Cincinnati-based First Financial Bancorp (NASDAQ:FFBC) recently reported that Gregory A. Harris, the company's President of Wealth Management, sold 5,400 shares of common stock. The shares were sold at a price of $29.81 each, amounting to a total transaction value of $160,974. Following this sale, Harris holds 37,879 shares in the company. The transaction was disclosed in a filing with the Securities and Exchange Commission, signed by Maria Hinkel, acting under power of attorney.
In other recent news, First Financial (NYSE:SSB) Bancorp reported a steady financial performance in its Third Quarter 2024 Earnings Conference Call. The company's adjusted earnings per share stood at $0.67, with stable asset quality and improving capital ratios. Despite a slowdown in loan growth and an anticipated decrease in net interest margin due to expected Federal Reserve rate cuts, the company maintains a positive outlook for the remainder of the year and into 2025.
Average deposit balances increased by 4.9% year-over-year, while noninterest income was impacted by securities losses, totaling $45.7 million. The company's strategic focus remains on organic growth and capital building, as indicated by CEO Archie Brown during the Q&A session. In terms of future expectations, First Financial Bancorp anticipates mid-single-digit loan growth in Q4, with fee income projected to be between $63 million and $65 million for the full year.
These recent developments underscore the bank's commitment to maintaining stability and growth amidst market challenges. As the company navigates these dynamics, it continues to prioritize strategic growth and capital strengthening. Investors will likely keep a close eye on these trends as they unfold.
InvestingPro Insights
First Financial Bancorp's recent insider sale by Gregory A. Harris comes at a time when the company's stock is showing strong performance. According to InvestingPro data, FFBC has seen a substantial 52.8% price total return over the past year, with a particularly strong 22.31% return in the last month alone. This robust performance has brought the stock price to 95.73% of its 52-week high, trading at $29.82 as of the last close.
The company's financial health appears solid, with a P/E ratio of 12.74, suggesting a relatively attractive valuation compared to industry peers. Additionally, First Financial Bancorp boasts a dividend yield of 3.22%, which may appeal to income-focused investors. An InvestingPro Tip highlights that the company has maintained dividend payments for 42 consecutive years, demonstrating a commitment to shareholder returns.
Despite the recent insider sale, there are positive signals for the company's future. Another InvestingPro Tip reveals that two analysts have revised their earnings upwards for the upcoming period, indicating potential optimism about FFBC's financial prospects. Investors seeking more comprehensive analysis can access additional InvestingPro Tips, with 5 more insights available for First Financial Bancorp on the platform.
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