Bank of America Corp DE Makes New Investment in First Community Bancshares, Inc. $FCBC

Key Points

• Bank of America acquired 36,321 shares of First Community Bancshares in the second quarter, valued at approximately $1.6 million. BlackRock and Bank of New York Mellon also established new positions, while institutional investors collectively owned 34.95% of the company.
• Analyst sentiment remains cautious, with one Buy rating and two Hold ratings, producing an overall “Hold” consensus. FCBC recently traded at $47.57, near its 52-week high of $50.17.
• First Community Bancshares exceeded quarterly earnings expectations, reporting $0.76 in EPS versus a $0.74 consensus estimate, and raised its quarterly dividend to $0.33 per share, representing a 2.8% annualized yield.

Bank of America Corp DE bought a new position in shares of First Community Bancshares, Inc. (NASDAQ:FCBC - Free Report) in the second quarter, according to the company in its most recent filing with the SEC. The institutional investor bought 36,321 shares of the bank's stock, valued at approximately $1,613,000. Bank of America Corp DE owned approximately 0.19% of First Community Bancshares at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. BlackRock Inc. acquired a new stake in First Community Bancshares in the 2nd quarter valued at approximately $68,713,000. Bank of New York Mellon Corp acquired a new position in First Community Bancshares during the second quarter worth $2,320,000. Renaissance Technologies LLC boosted its holdings in First Community Bancshares by 81.0% during the first quarter. Renaissance Technologies LLC now owns 55,188 shares of the bank's stock worth $2,291,000 after purchasing an additional 24,694 shares during the last quarter. Hsbc Holdings PLC grew its position in First Community Bancshares by 1.2% in the fourth quarter. Hsbc Holdings PLC now owns 35,959 shares of the bank's stock valued at $1,205,000 after purchasing an additional 418 shares in the last quarter. Finally, Quantinno Capital Management LP grew its position in First Community Bancshares by 60.8% in the first quarter. Quantinno Capital Management LP now owns 26,968 shares of the bank's stock valued at $1,120,000 after purchasing an additional 10,195 shares in the last quarter. Institutional investors and hedge funds own 34.95% of the company's stock.

Wall Street Analyst Weigh In

FCBC has been the topic of several recent research reports. Weiss Ratings upgraded shares of First Community Bancshares from a "buy (b-)" rating to a "buy (b)" rating in a research note on Tuesday, August 11th. Zacks Research upgraded shares of First Community Bancshares to a "hold" rating in a research note on Wednesday, July 1st. Finally, Raymond James Financial started coverage on First Community Bancshares in a report on Tuesday, June 30th. They issued a "market perform" rating for the company. One investment analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat, First Community Bancshares has an average rating of "Hold".

First Community Bancshares Trading Up 1.2%

NASDAQ FCBC opened at $47.57 on Friday. The firm has a market capitalization of $899.55 million, a P/E ratio of 15.01 and a beta of 0.49. The firm's fifty day moving average price is $48.19 and its two-hundred day moving average price is $44.84. First Community Bancshares, Inc. has a 1 year low of $31.21 and a 1 year high of $50.17.

First Community Bancshares (NASDAQ:FCBC - Get Free Report) last announced its quarterly earnings data on Tuesday, July 21st. The bank reported $0.76 EPS for the quarter, beating analysts' consensus estimates of $0.74 by $0.02. The company had revenue of $81.71 million during the quarter, compared to the consensus estimate of $51.20 million. First Community Bancshares had a net margin of 28.84% and a return on equity of 10.67%. On average, research analysts anticipate that First Community Bancshares, Inc. will post 3.04 EPS for the current fiscal year.

First Community Bancshares Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, August 21st. Investors of record on Friday, August 7th were issued a dividend of $0.33 per share. This represents a $1.32 dividend on an annualized basis and a dividend yield of 2.8%. The ex-dividend date of this dividend was Friday, August 7th. This is a boost from First Community Bancshares's previous quarterly dividend of $0.31. First Community Bancshares's payout ratio is presently 41.64%.

Insiders Place Their Bets

In related news, SVP Sarah W. Harmon sold 4,329 shares of the stock in a transaction on Friday, August 21st. The stock was sold at an average price of $49.21, for a total value of $213,030.09. Following the sale, the senior vice president owned 8,141 shares in the company, valued at approximately $400,618.61. This represents a 34.72% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, President Gary Mills sold 3,500 shares of the firm's stock in a transaction on Thursday, July 30th. The shares were sold at an average price of $47.67, for a total value of $166,845.00. Following the sale, the president directly owned 5,798 shares of the company's stock, valued at $276,390.66. This represents a 37.64% decrease in their position. The SEC filing for this sale provides additional information. 3.66% of the stock is currently owned by corporate insiders.

First Community Bancshares Company Profile

First Community Bancshares, Inc is a bank holding company headquartered in Bluefield, Virginia. Its principal subsidiary, First Community Bank, provides financial services to individuals, businesses, nonprofit organizations and public-sector customers through a community banking model.

The bank offers deposit products, consumer and commercial lending, residential mortgage loans, online and mobile banking, treasury management and other traditional banking services. It also provides investment, trust, wealth management and insurance services through affiliated or related business lines.

First Community Bank serves communities across Virginia, West Virginia, North Carolina and Tennessee through a network of branches and offices.

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