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First Financial Bancorp (FFBC), and Consolidated Edison, Inc. (ED) Witness Multiple Insider Purchases

When an insider in a company buys its stock, one can assume that the company may outperform in the coming months, but when multiple insiders buy the company’s stock it also adds conviction to the assumption. Two such stocks, which recently saw multiple purchases by insiders are First Financial Bancorp (NASDAQ:FFBC), and Consolidated Edison, Inc. (NYSE:ED). Let’s discuss each of them in detail.

First Financial Bancorp (NASDAQ:FFBC) is a $918 million market cap, holding company headquartered at Cincinnati, Ohio. On October 3, several directors of the company bought its stock under the Director’s Fee Stock Plan at $15.99 per share.

  1. David S Barker purchased 445 shares /Total No. of Shares – 5,519
  2. Cynthia O Booth purchased 263 shares / Total No. of Shares – 2,821
  3. Mark A Collar purchased 48 shares / Total No. of Shares – 954
  4. Corinne R Finnerty purchased 305 shares / Total No. of Shares – 16,047
  5. Knapke Murph purchased 348 shares / Total No. of Shares -16,408
  6. Wickliffe J Ach purchased 130 shares / Total No. of Shares – 3,444
  7. William J Kramer purchased 153 shares / Total No. of Shares –  5,880
  8. Susan L Knust Purkrabek purchased 274 shares / Total No. of Shares – 8,347
  9. Richard E Olszweski purchased 363 shares / Total No. of Shares – 10,854
  10. Maribeth S Rahe purchased 458 shares / Total No. of Shares – 6,797

Based on last declared quarterly results, First Financial Bancorp (NASDAQ:FFBC) has an EPS of $0.82 and currently trades at 18.29 times price versus earnings, while the average industry P/E is at 14.02. The company operates as a holding company for First Financial Bank, a regional bank. Prominent investors in the company include, Israel Englander‘s Millennium Management and Ken Griffin‘s Citadel Investments Group. As of June 30, 2014, Millennium Management owns over 450,000 shares and Citadel Investment Group owns over 200,000 shares of First Financial Bancorp (NASDAQ:FFBC).

Consolidated Edison, Inc. (NYSE:ED)

Consolidated Edison, Inc. (NYSE:ED) is a $16.75 billion market cap, one of the largest investor owned energy company in the US. On September 29, John F Hennessey III, a former director of the company purchased 600 shares of the company at $56.29 and $56.30 per share. He now owns a total of 12,710 shares of the company. On September 30, several officers and directors of Consolidated Edison, Inc. (NYSE:ED) also purchased shares of the company under the Company’s Stock Purchase Plan at $56.91 per share.

  1. Cawley Timothy  (President & CEO, O&R) purchased 51 shares / Total No. of Shares – 893
  2. McAvoy John (Chairman, President & CEO) purchased 17 shares / Total No. of Shares – 12,045
  3. Muccilo Robert (VP & Chief Accounting Officer) purchased 87 shares / Total No. of Shares – 4,364
  4.  Moore D Elizabeth ( SVP & General Counsel) purchased 49 shares / Total No. of Shares – 27,524
  5.  Nadkarni D Gurudatta  (VP, Strategic Planning) purchased 88 shares / Total No. of Shares – 4,295
  6. Craig S Ivey  [President (CECONY)] purchased 72 shares / Total No. of Shares – 38,128
  7.  Joseph P Oates (SVP, Business Shared Services) purchased 72 shares / Total No. of Shares – 21,336
  8. Robert N Hoglund (SVP & CFO) purchased 72 shares / Total No. of Shares -36,054
  9. Frances Reksheske  (SVP, Public Affairs) purchased 1 share / Total No. of Shares – 42,551

Based on last declared quarterly results, Consolidated Edison, Inc. (NYSE:ED) has an EPS of $4.32 and currently trades at 13.33 times price versus earnings, while the average industry P/E is 15.94. The company, through its subsidiaries, supplies electricity, gas and steam in New York and nearby regions. In this company too, Ken Griffin’s Citadel Investment group is a major shareholder, which as of June 30, 2014, owns over 300 shares. Jim Simons‘ Renaissance Technologies is also bullish on Consolidated Edison, Inc. (NYSE:ED) and as of June 30, 2014 owns over 470,000 shares of the company.

 

Disclosure: None

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