In a recent transaction, Susan M. Jensen, a director at First Financial Corp (NASDAQ:THFF), purchased 48 shares of the company's stock, totaling approximately $1,703. The transaction took place on June 11, 2024, with the shares acquired at a price of $35.48 each.
This purchase by a member of the company's board is a direct acquisition, as reported in the latest filings. Following this transaction, Jensen's total ownership in First Financial Corp has increased to 1,668 shares.
Investors often monitor insider transactions such as these to gain insights into the confidence that company executives and directors have in the firm's future performance. Insider buying, in particular, can be a sign that those with the most intimate knowledge of the company's workings anticipate positive developments or consider the stock undervalued.
First Financial Corp, based in Terre Haute, Indiana, operates as a state commercial bank and is incorporated in the same state. The company's shares are traded on the NASDAQ under the ticker symbol THFF.
The details of the transaction were made public in a Form 4 filing with the Securities and Exchange Commission, signed by Rodger A. McHargue, attorney-in-fact for Susan M. Jensen, on June 24, 2024.
In other recent news, First Financial Corp. experienced a reduction in its share target by Keefe, Bruyette & Woods following an earnings miss. The firm adjusted the price target from the previous $45.00 to $43.00, while maintaining a Market Perform rating on the stock. First Financial's reported operating earnings of $0.95 per share fell short of analysts' expectations, attributed to a decrease in net interest income, lower fees, and expenses matching predictions.
Despite modest loan growth and steady credit trends, First Financial's pre-provision net revenue was negatively impacted. The analysts at Keefe, Bruyette & Woods expressed concerns over the lower starting point for net interest margin, which could negatively impact the net interest income outlook for the company.
Additionally, the expected completion of First Financial's acquisition of SimplyBank has been delayed, which is likely to postpone the anticipated benefits to the company's earnings per share. As a result, Keefe, Bruyette & Woods has lowered its earnings estimates for First Financial for 2024 and 2025 by 10% and 3%, respectively. These recent developments underscore the evolving financial landscape for First Financial.
InvestingPro Insights
Amid the insider trading activity at First Financial Corp (NASDAQ:THFF), the company's stock presents a mixed financial picture according to recent data and analyst insights. With a market capitalization of $419.16 million and a notably low price-to-earnings (P/E) ratio of 7.58, the bank appears to be valued conservatively in the current market.
Despite a challenging revenue environment, as evidenced by a year-over-year revenue decline of 6.75% in the last twelve months as of Q1 2024, First Financial Corp has demonstrated a commitment to shareholder returns. This is highlighted by an impressive track record of maintaining dividend payments for 42 consecutive years, with a current dividend yield standing at 5.17%. The dividend's reliability is a testament to the company's financial discipline and may appeal to income-focused investors.
One InvestingPro Tip that stands out is the company's ability to remain profitable over the last twelve months. This is a crucial indicator of financial health, especially in a period where two analysts have revised their earnings downwards for the upcoming period, and net income is expected to drop this year. Nevertheless, analysts predict the company will be profitable this year, which could signal underlying resilience in its business model.
For those seeking a deeper dive into First Financial Corp's financial performance and future prospects, additional InvestingPro Tips are available. There are 6 more tips listed in InvestingPro, which can be accessed at: https://www.investing.com/pro/THFF. Investors may find these tips particularly valuable in making informed decisions, especially when considering the company's long-term dividend consistency and profitability.
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