Cynthia Booth, a director at First Financial Bancorp (NASDAQ:FFBC), recently sold 7,700 shares of the company's common stock, according to a filing with the Securities and Exchange Commission. The shares were sold at a price of $26.04 each, amounting to a total transaction value of $200,508. Following this sale, Booth retains ownership of 37,632 shares in the company. This transaction is part of Booth's ongoing management of her holdings in the financial institution.
In other recent news, First Financial Bancorp has reported a steady financial performance in its Q3 2024 earnings call. The bank reported an adjusted earnings per share of $0.67, stable asset quality, and improved capital ratios. However, the company noted a slowdown in loan growth and anticipates a slight decrease in net interest margin due to expected Federal Reserve rate cuts.
The company's focus remains on organic growth and capital building, with management expressing confidence in this strategic direction. Despite securities losses impacting noninterest income, which totaled $45.7 million, First Financial Bancorp's average deposit balances increased by 4.9% year-over-year.
Looking ahead, the bank expects mid-single-digit loan growth in Q4 and projects fee income to be between $63 million and $65 million for the full year. It also forecasts noninterest expenses to be between $126 million and $128 million. These are recent developments that investors should take note of.
InvestingPro Insights
While Cynthia Booth's recent sale of First Financial Bancorp (NASDAQ:FFBC) shares may raise questions, it's important to consider the broader financial picture of the company. According to InvestingPro data, FFBC boasts a market capitalization of $2.47 billion and a P/E ratio of 11.1, suggesting the stock may be reasonably valued compared to its earnings.
InvestingPro Tips highlight that FFBC has maintained dividend payments for an impressive 42 consecutive years, demonstrating a strong commitment to shareholder returns. This consistency aligns with the company's high shareholder yield, which could be attractive to income-focused investors despite insider sales.
The company's financial health appears solid, with InvestingPro data showing a revenue of $763.21 million in the last twelve months as of Q3 2023. While there has been a slight revenue decline of 5.04% over this period, FFBC maintains a robust operating income margin of 38.6%, indicating efficient operations.
Investors may find comfort in the fact that FFBC has been profitable over the last twelve months, and analysts predict continued profitability this year. The stock has also shown strong performance, with a remarkable 51.03% total return over the past year.
For those interested in a deeper analysis, InvestingPro offers additional insights, with 7 more tips available for FFBC. These extra tips could provide valuable context for understanding the company's financial position and future prospects.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.