Stock News Update: First Financial Bancorp. (Nasdaq: FFBC)
First Financial Bancorp. (Nasdaq: FFBC) spotted trading -28.26% off 52-week high price. On the other end, the stock has been noted 3.04% away from the low price over the last 52-weeks. The stock changed -2.90% to recent value of $22.74. The stock transacted 249168 shares during most recent day however it has an average volume of 321.92K shares. The company has 97.64M of outstanding shares and 96.33M shares were floated in the market.
First Financial Bancorp. (Nasdaq: FFBC) announced today that it has completed its previously announced acquisition of Bannockburn Global Forex, LLC, a Cincinnati-based capital markets firm that provides transactional currency payments, foreign exchange hedging, and other advisory products to more than 1,500 closely held enterprises, financial sponsors, and downstream financial institutions across the United States.
“We are excited to welcome Bannockburn Global Forex to the First Financial team,” said Archie Brown, president and chief executive officer of First Financial Bank. “Since we announced our agreement to acquire Bannockburn, we’ve received a very enthusiastic response from clients and members of the business community. The addition of this experienced team and its capital market offerings creates tremendous opportunities for our bank, clients and shareholders.”
Bannockburn has completed more than $90 billion of transaction volume through more than 150,000 secure transactions since it was founded in 2009. It brings deep industry expertise, with a primary focus on small- and middle-market clients that have a need for tailored foreign exchange solutions. Bannockburn has a nationwide presence with offices in 10 locations throughout the U.S.
Bannockburn becomes a division within the Commercial Banking group of First Financial Bank and will continue to operate under the Bannockburn name, which is well recognized in the foreign exchange industry. Senior Managing Partner Mark R. Wendling and the rest of Bannockburn’s leadership will continue in their positions in the new Bannockburn Global Forex division of the Bank.
“We are grateful for the support of our early financial sponsors and shareholders throughout our first ten years in business,” Mr. Wendling added. “Partnering with First Financial positions us to accelerate our growth and continue to provide high-touch customized currency offerings for our global clients.”
The agreement with Bannockburn is the latest acquisition for First Financial Bank, contributing to the company’s growth strategy and building on its shareholder value.
Its earnings per share (EPS) expected to touch remained 35.20% for this year while earning per share for the next 5-years is expected to reach at 10.00%. FFBC has an operating margin of 76.20% while its profit margin remained 33.50% for the last 12 months.
The price moved ahead of -3.24% from the mean of 20 days, -5.04% from mean of 50 days SMA and performed -8.55% from mean of 200 days price. Company’s performance for the week was -1.17%, -5.45% for month and YTD performance remained -4.13%.
Roy Frigo an avid economist and an expert on global politics and economic pressures that can affect market conditions. He has a Masters Degree in Economics from Westminster University with previous roles including Investment Banking.
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