First Financial Bancorp's chief corp. banking officer sells $27,960 in stock

CINCINNATI—Richard S. Dennen, Chief Corporate Banking Officer at First Financial Bancorp (NASDAQ:), recently executed a sale of company stock, according to a recent SEC filing. On November 13, Dennen sold 932 shares of common stock at a price of $30.00 per share, totaling $27,960. Following this transaction, Dennen holds 74,720 shares directly. The transaction reflects the ongoing management of equity holdings by company executives.

In other recent news, First Financial (NYSE:) Bancorp reported a stable financial performance in its third quarter 2024 earnings conference call. The company revealed an adjusted earnings per share of $0.67 and improved capital ratios, despite a slowdown in loan growth. First Financial Bancorp also reported a slight decrease in net interest margin due to expected Federal Reserve rate cuts but maintained a positive outlook for the remainder of the year and into 2025.

The company's asset quality remained stable with an average loan-to-cost (ACL) of 1.37%. The tangible book value per share rose 10% to $14.26, indicating an improvement in capital ratios. However, noninterest income was impacted by securities losses amounting to $45.7 million. The management expects mid-single-digit loan growth in Q4 and projects a decrease in net interest margin to between 3.85% and 3.95%.

The company is focusing on organic growth and remains open to merger and acquisition opportunities. The full-year net charge-offs are estimated at 25 to 30 basis points, and the noninterest expenses are forecasted between $126 million and $128 million. These recent developments underline First Financial Bancorp's strategic focus on maintaining stability and building capital.

InvestingPro Insights

Richard S. Dennen's recent stock sale at First Financial Bancorp (NASDAQ:FFBC) comes at a time when the company's shares are trading near their 52-week high, with a strong return of 14.64% over the last month and an impressive 21.98% over the past three months. This performance aligns with an InvestingPro Tip indicating that FFBC has shown strong returns in recent periods.

The bank's financial health appears robust, with a P/E ratio of 12.41, suggesting a relatively attractive valuation compared to industry peers. Additionally, FFBC boasts a dividend yield of 3.3%, supported by a noteworthy InvestingPro Tip revealing that the company has maintained dividend payments for 42 consecutive years. This consistent dividend history may be particularly appealing to income-focused investors.

While the company's revenue growth has seen a slight decline of 5.02% in the last twelve months, FFBC maintains a solid operating income margin of 38.6%, indicating efficient operations despite market challenges. An InvestingPro Tip also highlights that analysts predict the company will remain profitable this year, which could explain the recent positive stock performance.

For investors seeking a more comprehensive analysis, InvestingPro offers additional insights with 7 more tips available for FFBC, providing a deeper understanding of the company's financial position and market outlook.

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