Pinnacle Holdings LLC Takes Position in First Community Corporation $FCCO

Key Points

• Pinnacle Holdings LLC acquired 46,087 shares of First Community Corporation in the second quarter, valued at approximately $1.5 million and representing about 0.49% of the company. Institutional investors and hedge funds collectively own 61.25% of FCCO.
• First Community exceeded quarterly expectations, reporting $0.84 EPS versus the $0.69 consensus and revenue of $25.14 million. The company also raised its quarterly dividend to $0.17, or $0.68 annually, yielding about 2.0%.
• Analyst sentiment remains favorable, with a consensus rating of “Moderate Buy” and an average price target of $37.50, although Wall Street Zen downgraded the stock to “Hold.” FCCO recently traded at $33.72.

Pinnacle Holdings LLC acquired a new position in shares of First Community Corporation (NASDAQ:FCCO - Free Report) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 46,087 shares of the bank's stock, valued at approximately $1,506,000. Pinnacle Holdings LLC owned about 0.49% of First Community at the end of the most recent reporting period.

Other hedge funds have also bought and sold shares of the company. Advisory Services Network LLC acquired a new position in First Community during the third quarter worth approximately $26,000. BNP Paribas Financial Markets increased its holdings in shares of First Community by 324.2% during the 2nd quarter. BNP Paribas Financial Markets now owns 1,349 shares of the bank's stock worth $33,000 after acquiring an additional 1,031 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new stake in First Community in the 2nd quarter valued at $99,000. New York State Common Retirement Fund acquired a new stake in First Community during the 2nd quarter valued at $102,000. Finally, Raymond James Financial Inc. bought a new position in First Community during the second quarter worth $182,000. 61.25% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In related news, EVP Fred Joseph Deutsch sold 10,000 shares of the business's stock in a transaction on Tuesday, July 28th. The shares were sold at an average price of $34.52, for a total transaction of $345,200.00. Following the transaction, the executive vice president owned 18,468 shares in the company, valued at $637,515.36. The trade was a 35.13% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 8.84% of the stock is owned by insiders.

Analyst Ratings Changes

FCCO has been the subject of a number of research reports. Wall Street Zen cut shares of First Community from a "buy" rating to a "hold" rating in a research note on Saturday, August 15th. Hovde Group upped their price target 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. Finally, Weiss Ratings reissued a "buy (b)" rating on shares of First Community in a report on Friday, July 17th. Two investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $37.50.

First Community Price Performance

Shares of First Community stock opened at $33.72 on Monday. The stock's 50-day moving average is $33.18 and its 200 day moving average is $31.03. First Community Corporation has a one year low of $25.92 and a one year high of $35.74. The firm has a market cap of $316.97 million, a price-to-earnings ratio of 12.58 and a beta of 0.34. 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 issued its quarterly earnings results on Wednesday, July 22nd. The bank reported $0.84 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.69 by $0.15. The firm had revenue of $25.14 million for the quarter, compared to analyst estimates of $24.69 million. First Community had a return on equity of 13.23% and a net margin of 18.32%. Equities research analysts anticipate that First Community Corporation will post 3.13 EPS for the current year.

First Community Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, August 18th. Stockholders of record on Tuesday, August 4th were paid a $0.17 dividend. The ex-dividend date was Tuesday, August 4th. This represents a $0.68 annualized dividend and a dividend yield of 2.0%. This is an increase from First Community's previous quarterly dividend of $0.16. First Community's dividend payout ratio (DPR) is presently 25.37%.

First Community Profile

First Community Financial Corp. NASDAQ: FCCO is the bank holding company for First Community Bank, a full-service commercial bank headquartered in Bluefield, West Virginia. Through its subsidiary, the company delivers a comprehensive range of financial services to individuals, small businesses and larger commercial clients. Its operations are focused on community banking, with an emphasis on personalized relationship management and local decision-making.

The company's core offerings include deposit products such as checking and savings accounts, certificates of deposit and money market accounts, as well as consumer and commercial lending solutions.

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