In recent trading activity, Scott Crawley, the Controller and Principal Accounting Officer at First Financial Bancorp (NASDAQ:FFBC), sold 3,000 shares of common stock. The shares were sold at a price of $29.31 each, totaling approximately $87,930. Following this transaction, Crawley holds 19,279.3592 shares directly, which includes 375 shares acquired earlier this year through dividend reinvestment.
Additionally, Crawley holds 293.4145 shares indirectly through a 401(k) plan, which includes 6 shares acquired this year also through dividend reinvestment. This transaction is part of the regular reporting and trading activities of company insiders.
In other recent news, First Financial (NYSE:SSB) Bancorp reported a steady financial performance in its Q3 2024 Earnings Conference Call. The company highlighted an adjusted earnings per share of $0.67 and improved capital ratios. However, it noted a slowdown in loan growth and a slight decrease in net interest margin due to expected Federal Reserve rate cuts. Nonetheless, First Financial Bancorp expressed confidence in its strategic focus on organic growth and capital building, anticipating a positive outlook for the remainder of the year and into 2025.
In terms of specific figures, the company reported an increase of 4.9% year-over-year in average deposit balances and a rise of 10% in tangible book value per share. However, noninterest income was impacted by securities losses totaling $45.7 million. Looking ahead, the company expects mid-single-digit loan growth in Q4 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 strategy and capital enhancement. It is important to note that these projections and expectations come from the company's management and not from this report.
InvestingPro Insights
As First Financial Bancorp's insider trading activity catches attention, it's worth noting some key financial metrics and insights from InvestingPro that paint a broader picture of the company's performance.
First Financial Bancorp currently boasts 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 reasonably valued compared to its earnings. An InvestingPro Tip highlights that FFBC is trading near its 52-week high, which aligns with the recent insider selling activity and may indicate investor confidence in the company's prospects.
The company's dividend profile is particularly noteworthy. FFBC offers a dividend yield of 3.72%, and an InvestingPro Tip reveals that the company has maintained dividend payments for an impressive 42 consecutive years. This long-standing commitment to shareholder returns is further underscored by the company's high shareholder yield, another point emphasized by InvestingPro.
Despite these positive indicators, it's important to note that FFBC's revenue growth has been negative, with a -5.04% decline in the last twelve months. However, the company remains profitable, with analysts predicting continued profitability this year.
For investors seeking a more comprehensive analysis, InvestingPro offers additional insights, with 7 more tips available for First Financial Bancorp. These additional tips could provide valuable context for understanding the recent insider selling and the company's overall financial health.
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