Why Gator Capital Put $5.6 Million to Work in a Regional Bank Stock Down 7% This Past Year
Key Points
Florida-based Gator Capital Management initiated a new position in First Financial Bancorp during the third quarter, buying up 221,920 shares.
The position was worth an estimated $5.60 million at quarter-end.
It accounted for 1.42% of 13F reportable assets under management (AUM) as of September 30.
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Gator Capital Management, LLC initiated a new position in First Financial Bancorp (NASDAQ:FFBC), adding 221,920 shares with an estimated value increase of $5.60 million in the third quarter, according to a November 13 SEC filing.
What Happened
According to a filing with the Securities and Exchange Commission dated November 13, Gator Capital Management disclosed a new position in First Financial Bancorp (NASDAQ:FFBC). The firm reported ownership of 221,920 shares valued at approximately $5.60 million as of September 30.
What Else to Know
The position represents about 1.42% of Gator Capital Management’s $394.37 million in 13F reportable U.S. equity assets as of September 30.
Top holdings after the filing include:
- NASDAQ: HOOD: $76.63 million (19.7% of AUM)
- NYSE: HOUS: $27.15 million (7.0% of AUM)
- NASDAQ: FCNCA: $16.99 million (4.4% of AUM)
- NYSE: AX: $13.04 million (3.3% of AUM)
- NASDAQ: UMBF: $12.03 million (3.1% of AUM)
As of Friday, shares of First Financial Bancorp. were priced at $25.72, down about 6.5% over the past year and well underperforming the S&P 500, which is instead up about 15% in the same period.
Company Overview
| Metric | Value |
|---|---|
| Revenue (TTM) | $884.98 million |
| Net Income (TTM) | $258.10 million |
| Dividend Yield | 4% |
| Price (as of Friday) | $25.72 |
Company Snapshot
- First Financial Bancorp offers a comprehensive suite of commercial and consumer banking products, including deposit accounts, real estate loans, commercial and industrial lending, consumer loans, and wealth management services.
- The company serves individuals, small-to-medium sized businesses, and commercial clients across Ohio, Indiana, Kentucky, and Illinois.
First Financial Bancorp is a regional banking institution with a strong presence in the Midwest. The company leverages a diversified portfolio of lending and deposit services to drive stable revenue streams and maintain resilient profitability. Its focus on commercial and consumer relationships, combined with a robust dividend yield, positions it competitively among regional banks.
Foolish Take
In a market still rewarding growth, leverage, and narrative, adding exposure to a slow-moving regional bank is a conscious step in the opposite direction. That tells you something about how Gator Capital is thinking about the next phase of the cycle. First Financial Bancorp is not a flashy stock. Shares are down about 6.5% over the past year, lagging both the broader market and many peers, and the company has been navigating the same margin pressure and deposit competition facing most regional banks. But the third-quarter earnings release shows a business that remains profitable, well-capitalized, and operationally steady, with net interest income holding up better than feared and credit quality remaining sound.
The fund’s broader portfolio provides context. Gator Capital’s largest positions skew toward financials and cyclicals, suggesting a willingness to look through near-term noise in favor of normalized earnings power. A 1.4% allocation to First Financial fits that pattern: meaningful, but not reckless.
Ultimately, this doesn’t seem to be a call on an imminent rate cut or a sudden rerating next quarter, but it does seem to suggest that patience can be an edge when the market is distracted elsewhere.
Glossary
13F reportable assets: U.S. equity securities that investment managers must disclose quarterly to the SEC if above a certain threshold.
Assets under management (AUM): The total market value of investments managed on behalf of clients by a financial institution or fund.
Dividend yield: Annual dividends paid by a company divided by its current share price, expressed as a percentage.
Trailing twelve months (TTM): The 12-month period ending with the most recent quarterly report.
Position: The amount of a particular security or asset held by an investor or fund.
Stake: The ownership interest or share held in a company by an investor or institution.
Regional bank: A bank that operates primarily in a specific geographic region, offering a range of financial services.
Commercial and industrial lending: Loans provided by banks to businesses for operational or expansion purposes, excluding real estate.
Wealth management: Financial services that provide investment advice and planning for individuals or institutions to grow and protect assets.
Full-service banking center: A branch offering a wide range of banking services, including deposits, loans, and financial advice.
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Jonathan Ponciano has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Axos Financial. The Motley Fool has a disclosure policy.
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