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Investing.com - Raymond (NSE:RYMD) James downgraded First Financial (NYSE:SSB) Corp. (NASDAQ:THFF) from Outperform to Market Perform on Tuesday, citing the stock’s approach to the firm’s prior target price. The regional bank, with a market capitalization of $668 million, currently trades near its 52-week high of $57.43.
The downgrade follows a 22.5% increase in THFF shares since December 18, 2024, significantly outperforming both the Nasdaq Bank Index, which rose only 2.8%, and the S&P 500 index, which gained 6.1% during the same period.
Despite the rating reduction, Raymond James maintained its bullish view on First Financial’s fundamental performance, highlighting the company’s liability-sensitive balance sheet, improving organic loan growth, and excess capital levels.
The investment firm noted that THFF stock still trades at a discount to its peers, primarily due to large positive EPS revisions over the last six months, with 2025 and 2026 EPS estimates increasing 16.9% and 12.9%, respectively.
Raymond James believes the positive momentum from favorable EPS revisions has mostly played out, prompting the downgrade despite the company’s strong performance.
In other recent news, First Financial Corporation announced a quarterly dividend of $0.51 per share, payable on July 15, 2025, to shareholders of record as of July 1, 2025. Additionally, the company disclosed new employment agreements with its President and CEO, Norman D. Lowery, and three other senior executives. These agreements, effective July 1, 2025, outline terms including base salaries and conditions for termination, with provisions for severance packages in the event of a change in control. Furthermore, at the company’s annual shareholder meeting, six directors were re-elected, and the executive compensation package for 2024 was approved. Shareholders also ratified the appointment of Crowe LLP as the independent registered public accounting firm for the year ending December 31, 2025. These developments reflect the company’s ongoing efforts in corporate governance and executive management.
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