First Financial Bancorp (FFBC) reports Q3: everything you need to know ahead of earnings
Regional banking company First Financial Bancorp (NASDAQ:FFBC) will be announcing earnings results this Tuesday after the bell. Here’s what you need to know.
First Financial Bancorp missed analysts’ revenue expectations last quarter, reporting revenues of $262.9 million, up 16.1% year on year. It was a softer quarter for the company, with a miss of analysts’ net interest income estimates and EPS in line with analysts’ estimates.
Is First Financial Bancorp a buy or sell going into earnings? Read our full analysis here, it’s free for active Edge members.
This quarter, the market is expecting First Financial Bancorp’s revenue to grow 15.6% year on year, improving from the 9.4% increase it recorded in the same quarter last year.
Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business will stay the course heading into earnings. First Financial Bancorp has missed Wall Street’s revenue estimates multiple times over the last two years.
Looking at First Financial Bancorp’s peers in the regional banks segment, some have already reported their Q3 results, giving us a hint as to what we can expect. Byline Bancorp delivered year-on-year revenue growth of 4.6%, beating analysts’ expectations by 3.7%, and First Citizens BancShares reported flat revenue, topping estimates by 2%. Byline Bancorp traded up 1.1% following the results.
Read our full analysis of Byline Bancorp’s results here and First Citizens BancShares’s results here.
Investors in the regional banks segment have had steady hands going into earnings, with share prices up 1.3% on average over the last month. First Financial Bancorp is up 2.9% during the same time and is heading into earnings with an average analyst price target of $38 (compared to the current share price of $32.84).
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