Bogart Wealth LLC Significantly Increases Holdings in First Financial Bancorp (NASDAQ:FFBC)

Bogart Wealth LLC has expanded its investment in First Financial Bancorp. (NASDAQ:FFBC) by an astonishing 2,976.9% during the third quarter, as revealed in their latest Form 13F filing with the U.S. Securities and Exchange Commission. After this increase, the institutional investor now owns 2,000 shares of the bank's stock, having acquired an additional 1,935 shares in the latest quarter. By the conclusion of this quarter, Bogart Wealth LLC's stake was valued at approximately $50,000.

Other large investors have also adjusted their positions in First Financial Bancorp. Nordea Investment Management AB increased its ownership by 23.9% in the first quarter, acquiring 58,963 additional shares, bringing its total to 305,942 shares worth $6,917,000. Similarly, the State Board of Administration of Florida Retirement System raised its stake by 115.9%, now holding 58,070 shares valued at $1,264,000 after acquiring 31,170 shares. Susquehanna Fundamental Investments LLC entered a new position in the same period worth $752,000. Meanwhile, BNP Paribas Financial Markets increased its investment by 76.6%, now owning 46,793 shares valued at $1,049,000. Denali Advisors LLC also boosted its holdings by 37.6%, reaching a total of 214,600 shares valued at $4,811,000 after acquiring 58,600 shares. Overall, institutional investors and hedge funds now control 77.23% of the company's equity.

Insider Transactions at First Financial Bancorp

In related news, insider Claude E. Davis sold 29,000 shares of First Financial Bancorp on August 29th for an average price of $26.60 per share, resulting in a transaction worth $771,400. Following this sale, Claude E. Davis owns 53,576 shares valued at approximately $1,425,121.60, reflecting a 0.00% change in personal ownership. Detailed disclosures regarding this transaction have been formally submitted to the SEC.

Stock Performance of First Financial Bancorp

As of Friday, First Financial Bancorp's stock opened at $25.43. The company reports a debt-to-equity ratio of 0.59, as well as a current and quick ratio both at 0.93. Over the past year, the stock has fluctuated between a low of $17.23 and a high of $28.25. The company’s fifty-day moving average is $25.37, while the two-hundred day moving average is $23.84. First Financial Bancorp boasts a market capitalization of $2.43 billion, with a price-to-earnings (PE) ratio of 10.25 and a beta of 0.99.

First Financial Bancorp. last reported its quarterly earnings on July 25th, with earnings per share (EPS) of $0.64, exceeding analysts’ expectations by $0.05. The bank recorded a net margin of 19.67% and a return on equity of 10.69%. Revenue for the quarter was reported at $314.22 million, surpassing the expected $203.50 million. This marks a decrease compared to the same quarter in the previous year, where it earned $0.72 EPS. Analysts predict First Financial Bancorp will achieve an EPS of 2.58 for the current fiscal year.

Dividend Announcement from First Financial Bancorp

Recently, the company declared a quarterly dividend amounting to $0.24, to be paid on December 16th to investors on record by December 2nd. This equates to an annualized dividend of $0.96, with a dividend yield of 3.78%. The dividend payout ratio stands at 38.71%.

Analyst Ratings Updates

Research analysts have also provided updates on First Financial Bancorp. Keefe, Bruyette & Woods raised their price target from $25.00 to $27.00 while maintaining a "market perform" rating as of July 29th. Likewise, Royal Bank of Canada adjusted their price target from $25.00 to $29.00 and assigned a "sector perform" rating on the same date.

Company Profile of First Financial Bancorp

First Financial Bancorp. serves as the bank holding company for First Financial Bank, providing commercial banking and related services to individuals and businesses across Ohio, Indiana, Kentucky, and Illinois. The offerings include checking, savings, and money-market accounts, along with various deposit products, such as interest-bearing accounts, non-interest-bearing accounts, time deposits, and cash management services for commercial clients.

Bogart, Investment, Bancorp