In recent business activity, Scott Crawley, controller and chief accounting officer of First financial Bancorp (NASDAQ:), sold 3,000 common shares. The shares were sold at a price of $29.31 each, for a total of approximately $87,930. Following this transaction, Crawley owns 19,279.3592 shares directly, including 375 shares acquired earlier this year through reinvestment of dividends.
Additionally, Crawley owns 293.4145 shares indirectly through a 401(k) plan, including 6 shares acquired this year also through dividend reinvestment. This transaction is part of the normal business and reporting activities of members of the company.
In other recent news, First Financial (NYSE 🙂 Bancorp reported stable financial performance in its third-quarter 2024 earnings conference call. The company highlighted adjusted earnings per share of $0.67 and improved equity ratios. However, noted a slowdown in loan growth and a slight decline in net interest margin due to expected rate cuts by the Federal Reserve. However, First Financial Bancorp expressed confidence in its strategic focus on organic growth and creation. of capital, anticipating a positive outlook for the rest of the year and until 2025.
In terms of specific numbers, the company reported a 4.9% year-over-year increase in average deposit balances and a 10% increase in tangible book value per share. However, non-interest income was affected by securities losses totaling $45.7 million. Looking ahead, the company expects mid-single-digit loan growth in the fourth quarter and forecasts noninterest expenses to be between $126 million and $128 million.
These are recent developments for First Financial Bancorp. Despite some challenges, the company remains focused on its growth and capital improvement strategy. It is important to note that these projections and expectations come from company management and not from this report.
InvestingPro Insights
As First Financial Bancorp’s insider trading activity draws attention, it’s worth noting some key financial metrics and insights from InvestingPro that offer a broader picture of the company’s performance.
First Financial Bancorp currently has a market capitalization of $2.82 billion, with a price-to-earnings ratio of 12.71. This relatively modest P/E ratio suggests the stock may be fairly valued compared to its earnings. A tip from InvestingPro highlights that FFBC is trading near its 52-week high, which aligns with recent insider selling activity and may indicate investor confidence in the company’s prospects.
The company’s dividend profile stands out especially. FFBC offers a dividend yield of 3.72% and a tip from InvestingPro reveals that the company has maintained dividend payments for 42 consecutive years. This long-standing commitment to shareholder returns is further underscored by the company’s high shareholder returns, another point highlighted by InvestingPro.
Despite these positive indicators, it is important to note that FFBC’s revenue growth has been negative, falling -5.04% over the last twelve months. However, the company remains profitable and analysts predict profitability will continue this year.
For investors looking for a more comprehensive analysis, InvestingPro offers additional information, with 7 more tips available for First Financial Bancorp. These additional tips could provide valuable context for understanding recent insider sales and the company’s overall financial health.
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