Price Action To Observe: First Financial Bancorp’s Trend Up, Especially After Today’s 52-Week High Milestone

Price Action To Observe: First Financial Bancorp's Trend Up, Especially After Today's 52 Week High Milestone

The stock of First Financial Bancorp (NASDAQ:FFBC) hit a new 52-week high and has $34.41 target or 55.00% above today’s $22.20 share price. The 6 months bullish chart indicates low risk for the $1.37B company. The 1-year high was reported on Nov, 9 by Barchart.com. If the $34.41 price target is reached, the company will be worth $753.50M more.
The 52-week high event is an important milestone for every stock because it shows very positive momentum and is time when buyers come in. During such notable technical setup, fundamental investors usually stay away and are careful shorting or selling the stock. The stock increased 2.54% or $0.55 during the last trading session, hitting $22.2. About 558,473 shares traded hands or 189.48% up from the average. First Financial Bancorp (NASDAQ:FFBC) has risen 23.79% since April 7, 2016 and is uptrending. It has outperformed by 19.00% the S&P500.

First Financial Bancorp (NASDAQ:FFBC) Ratings Coverage

Out of 9 analysts covering First Financial Bancorp (NASDAQ:FFBC), 2 rate it a “Buy”, 1 “Sell”, while 6 “Hold”. This means 22% are positive. First Financial Bancorp has been the topic of 12 analyst reports since August 4, 2015 according to StockzIntelligence Inc. As per Monday, January 25, the company rating was upgraded by Keefe Bruyette & Woods. FIG Partners upgraded the stock to “Outperform” rating in Friday, January 22 report. Barclays Capital maintained First Financial Bancorp (NASDAQ:FFBC) rating on Monday, October 26. Barclays Capital has “Underweight” rating and $19 price target. The firm has “Sector Perform” rating by RBC Capital Markets given on Monday, January 25. PiperJaffray initiated the stock with “Neutral” rating in Thursday, October 6 report. Sandler O’Neill upgraded the shares of FFBC in a report on Tuesday, January 26 to “Buy” rating. The stock of First Financial Bancorp (NASDAQ:FFBC) earned “Neutral” rating by Piper Jaffray on Thursday, October 6. The stock of First Financial Bancorp (NASDAQ:FFBC) has “Hold” rating given on Thursday, March 10 by Sandler O’Neill.

According to Zacks Investment Research, “First Financial Bancorp., is a financial holding company that engages in the business of commercial banking, and other permissible activities that are financial in nature, through seventeen wholly owned subsidiary institutions. Bancorp provides management and similar services for its subsidiary financial institutions. Bancorp must depend largely upon its seventeen subsidiaries for funds with which to pay the expenses of its operation and, to the extent applicable, any dividends on its outstanding shares of stock.”

Insitutional Activity: The institutional sentiment decreased to 1.19 in Q2 2016. Its down 0.69, from 1.88 in 2016Q1. The ratio dropped, as 10 funds sold all First Financial Bancorp shares owned while 47 reduced positions. 7 funds bought stakes while 61 increased positions. They now own 44.75 million shares or 1.82% less from 45.58 million shares in 2016Q1.
Swiss Comml Bank owns 101,800 shares or 0% of their US portfolio. Dreman Value L L C accumulated 127 shares or 0% of the stock. Walthausen & Company Lc has 532,792 shares for 1.08% of their US portfolio. The New York-based First Manhattan has invested 0% in First Financial Bancorp (NASDAQ:FFBC). Emerald Mutual Fund Advisers Trust owns 18,082 shares or 0.02% of their US portfolio. Teacher Retirement Of Texas, a Texas-based fund reported 8,615 shares. Bank Of New York Mellon holds 0.01% or 912,168 shares in its portfolio. Citadel Advisors Limited Liability Com holds 105,143 shares or 0% of its portfolio. Pub Employees Retirement Association Of Colorado accumulated 28,598 shares or 0% of the stock. Johnson Counsel Incorporated has 257,527 shares for 0.16% of their US portfolio. Moreover, Dean Cap has 1.77% invested in First Financial Bancorp (NASDAQ:FFBC) for 66,385 shares. D E Shaw And Company owns 62,132 shares or 0% of their US portfolio. Federated Pa has invested 0% of its portfolio in First Financial Bancorp (NASDAQ:FFBC). Moreover, Tompkins Fincl Corporation has 0.02% invested in First Financial Bancorp (NASDAQ:FFBC) for 2,649 shares. Geode Capital Limited Company accumulated 458,717 shares or 0% of the stock.

Insider Transactions: Since May 16, 2016, the stock had 24 insider purchases, and 8 sales for $820,840 net activity. Rahe Maribeth S also bought $7,914 worth of First Financial Bancorp (NASDAQ:FFBC) on Monday, July 18. Another trade for 320 shares valued at $6,832 was bought by Meyer Jeffrey D. olszewski richard e had bought 300 shares worth $6,405 on Tuesday, October 11. 15,000 shares were sold by MURPH KNAPKE, worth $317,939 on Tuesday, August 2. $7,690 worth of shares were bought by Barker David S on Monday, July 18. Booth Cynthia O bought $4,537 worth of First Financial Bancorp (NASDAQ:FFBC) on Monday, July 18. On Monday, July 18 the insider PURKRABEK KNUST SUSAN L bought $4,760.

More news for First Financial Bancorp (NASDAQ:FFBC) were recently published by: Prnewswire.com, which released: “First Financial Bancorp. Declares Quarterly Cash Dividend” on October 25, 2016. Seekingalpha.com‘s article titled: “First Financial Bancorp: Small Is Beautiful” and published on October 24, 2016 is yet another important article.

FFBC Company Profile

First Financial Bancorp. (First Financial), incorporated on August 2, 1982, is a regional bank holding company. First Financial is engaged in the business of commercial banking and other banking and banking-related activities through its subsidiary, First Financial Bank, National Association (the Bank). The range of banking services provided by First Financial to individuals and businesses includes commercial lending, real estate lending and consumer financing. In addition, First Financial offers deposit products that include interest-bearing and non-interest-bearing accounts, time deposits, and cash management services for commercial customers. First Financial’s Wealth Management division provides a range of trust and asset management services. The Firm operates approximately 110 banking centers. The Company’s operating markets are located within the three state regions of Ohio, Indiana, and Kentucky. First Financial operates over 60 banking centers in Ohio, approximately 40 banking centers in Indiana and over four banking centers in Kentucky. In addition, it operates its franchise lending business and its insurance lending business from non-banking center locations in New Jersey and Indiana.

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