KBW Reiterates Market Perform Rating on First Financial Bancorp (FFBC)

Keefe, Bruyette & Woods analyst Christopher McGratty reiterated a Market Perform rating and $30.00 price target on First Financial Bancorp (NASDAQ: FFBC).

The analyst commented: "FFBC's announced acquisition of Westfield Bancorp brings 12% EPS accretion, a reasonable 3Y TBV/share earnback, and importantly a quick close (by YE25). FFBC is a proven acquirer, most notably the MOE with MSFG (2017), so Westfield (11% of pro forma assets) seems very digestable.

FFBC is a proven acquirer, most notably the successful MOE with MSFG in 2017, and since then has completed several tuck-in transactions (Oak Street, Agile, Bannockburn, Summit). The cash portion of the proposed deal helps put some of FFBC's excess capital to work (CET1 12.3% as of 1Q25 and 10.9% at close) with the added earnings adding to an already strong return profile (15.5% ROTCE and 1.3% ROAA - 2026E). Assuming full cost saves, the stock trades <8x our 2026E, which could provide a good entry point for mediumterm investors."

For an analyst ratings summary and ratings history on First Financial Bancorp click here. For more ratings news on First Financial Bancorp click here.

Shares of First Financial Bancorp closed at $23.74 yesterday.

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