On Thursday, Keefe, Bruyette & Woods confirmed their Market Perform rating on First Financial (NYSE:SSB) Corp. (NASDAQ: THFF) with a steady price target of $52.00. The firm recognized the company's recent announcement of a quarterly dividend increase to $0.51 per share, a 13% hike from the previous quarter. This dividend is set to be paid on January 15, 2025, to shareholders who are on record as of January 3, 2025.
The analyst from Keefe, Bruyette & Woods expressed a positive outlook on the impact of the dividend increase on the company's shares. The move to augment the dividend is seen as a continuation of First Financial's strategy to enhance shareholder returns. The firm highlighted the company's shift to a quarterly dividend schedule from a semi-annual one at the end of 2023 and noted the significant rise in the annual payout to $1.80 per share from $1.08.
First Financial's commitment to growing its dividend and increasing the capital returned to shareholders was commended. The analyst's remarks reflect satisfaction with the company's financial strategies and the perceived benefits to the shareholders.
The dividend increase follows First Financial's change in dividend policy, which was implemented last year. This change is part of a broader effort by the company to provide more consistent and potentially more attractive returns to its investors.
The maintained price target of $52.00 by Keefe, Bruyette & Woods suggests that the firm believes the stock is fairly valued at its current level, considering the company's performance and market conditions. The affirmation of the Market Perform rating indicates that the stock is expected to perform in line with the broader equity market.
In other recent news, First Financial Corp has been the subject of significant financial developments. The company recently announced a quarterly dividend of 45 cents per share, set to be distributed to shareholders of record as of October 1, 2024. Additionally, First Financial has undergone strategic expansions, completing three acquisitions within the past five years and doubling the number of loan production offices since the pandemic.
Analyst firm Raymond (NS:RYMD) James has upgraded First Financial Corp from Market Perform to Outperform, setting a new price target of $54.00. The upgrade comes despite a modest performance in 2024, with the firm citing the company's liability-sensitive balance sheet and potential for a 5.9% rise in net interest income as reasons for the positive outlook. Raymond James also noted First Financial's effective capital management, including two repurchase authorizations for 5% of outstanding shares each since 2020.
In other company news, First Financial has adjusted its top executive contracts, renewed the employment agreement of its President and CEO, Norman D. Lowery, and appointed Stephen P. Panagouleas as the new Senior Vice President and Chief Credit Officer. The company also completed its acquisition of SimplyBank, a cash transaction valued at approximately $73.4 million. These are among the recent developments impacting First Financial Corp.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.