of First Financial Bancorp. from $26.00 to $23.00 and set a “market perform” rating on the stock in a research report on Thursday, April 6th. StockNews.com cut shares of First Financial Bancorp. from a “hold” rating to a “sell” rating in a research report on Tuesday. Stephens restated an “equal weight” rating and set a $24.00 price objective on shares of First Financial Bancorp. in a research report on Friday, April 21st. Finally, Piper Sandler upgraded shares of First Financial Bancorp. from a “neutral” rating to an “overweight” rating and raised their price objective for the company from $23.00 to $24.00 in a research report on Monday. One research analyst has rated the stock with a sell rating, three have issued a hold rating and one has given a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and an average price target of $24.00.

About First Financial Bancorp.

(Get 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 accepts various deposit products, such as interest-bearing and noninterest-bearing accounts, time deposits, and cash management services for commercial customers.

Earnings History for First Financial Bancorp. (NASDAQ:FFBC)

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