First Community (NASDAQ:FCCO) Posts Quarterly Earnings Results, Beats Expectations By $0.15 EPS

First Community (NASDAQ:FCCO) posted its quarterly earnings results on Wednesday. The bank reported $0.84 EPS for the quarter, topping the consensus estimate of $0.69 by $0.15, Zacks reports. The business had revenue of $25.14 million during the quarter, compared to the consensus estimate of $24.69 million. First Community had a net margin of 18.32% and a return on equity of 14.03%.

First Community Stock Up 2.0%

FCCO stock traded up $0.65 during midday trading on Friday, reaching $33.61. 5,495 shares of the company were exchanged, compared to its average volume of 79,469. The company has a debt-to-equity ratio of 0.07, a quick ratio of 0.81 and a current ratio of 0.82. First Community has a 1-year low of $24.12 and a 1-year high of $34.01. The stock’s 50-day simple moving average is $31.65 and its 200 day simple moving average is $30.32. The company has a market cap of $315.92 million, a price-to-earnings ratio of 12.54 and a beta of 0.34.

First Community Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, August 18th. Shareholders of record on Tuesday, August 4th will be paid a $0.17 dividend. This is an increase from First Community’s previous quarterly dividend of $0.16. This represents a $0.68 annualized dividend and a yield of 2.0%. The ex-dividend date is Tuesday, August 4th. First Community’s payout ratio is currently 25.10%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. Millennium Management LLC increased its stake in First Community by 115.5% in the first quarter. Millennium Management LLC now owns 195,527 shares of the bank’s stock valued at $4,411,000 after purchasing an additional 104,796 shares during the period. Geode Capital Management LLC grew its holdings in shares of First Community by 103.4% during the second quarter. Geode Capital Management LLC now owns 174,732 shares of the bank’s stock worth $4,260,000 after buying an additional 88,807 shares during the last quarter. Goldman Sachs Group Inc. increased its position in First Community by 199.8% in the 1st quarter. Goldman Sachs Group Inc. now owns 90,919 shares of the bank’s stock valued at $2,051,000 after acquiring an additional 60,596 shares during the period. Russell Investments Group Ltd. raised its stake in First Community by 41.2% during the 3rd quarter. Russell Investments Group Ltd. now owns 79,083 shares of the bank’s stock valued at $2,232,000 after acquiring an additional 23,070 shares during the last quarter. Finally, Jane Street Group LLC lifted its position in First Community by 63.7% during the 1st quarter. Jane Street Group LLC now owns 51,323 shares of the bank’s stock worth $1,158,000 after acquiring an additional 19,978 shares during the period. 61.25% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Separately, Weiss Ratings reissued a “buy (b)” rating on shares of First Community in a research note on Friday, July 17th. Two analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $34.00.

First Community Company Profile

First Community Financial Corp. (NASDAQ: FCCO) is the bank holding company for First Community Bank, a full-service commercial bank headquartered in Bluefield, West Virginia. Through its subsidiary, the company delivers a comprehensive range of financial services to individuals, small businesses and larger commercial clients. Its operations are focused on community banking, with an emphasis on personalized relationship management and local decision-making.

The company’s core offerings include deposit products such as checking and savings accounts, certificates of deposit and money market accounts, as well as consumer and commercial lending solutions.