First Carolina Financial Services (NYSE:FCBM) Upgraded to "Outperform" at Hovde Group

Key Points

• Hovde Group upgraded First Carolina Financial Services from “market perform” to “outperform” and set a $15.00 price target, implying approximately 16.1% upside.
• Analyst sentiment is generally positive, with a consensus “Moderate Buy” rating and a $15.00 average price target, despite one “sell” rating.
• First Carolina reported quarterly earnings of $0.26 per share, beating estimates of $0.24, on revenue of $34.78 million.

First Carolina Financial Services (NYSE:FCBM - Get Free Report) was upgraded by research analysts at Hovde Group from a "market perform" rating to an "outperform" rating in a research note issued on Monday, Briefing.com reports. The brokerage currently has a $15.00 price target on the stock. Hovde Group's price objective would suggest a potential upside of 16.10% from the stock's current price.

FCBM has been the subject of several other reports. Raymond James Financial started coverage on First Carolina Financial Services in a research note on Monday, July 13th. They issued an "outperform" rating and a $15.00 price objective for the company. Weiss Ratings initiated coverage on shares of First Carolina Financial Services in a report on Monday, September 14th. They set a "sell (e)" rating for the company. Finally, Zacks Research upgraded First Carolina Financial Services from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, October 6th. One investment analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $15.00.

First Carolina Financial Services Stock Performance

FCBM opened at $12.92 on Monday. The company has a market capitalization of $401.42 million and a price-to-earnings ratio of 64.60. The firm's 50-day moving average is $12.76. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.98 and a current ratio of 0.98. First Carolina Financial Services has a fifty-two week low of $12.17 and a fifty-two week high of $13.40.

First Carolina Financial Services (NYSE:FCBM - Get Free Report) last released its earnings results on Tuesday, October 27th. The company reported $0.26 earnings per share for the quarter, beating analysts' consensus estimates of $0.24 by $0.02. The company had revenue of $34.78 million during the quarter. Equities research analysts predict that First Carolina Financial Services will post 0.95 earnings per share for the current fiscal year.

First Carolina Financial Services Company Profile

First Carolina Financial Services, Inc is a bank holding company for First Carolina Bank, a community banking institution headquartered in North Carolina. Through its banking subsidiary, the company provides financial services to individuals, families, small businesses and commercial customers in the communities it serves.

First Carolina Bank's products and services generally include checking and savings accounts, certificates of deposit, consumer loans, residential and commercial real estate financing, business lending and related cash-management services.

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