Barclays Maintains an 'Equalweight' on First Financial Bancorp (FFBC); Q1 EPS Review: Loan Demand Still Low
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Price: $33.03 +0.24%
Rating Summary:
5 Buy, 9 Hold, 1 Sell
Rating Trend:
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Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
Rating Summary:
5 Buy, 9 Hold, 1 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
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Barclays maintains an 'Equalweight' on First Financial Bancorp (NASDAQ: FFBC), PT $20.
Barclays analyst says, "First Financial remains a well-run organization with a sound growth strategy centered on transitioning its business and customer mix toward faster-growing metropolitan markets within its Midwestern footprint. However, its level of loan demand remains low and we look for its earnings growth to slow, as the benefits from its 2009 FDIC-assisted acquisitions are now more reflected in results, and competition for loan growth intensifies within its core markets. Still, its industry-leading capital levels (Tier 1 ratio of 20.49%) afford it the flexibility to pursue value creating acquisitions and to return capital to shareholders."
"Following its better-than-expected 1Q11 reported result, we are increasing our 2011 EPS estimate to $1.20 from $1.15. Still, since its 1Q11 beat was largely driven by better than expected provisions, which we already modeled improving, our 2012 EPS estimate of $1.30 remains unchanged."
For more ratings news on First Financial Bancorp click here and for the rating history of First Financial Bancorp click here.
Shares of First Financial Bancorp closed at $16.60 yesterday.
Barclays analyst says, "First Financial remains a well-run organization with a sound growth strategy centered on transitioning its business and customer mix toward faster-growing metropolitan markets within its Midwestern footprint. However, its level of loan demand remains low and we look for its earnings growth to slow, as the benefits from its 2009 FDIC-assisted acquisitions are now more reflected in results, and competition for loan growth intensifies within its core markets. Still, its industry-leading capital levels (Tier 1 ratio of 20.49%) afford it the flexibility to pursue value creating acquisitions and to return capital to shareholders."
"Following its better-than-expected 1Q11 reported result, we are increasing our 2011 EPS estimate to $1.20 from $1.15. Still, since its 1Q11 beat was largely driven by better than expected provisions, which we already modeled improving, our 2012 EPS estimate of $1.30 remains unchanged."
For more ratings news on First Financial Bancorp click here and for the rating history of First Financial Bancorp click here.
Shares of First Financial Bancorp closed at $16.60 yesterday.
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