First Financial Bancorp. (NASDAQ:FFBC) Raises Dividend to $0.24 Per Share

First Financial Bancorp. (NASDAQ:FFBC) announced a quarterly dividend on Thursday, July 25th, Zacks reports. Stockholders of record on Monday, September 2nd will be paid a dividend of 0.24 per share by the bank on Monday, September 16th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 3.42%. The ex-dividend date of this dividend is Friday, August 30th. This is an increase from First Financial Bancorp.’s previous quarterly dividend of $0.23.

First Financial Bancorp. has a dividend payout ratio of 37.9% indicating that its dividend is sufficiently covered by earnings. Research analysts expect First Financial Bancorp. to earn $2.48 per share next year, which means the company should continue to be able to cover its $0.92 annual dividend with an expected future payout ratio of 37.1%.

First Financial Bancorp. Stock Up 3.8 %

First Financial Bancorp. stock traded up $1.03 during mid-day trading on Friday, reaching $28.09. The stock had a trading volume of 672,167 shares, compared to its average volume of 451,077. The company has a market capitalization of $2.68 billion, a price-to-earnings ratio of 11.33 and a beta of 1.01. The company has a 50-day moving average price of $22.77 and a two-hundred day moving average price of $22.44. First Financial Bancorp. has a one year low of $17.23 and a one year high of $28.23. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.92 and a quick ratio of 0.92.

First Financial Bancorp. (NASDAQ:FFBC) last announced its quarterly earnings results on Thursday, July 25th. The bank reported $0.64 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.59 by $0.05. The company had revenue of $314.22 million for the quarter, compared to analysts’ expectations of $203.50 million. First Financial Bancorp. had a net margin of 19.67% and a return on equity of 10.81%. During the same quarter in the previous year, the business posted $0.72 EPS. On average, analysts expect that First Financial Bancorp. will post 2.43 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Separately, Royal Bank of Canada reiterated a “sector perform” rating and issued a $24.00 price target on shares of First Financial Bancorp. in a research note on Tuesday, April 9th.

Insiders Place Their Bets

In other First Financial Bancorp. news, insider Richard S. Dennen sold 10,500 shares of the business’s stock in a transaction dated Wednesday, May 15th. The stock was sold at an average price of $23.64, for a total value of $248,220.00. Following the completion of the transaction, the insider now owns 93,152 shares of the company’s stock, valued at approximately $2,202,113.28. The sale was disclosed in a legal filing with the SEC, which is available through this link. 2.04% of the stock is owned by insiders.

First Financial Bancorp. Company Profile

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 offers checking, savings, and money-market accounts; and accepts various deposit products, such as interest-bearing and non-interest-bearing accounts, time deposits, and cash management services for commercial customers.