First Community (NASDAQ:FCCO) Raised to Buy at Wall Street Zen

Key Points

• Wall Street Zen upgraded First Community from “hold” to “buy.” Weiss Ratings also raised its rating, while Hovde Group set a $37.50 price target; MarketBeat reports an average “Buy” rating and $37.50 target.
• First Community beat quarterly earnings estimates, reporting $0.86 per share versus $0.80 expected, and revenue of $26.23 million versus $26.01 million expected.
• Institutional investors including Banc Funds and Marshall Wace initiated stakes, and institutional investors collectively own 61.25% of the stock.

First Community (NASDAQ:FCCO - Get Free Report) was upgraded by analysts at Wall Street Zen from a "hold" rating to a "buy" rating in a research report issued on Saturday, Wall Street Zen reports.

FCCO has been the subject of several other reports. Weiss Ratings upgraded First Community from a "buy (b)" rating to a "buy (b+)" rating in a report on Wednesday. Hovde Group raised their target price on First Community from $36.00 to $37.50 and gave the stock an "outperform" rating in a research note on Thursday, August 13th. Two equities research analysts have rated the stock with a Buy rating. According to MarketBeat, First Community currently has an average rating of "Buy" and an average price target of $37.50.

First Community Trading Down 0.2%

FCCO opened at $32.67 on Friday. The firm has a market capitalization of $307.10 million, a price-to-earnings ratio of 10.52 and a beta of 0.33. The company's 50 day simple moving average is $33.00 and its two-hundred day simple moving average is $31.61. First Community has a 1-year low of $26.96 and a 1-year high of $35.74. The company has a debt-to-equity ratio of 0.07, a current ratio of 0.82 and a quick ratio of 0.81.

First Community (NASDAQ:FCCO - Get Free Report) last posted its quarterly earnings results on Wednesday, October 21st. The bank reported $0.86 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.80 by $0.06. First Community had a return on equity of 13.33% and a net margin of 19.55%. The business had revenue of $26.23 million during the quarter, compared to analyst estimates of $26.01 million. Analysts expect that First Community will post 3.16 EPS for the current fiscal year.

Insider Buying and Selling

In other news, Director Jane Sosebee purchased 1,250 shares of First Community stock in a transaction dated Tuesday, August 25th. The shares were purchased at an average price of $33.95 per share, with a total value of $42,437.50. Following the transaction, the director owned 10,855 shares in the company, valued at $368,527.25. This represents a 13.01% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Jonathan W. Been sold 14,800 shares of First Community stock in a transaction that occurred on Thursday, September 3rd. The shares were sold at an average price of $34.05, for a total transaction of $503,940.00. Following the sale, the director directly owned 120,655 shares in the company, valued at approximately $4,108,302.75. The trade was a 10.93% decrease in their position. The SEC filing for this sale provides additional information. 8.84% of the stock is owned by company insiders.

Institutional Investors Weigh In On First Community

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Banc Funds Co. LLC acquired a new position in First Community in the third quarter valued at about $7,077,000. Marshall Wace LLP purchased a new position in First Community during the third quarter worth about $1,901,000. Pinnacle Holdings LLC acquired a new stake in shares of First Community during the second quarter valued at about $1,506,000. First Trust Advisors LP acquired a new stake in shares of First Community during the third quarter valued at about $1,424,000. Finally, Renaissance Technologies LLC raised its stake in shares of First Community by 31.4% in the 1st quarter. Renaissance Technologies LLC now owns 125,328 shares of the bank's stock valued at $3,663,000 after acquiring an additional 29,967 shares during the period. Hedge funds and other institutional investors own 61.25% of the company's stock.

First Community Company Profile

First Community Corporation is a bank holding company that operates First Community Bank, a community bank headquartered in Lexington, South Carolina. The company was founded in 1995 and serves individuals, businesses and organizations through banking offices in South Carolina and Georgia. First Community Bank offers personal and business deposit accounts, including checking and savings, along with commercial, residential mortgage and consumer lending. Its services also include online and mobile banking and other financial services for local customers and businesses.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.