Bogart Wealth LLC Expands Investment in First Financial Bancorp (NASDAQ: FFBC)

According to its latest Form 13F filing with the Securities and Exchange Commission, Bogart Wealth LLC increased its investment in First Financial Bancorp (NASDAQ: FFBC) by an impressive 2,976.9% during the third quarter of the year. The institutional investor now owns 2,000 shares of the bank's stock, having acquired an additional 1,935 shares during this period. By the end of the most recent quarter, Bogart Wealth LLC's stake in First Financial Bancorp was valued at approximately $50,000.

Several other institutional investors have also made significant adjustments to their positions in First Financial Bancorp. Notably, Nordea Investment Management AB raised its stake by 23.9% during the first quarter, bringing its total ownership to 305,942 shares valued at $6,917,000 after acquiring an additional 58,963 shares. Similarly, the State Board of Administration of Florida Retirement System increased its stake by 115.9% in the first quarter, now holding 58,070 shares worth $1,264,000 after purchasing an additional 31,170 shares.

Furthermore, Susquehanna Fundamental Investments LLC acquired a new position in First Financial Bancorp valued at $752,000 during the first quarter. BNP Paribas Financial Markets also increased its stake by 76.6%, now owning 46,793 shares valued at $1,049,000 after buying an additional 20,299 shares in the same quarter. Additionally, Denali Advisors LLC boosted its holdings by 37.6%, now owning 214,600 shares worth $4,811,000 after purchasing an extra 58,600 shares during the last quarter. In total, institutional investors and hedge funds own approximately 77.23% of First Financial Bancorp's stock.

Insider Trading at First Financial Bancorp

In recent insider activities, Claude E. Davis, an insider at First Financial Bancorp, sold 29,000 shares of the company's stock on August 29th, at an average price of $26.60. This transaction totaled $771,400. Following this sale, the insider holds 53,576 shares in the firm, valued at around $1,425,121.60. Notably, this trade represents a minor 0.00% decrease in their ownership of the stock. Full details of the transaction can be found in a filing with the SEC, accessible through the Commission's website. Insiders collectively own about 2.04% of the company's stock.

First Financial Bancorp's Stock Performance

On Friday, First Financial Bancorp's stock opened at $25.43. The company has a debt-to-equity ratio of 0.59, a current ratio of 0.93, and a quick ratio of 0.93. Over the past year, the stock reached a low of $17.23 and a high of $28.25. The fifty-day moving average price is $25.37, while the 200-day moving average stands at $23.84. First Financial Bancorp has a market cap of $2.43 billion, a price-to-earnings (PE) ratio of 10.25, and a beta of 0.99.

First Financial Bancorp (NASDAQ: FFBC) reported its quarterly earnings on July 25th, where it posted earnings per share (EPS) of $0.64, exceeding analysts’ expectations of $0.59. The company achieved a net margin of 19.67% with a return on equity of 10.69%. Total revenue for the quarter was reported at $314.22 million, surpassing the consensus estimate of $203.50 million. In the same quarter last year, the firm recorded EPS of $0.72. Research analysts predict that First Financial Bancorp will post an EPS of 2.58 for the current financial year.

Dividend Announcement by First Financial Bancorp

The company also recently announced a quarterly dividend to be paid on December 16th. Investors who are on record by December 2nd will receive a dividend of $0.24 per share, indicating an annualized dividend of $0.96 and a dividend yield of 3.78%. First Financial Bancorp's dividend payout ratio stands at 38.71%.

Changes in Analyst Ratings

In recent analyst updates regarding First Financial Bancorp, Keefe, Bruyette & Woods raised their price target for the company from $25.00 to $27.00 while maintaining a "market perform" rating on July 29th. Moreover, Royal Bank of Canada increased their price target from $25.00 to $29.00, also giving the stock a "sector perform" rating in their research note released on the same date.

Company Overview: First Financial Bancorp

First Financial Bancorp operates as the holding company for First Financial Bank, offering commercial banking and related services to individuals and businesses across Ohio, Indiana, Kentucky, and Illinois. The bank provides a range of financial products, including checking and savings accounts, various deposit options, and cash management services to commercial clients.

Investment, Stock, Growth