Price Action to Note: Will First Financial Bancorp Run Out of Steam Soon?

Price Action to Note: Will First Financial Bancorp Run Out of Steam Soon?

The stock of First Financial Bancorp (NASDAQ:FFBC) hit a new 52-week high and has $41.09 target or 61.00% above today’s $25.52 share price. The 7 months bullish chart indicates low risk for the $1.61 billion company. The 1-year high was reported on Nov, 17 by Barchart.com. If the $41.09 price target is reached, the company will be worth $982.10M 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. About 124,984 shares traded hands. First Financial Bancorp (NASDAQ:FFBC) has risen 32.86% since April 15, 2016 and is uptrending. It has outperformed by 28.23% 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. On Thursday, October 6 the stock rating was initiated by Piper Jaffray with “Neutral”. On Friday, January 22 the stock rating was upgraded by FIG Partners to “Outperform”. The company was downgraded on Thursday, March 10 by Sandler O’Neill. PiperJaffray initiated First Financial Bancorp (NASDAQ:FFBC) on Thursday, October 6 with “Neutral” rating. The stock has “Outperform” rating given by Keefe Bruyette & Woods on Monday, January 25. The rating was upgraded by Sandler O’Neill to “Buy” on Tuesday, January 26. RBC Capital Markets maintained the shares of FFBC in a report on Monday, January 25 with “Sector Perform” rating. Barclays Capital maintained the shares of FFBC in a report on Monday, October 26 with “Underweight” rating.

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 fall, 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.
Maltese Cap Management Ltd Llc holds 150,000 shares or 0.36% of its portfolio. Blackrock Advisors Lc has invested 0% of its portfolio in First Financial Bancorp (NASDAQ:FFBC). Deere & Com has invested 0.01% of its portfolio in First Financial Bancorp (NASDAQ:FFBC). The Minnesota-based Us Bank De has invested 0.02% in First Financial Bancorp (NASDAQ:FFBC). The United Kingdom-based Blackrock Limited has invested 0% in First Financial Bancorp (NASDAQ:FFBC). Rhumbline Advisers holds 0.01% of its portfolio in First Financial Bancorp (NASDAQ:FFBC) for 94,651 shares. Catalyst Capital Advisors Limited Co has 0.1% invested in the company for 27,900 shares. Moreover, Dean Invest Ltd Liability Com has 0.73% invested in First Financial Bancorp (NASDAQ:FFBC) for 192,970 shares. Pnc Finance Service Gp Inc holds 0% or 162,848 shares in its portfolio. Manufacturers Life Ins Co The accumulated 917,916 shares or 0.03% of the stock. The Kentucky-based Mcf Advsr Ltd Com has invested 0% in First Financial Bancorp (NASDAQ:FFBC). Jacobs Levy Equity Incorporated last reported 57,981 shares in the company. Alliancebernstein Lp reported 103,772 shares or 0% of all its holdings. Tiaa Cref Inv Management Ltd Com, a New York-based fund reported 235,588 shares. First Trust Limited Partnership has 0.01% invested in the company for 105,404 shares.

Insider Transactions: Since May 25, 2016, the stock had 24 buys, and 9 insider sales for $1.83 million net activity. On Monday, July 18 the insider FINNERTY CORINNE R bought $5,371. $6,530 worth of First Financial Bancorp (NASDAQ:FFBC) was bought by Neighbours John T. $1,495 worth of shares were bought by Geier Peter E on Tuesday, October 11. Another trade for 234 shares valued at $4,760 was made by PURKRABEK KNUST SUSAN L on Monday, July 18. The insider kramer william j bought 131 shares worth $2,665. 15,000 First Financial Bancorp (NASDAQ:FFBC) shares with value of $317,939 were sold by MURPH KNAPKE. Rahe Maribeth S also bought $7,900 worth of First Financial Bancorp (NASDAQ:FFBC) shares.

More recent First Financial Bancorp (NASDAQ:FFBC) news were published by: Prnewswire.com which released: “First Financial Bancorp. Declares Quarterly Cash Dividend” on October 25, 2016. Also Bizjournals.com published the news titled: “First Financial expands to new market” on November 15, 2016. Seekingalpha.com‘s news article titled: “First Financial Bancorp: Small Is Beautiful” with publication date: October 24, 2016 was also an interesting one.

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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