Cincinnati—James M. Anderson, the Chief Financial Officer of First Financial Bancorp (NASDAQ:FFBC), disclosed the sale of 7,632 shares of the company's common stock on November 25, according to a recent SEC filing. The shares were sold at an average price of $30.65 per share, totaling approximately $233,920. Following this transaction, Anderson holds 94,889 shares directly.
Additionally, the filing noted a separate transaction involving the disposition of 385 shares, which were transferred without financial consideration. Anderson also holds shares indirectly through various accounts, including as a custodian for family members and through a 401-K plan, which includes 439 shares acquired in 2024 through dividend reinvestment.
In other recent news, First Financial (NYSE:SSB) Bancorp reported steady financial performance in its Q3 2024 earnings call, with an adjusted earnings per share of $0.67 and robust capital ratios. Despite a slowdown in loan growth, the company's asset quality remained stable. Noninterest income was affected by securities losses totaling $45.7 million, while average deposit balances saw a year-over-year increase of 4.9%. The company projects mid-single-digit loan growth in Q4 and anticipates a slight decrease in net interest margin due to expected Federal Reserve rate cuts.
First Financial Bancorp is focusing on organic growth and capital building, with an open stance towards mergers and acquisitions. The company's management maintains a positive outlook for the remainder of the year and into 2025, despite a projected decrease in net interest margin to between 3.85% and 3.95%.
These recent developments underscore First Financial Bancorp's strategic focus on stability and growth in a challenging market environment. With a clear strategy and solid foundation, the company is well-positioned for continued steady performance.
InvestingPro Insights
First Financial Bancorp (NASDAQ:FFBC) has been demonstrating strong market performance, which aligns with the recent insider sale by CFO James M. Anderson. According to InvestingPro data, FFBC has shown impressive returns, with a 55.16% price total return over the past year and a 36.95% return over the last six months. This robust performance is reflected in the stock trading at 95.86% of its 52-week high, indicating significant investor confidence.
The company's financial health appears solid, with a P/E ratio of 12.76, suggesting a reasonable valuation compared to earnings. FFBC's dividend yield stands at 3.16%, with a notable dividend growth of 4.35% over the last twelve months. An InvestingPro Tip highlights that FFBC has maintained dividend payments for 42 consecutive years, underscoring its commitment to shareholder returns.
Despite the recent insider sale, another InvestingPro Tip reveals that two analysts have revised their earnings upwards for the upcoming period, potentially signaling positive expectations for the company's future performance. This optimism is further supported by the company's profitability over the last twelve months and analysts' predictions of continued profitability this year.
For investors seeking a deeper understanding of FFBC's financial position and market outlook, InvestingPro offers 6 additional tips and a comprehensive set of real-time metrics, providing valuable insights for informed decision-making.
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