First Financial Corp (THFF) has reached a new 52-week high, with its shares trading at $46.05. This milestone reflects the strong performance of the company over the past year, with the stock demonstrating a robust upward trend. The 52-week high of $46.05 marks a significant increase from the previous levels, indicating a positive market sentiment towards the company. Over the past year, First Financial Corp has seen a substantial change in its stock value, with a 1-year change of 23.6%. This impressive growth showcases the company's resilience and its ability to deliver consistent returns to its shareholders.
In other recent news, First Financial Corp. experienced an adjustment in its shares target by Keefe, Bruyette & Woods (KBW), following an earnings miss. The firm decreased the price target from $45.00 to $43.00 while maintaining a Market Perform rating. This action came after First Financial reported operating earnings of $0.95 per share, falling short of analysts' expectations due to a decrease in net interest income, lower fees, and expenses in line with predictions.
In terms of company developments, First Financial's acquisition of SimplyBank is now expected to close at the start of the third quarter of 2024, a delay from the previously anticipated second quarter. This postponement may push back the projected benefits to the company's earnings per share. Furthermore, despite a modest loan growth of 3% and steady credit trends, these were not enough to offset the softer pre-provision net revenue.
Analysts at KBW have expressed concerns over the lower starting point for net interest margin, which may negatively impact First Financial's net interest income outlook. Consequently, KBW has reduced its earnings estimates for the company for 2024 and 2025 by 10% and 3%, respectively. These recent developments underscore the evolving financial landscape for First Financial Corp.
InvestingPro Insights
As First Financial Corp (THFF) celebrates its new 52-week high, a closer look at the real-time data from InvestingPro reveals a nuanced picture. With a market capitalization of $542.5 million and a Price/Earnings (P/E) ratio of 10.67, the company stands as a notable player in its sector. Adjusted for the last twelve months as of Q1 2024, the P/E ratio slightly improved to 9.69, reflecting a favorable earnings perspective relative to its share price.
An InvestingPro Tip highlights that THFF has not only raised its dividend for 5 consecutive years but has also maintained dividend payments for an impressive 42 consecutive years, signaling a strong commitment to shareholder returns. The current dividend yield stands at 3.95%, which may attract income-focused investors. Additionally, the company has experienced a strong return over the last three months, with a 23.99% price total return, indicating robust short-term performance.
For investors looking to delve deeper into First Financial Corp's financial health and market prospects, there are additional InvestingPro Tips available, offering comprehensive analysis and forecasts. To access these insights and optimize your investment strategy, consider using the promo code PRONEWS24 to get up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription.
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