Zacks Investment Research Upgrades First Community (NASDAQ:FCCO) to Hold

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Zacks Investment Research upgraded shares of First Community (NASDAQ:FCCO) from a sell rating to a hold rating in a research note published on Tuesday morning, Zacks.com reports.

According to Zacks, “First Community Corp presently engages in no business other than owning and managing the First Community Bank. The bank is engaged in a general commercial and retail banking business, emphasizing the needs of small-to-medium sized businesses, professional concerns and individuals, primarily in Richland and Lexington counties of South Carolina and the surrounding area. “

Other equities research analysts also recently issued reports about the stock. ValuEngine upgraded shares of First Community from a sell rating to a hold rating in a research note on Thursday, August 15th. DA Davidson started coverage on shares of First Community in a research note on Tuesday, August 20th. They set a neutral rating and a $20.50 price objective on the stock.

Shares of First Community stock opened at $19.77 on Tuesday. The company has a market capitalization of $145.71 million, a price-to-earnings ratio of 13.97 and a beta of 0.89. The company has a quick ratio of 0.78, a current ratio of 0.79 and a debt-to-equity ratio of 0.15. First Community has a 12-month low of $17.08 and a 12-month high of $25.70. The firm’s 50-day moving average price is $18.55 and its two-hundred day moving average price is $18.84.

First Community (NASDAQ:FCCO) last announced its quarterly earnings data on Wednesday, July 17th. The bank reported $0.37 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.36 by $0.01. The firm had revenue of $12.30 million for the quarter, compared to the consensus estimate of $12.04 million. First Community had a net margin of 20.81% and a return on equity of 9.59%. On average, sell-side analysts expect that First Community will post 1.38 earnings per share for the current year.

In other news, VP David K. Proctor sold 3,888 shares of the firm’s stock in a transaction that occurred on Thursday, July 25th. The shares were sold at an average price of $19.05, for a total value of $74,066.40. Following the sale, the vice president now directly owns 21,349 shares in the company, valued at approximately $406,698.45. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Company insiders own 5.66% of the company’s stock.

Several institutional investors and hedge funds have recently bought and sold shares of the company. Maltese Capital Management LLC boosted its stake in shares of First Community by 743.9% in the 2nd quarter. Maltese Capital Management LLC now owns 147,700 shares of the bank’s stock valued at $2,734,000 after purchasing an additional 130,198 shares in the last quarter. Morgan Stanley boosted its stake in shares of First Community by 251.1% in the 2nd quarter. Morgan Stanley now owns 34,580 shares of the bank’s stock valued at $641,000 after purchasing an additional 24,730 shares in the last quarter. Paloma Partners Management Co acquired a new stake in shares of First Community in the 2nd quarter valued at approximately $635,000. Weiss Asset Management LP acquired a new stake in shares of First Community in the 2nd quarter valued at approximately $254,000. Finally, Renaissance Technologies LLC boosted its stake in shares of First Community by 122.0% in the 2nd quarter. Renaissance Technologies LLC now owns 107,900 shares of the bank’s stock valued at $1,997,000 after purchasing an additional 59,300 shares in the last quarter. Institutional investors own 50.54% of the company’s stock.

About First Community

First Community Corporation operates as the bank holding company for First Community Bank which offers various commercial and retail banking products and services to small-to-medium sized businesses, professional concerns, and individuals. The company operates through four segments: Commercial and Retail Banking, Mortgage Banking, Investment Advisory and Non-Deposit, and Corporate.

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