First Community (NASDAQ:FCCO) Stock Gets Downgrade from Wall Street Zen

Key Points

• Wall Street Zen downgraded First Community from “buy” to “hold,” though other analysts remain positive. The stock retains an overall “Buy” consensus and an average price target of $37.50.
• First Community reported quarterly EPS of $0.84, beating estimates of $0.69, while revenue of $25.14 million also exceeded expectations.
• The stock opened at $32.27, with a market capitalization of approximately $303 million. Insiders have been net sellers over the past 90 days, while institutional investors own 61.25% of outstanding shares.

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

A number of other equities analysts also recently commented on FCCO. Hovde Group raised their target price on shares of First Community from $36.00 to $37.50 and gave the company an "outperform" rating in a research note on Thursday, August 13th. Weiss Ratings reaffirmed a "buy (b)" rating on shares of First Community in a research report on Friday, July 17th. Two research analysts have rated the stock with a Buy rating. According to MarketBeat.com, the company currently has an average rating of "Buy" and an average target price of $37.50.

First Community Trading Down 0.5%

NASDAQ:FCCO opened at $32.27 on Friday. The stock has a fifty day moving average price of $33.57 and a 200 day moving average price of $31.99. The firm has a market cap of $303.34 million, a PE ratio of 12.04 and a beta of 0.33. First Community has a 12-month low of $25.92 and a 12-month high of $35.74. The company has a current ratio of 0.82, a quick ratio of 0.81 and a debt-to-equity ratio of 0.07.

First Community (NASDAQ:FCCO - Get Free Report) last posted its quarterly earnings results on Wednesday, July 22nd. The bank reported $0.84 EPS for the quarter, beating the consensus estimate of $0.69 by $0.15. First Community had a net margin of 18.32% and a return on equity of 13.23%. The firm had revenue of $25.14 million for the quarter, compared to analyst estimates of $24.69 million. Sell-side analysts anticipate that First Community will post 3.14 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other First Community news, Director Jonathan W. Been sold 14,800 shares of the stock in a transaction that occurred on Thursday, September 3rd. The shares were sold at an average price of $34.05, for a total value of $503,940.00. Following the completion of the sale, the director owned 120,655 shares of the company's stock, valued at $4,108,302.75. This trade represents a 10.93% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Jane Sosebee acquired 1,250 shares of the company's stock in a transaction dated Tuesday, August 25th. The shares were purchased at an average price of $33.95 per share, for a total transaction of $42,437.50. Following the purchase, the director directly owned 10,855 shares of the company's stock, valued at approximately $368,527.25. This trade represents a 13.01% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders sold a total of 24,800 shares of company stock worth $849,140 in the last 90 days. 8.84% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of FCCO. Burkett Financial Services LLC grew its position in First Community by 154.8% in the 3rd quarter. Burkett Financial Services LLC now owns 762 shares of the bank's stock worth $25,000 after purchasing an additional 463 shares during the last quarter. Public Employees Retirement System of Ohio bought a new stake in shares of First Community during the second quarter valued at approximately $195,000. NewEdge Advisors LLC raised its holdings in shares of First Community by 24.7% during the first quarter. NewEdge Advisors LLC now owns 10,607 shares of the bank's stock valued at $310,000 after buying an additional 2,099 shares during the last quarter. Hsbc Holdings PLC acquired a new position in shares of First Community during the fourth quarter worth approximately $524,000. Finally, Lazard Asset Management LLC acquired a new position in shares of First Community during the first quarter worth approximately $594,000. 61.25% of the stock is currently owned by institutional investors.

About First Community

First Community Corporation is a bank holding company headquartered in Lexington, South Carolina. Through its principal subsidiary, First Community Bank, the company provides banking and financial services to individuals, families, businesses and institutions.

First Community Bank offers deposit accounts, residential and commercial real estate lending, consumer loans, business financing and other credit products. Its services also include online and mobile banking, treasury management, mortgage banking, wealth management and investment services.

Founded in 1995, First Community serves communities across South Carolina through a network of banking offices and digital channels.

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