91,966 Shares in Southern First Bancshares, Inc. $SFST Purchased by Bank of America Corp DE

Key Points

• Bank of America acquired 91,966 shares of Southern First Bancshares during the second quarter, valued at approximately $5.6 million and representing about 0.97% of the company. Institutional investors collectively own 75% of SFST.
• Southern First Bancshares reported quarterly earnings of $1.20 per share, narrowly beating estimates of $1.19. Analysts expect full-year earnings of approximately $5.40 per share.
• SFST opened at $60.62, compared with a consensus analyst price target of $64.00 and an overall “Moderate Buy” rating; however, insiders sold 5,615 shares worth about $351,739 over the past quarter.

Bank of America Corp DE purchased a new stake in Southern First Bancshares, Inc. (NASDAQ:SFST - Free Report) during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 91,966 shares of the bank's stock, valued at approximately $5,619,000. Bank of America Corp DE owned about 0.97% of Southern First Bancshares as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in the stock. Legal & General Group Plc purchased a new position in shares of Southern First Bancshares during the second quarter worth $54,000. State of Wyoming purchased a new stake in shares of Southern First Bancshares during the second quarter worth approximately $75,000. Hillsdale Investment Management Inc. increased its position in shares of Southern First Bancshares by 3,764.7% in the 1st quarter. Hillsdale Investment Management Inc. now owns 6,570 shares of the bank's stock valued at $358,000 after purchasing an additional 6,400 shares during the last quarter. Arkadios Wealth Advisors purchased a new position in Southern First Bancshares in the first quarter valued at $398,000. Finally, Ieq Capital LLC acquired a new stake in shares of Southern First Bancshares during the 2nd quarter worth about $448,000. Hedge funds and other institutional investors own 75.00% of the company's stock.

Insider Activity

In related news, Director Leighton M. Cubbage sold 1,200 shares of Southern First Bancshares stock in a transaction on Wednesday, September 2nd. The stock was sold at an average price of $62.26, for a total value of $74,712.00. Following the transaction, the director owned 47,100 shares in the company, valued at approximately $2,932,446. This trade represents a 2.48% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Julie Fairchild sold 1,500 shares of the business's stock in a transaction dated Monday, August 3rd. The stock was sold at an average price of $63.00, for a total value of $94,500.00. Following the sale, the chief accounting officer owned 5,200 shares of the company's stock, valued at $327,600. The trade was a 22.39% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 5,615 shares of company stock worth $351,739. Insiders own 6.90% of the company's stock.

Southern First Bancshares Price Performance

Shares of NASDAQ SFST opened at $60.62 on Monday. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 0.03. The company's 50-day moving average price is $62.43 and its 200 day moving average price is $59.13. The stock has a market cap of $573.47 million, a price-to-earnings ratio of 12.98 and a beta of 0.67. Southern First Bancshares, Inc. has a 52 week low of $40.90 and a 52 week high of $65.09.

Southern First Bancshares (NASDAQ:SFST - Get Free Report) last announced its earnings results on Tuesday, July 21st. The bank reported $1.20 earnings per share for the quarter, beating the consensus estimate of $1.19 by $0.01. Southern First Bancshares had a net margin of 16.78% and a return on equity of 10.18%. The firm had revenue of $20.40 million during the quarter, compared to the consensus estimate of $36.30 million. As a group, research analysts forecast that Southern First Bancshares, Inc. will post 5.4 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several equities research analysts recently commented on the stock. Zacks Research lowered shares of Southern First Bancshares from a "strong-buy" rating to a "hold" rating in a research note on Thursday, August 20th. Weiss Ratings reaffirmed a "buy (b)" rating on shares of Southern First Bancshares in a report on Friday, July 31st. Two investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $64.00.

About Southern First Bancshares

Southern First Bancshares, Inc is a bank holding company headquartered in Greenville, South Carolina. Through its wholly owned subsidiary, Southern First Bank, the company provides banking and financial services to individuals, businesses and professional organizations.

Southern First Bank offers a range of deposit products, commercial and consumer loans, residential mortgage lending, treasury management and online and mobile banking services. Its lending activities include commercial real estate, business, construction, residential and consumer loans, while its deposit offerings include checking, savings and money market accounts, certificates of deposit and other related products.

Founded in 1999, Southern First has built a community-banking presence in markets across South Carolina and North Carolina, including the Greenville, Columbia and Charleston areas and the Charlotte and Raleigh markets.

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