First Community Corporation $FCCO Shares Sold by Rhino Investment Partners Inc

Key Points

• Rhino Investment Partners Inc drastically cut its stake in First Community Corporation by 93.5%, selling 234,274 shares and now holding only 16,222 shares worth approximately $366,000.
• First Community Corporation recently increased its quarterly dividend from $0.15 to $0.16, representing a 2.4% yield.
• Analysts have raised the target price for First Community Corporation to $29.00 and currently rate the stock as a "Buy" or "Strong Buy."

Rhino Investment Partners Inc reduced its position in First Community Corporation (NASDAQ:FCCO - Free Report) by 93.5% in the 1st quarter, according to its most recent filing with the SEC. The fund owned 16,222 shares of the bank's stock after selling 234,274 shares during the period. Rhino Investment Partners Inc owned 0.21% of First Community worth $366,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Signaturefd LLC lifted its holdings in shares of First Community by 846.7% in the 1st quarter. Signaturefd LLC now owns 2,168 shares of the bank's stock valued at $49,000 after purchasing an additional 1,939 shares during the last quarter. Cubist Systematic Strategies LLC increased its position in First Community by 63.6% in the 4th quarter. Cubist Systematic Strategies LLC now owns 6,369 shares of the bank's stock valued at $153,000 after acquiring an additional 2,475 shares during the period. Marshall Wace LLP acquired a new position in First Community in the 4th quarter valued at about $206,000. Wells Fargo & Company MN increased its position in First Community by 419.8% in the 4th quarter. Wells Fargo & Company MN now owns 9,357 shares of the bank's stock valued at $225,000 after acquiring an additional 7,557 shares during the period. Finally, Squarepoint Ops LLC acquired a new position in First Community in the 4th quarter valued at about $284,000. 61.25% of the stock is owned by hedge funds and other institutional investors.

First Community Stock Performance

FCCO stock traded up $0.30 during trading on Tuesday, hitting $27.12. The company had a trading volume of 10,910 shares, compared to its average volume of 45,539. The firm has a market cap of $208.51 million, a PE ratio of 12.16 and a beta of 0.41. First Community Corporation has a 1-year low of $19.46 and a 1-year high of $27.96. The firm has a 50-day moving average price of $24.96 and a 200-day moving average price of $23.93. The company has a quick ratio of 0.77, a current ratio of 0.78 and a debt-to-equity ratio of 0.10.

First Community (NASDAQ:FCCO - Get Free Report) last issued its quarterly earnings results on Wednesday, July 23rd. The bank reported $0.67 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.58 by $0.09. The firm had revenue of $19.53 million for the quarter, compared to analysts' expectations of $18.56 million. First Community had a return on equity of 11.65% and a net margin of 15.87%. On average, analysts expect that First Community Corporation will post 2.28 earnings per share for the current year.

First Community Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, August 19th. Investors of record on Tuesday, August 5th were given a $0.16 dividend. This is a boost from First Community's previous quarterly dividend of $0.15. The ex-dividend date was Tuesday, August 5th. This represents a $0.64 annualized dividend and a yield of 2.4%. First Community's payout ratio is presently 28.70%.

About First Community

First Community Corporation operates as the bank holding company for First Community Bank that provides various commercial and retail banking products and services to small-to-medium sized businesses, professionals, and individuals. The company operates through Commercial and Retail Banking, Mortgage Banking, and Investment Advisory and Non-Deposit segments.