Barclays Maintains an 'Equalweight' on First Financial Bancorp (FFBC); 2Q11 EPS Preview: Capital Redeployment Progress but Loan Demand Remains Low
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Price: $32.68 -0.82%
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, "We believe First Financial is 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, loan demand remains low in its strategic markets and competition is intensifying. 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. To that end, we are encouraged by its recently announced Liberty Savings Bank branch acquisition and hope to see it continue pursuing value creating acquisitions with its substantial excess capital."
"We expect FFBC to report 2Q11 EPS of $0.28 versus consensus of $0.30. While not making changes to our 2Q11 estimate, in order to reflect one-time integration costs associated with its Liberty Savings Bank acquisition, we are lowering our 2011 forecast to $1.15 from $1.20. To reflect this deal's anticipated 2012 accretion, we are also increasing our 2012 EPS estimate to $1.35 from $1.30."
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 $17.12 yesterday.
Barclays analyst says, "We believe First Financial is 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, loan demand remains low in its strategic markets and competition is intensifying. 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. To that end, we are encouraged by its recently announced Liberty Savings Bank branch acquisition and hope to see it continue pursuing value creating acquisitions with its substantial excess capital."
"We expect FFBC to report 2Q11 EPS of $0.28 versus consensus of $0.30. While not making changes to our 2Q11 estimate, in order to reflect one-time integration costs associated with its Liberty Savings Bank acquisition, we are lowering our 2011 forecast to $1.15 from $1.20. To reflect this deal's anticipated 2012 accretion, we are also increasing our 2012 EPS estimate to $1.35 from $1.30."
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 $17.12 yesterday.
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