Rhino Investment Partners Inc Cuts Position in First Community Corporation $FCCO

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 lessened its stake in First Community Corporation (NASDAQ:FCCO - Free Report) by 93.5% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm 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 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Signaturefd LLC increased its holdings in shares of First Community by 846.7% in the first 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 period. Cubist Systematic Strategies LLC increased its stake 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 buying an additional 2,475 shares during the period. Marshall Wace LLP acquired a new position in First Community in the 4th quarter valued at $206,000. Wells Fargo & Company MN raised its position in First Community by 419.8% during the 4th quarter. Wells Fargo & Company MN now owns 9,357 shares of the bank's stock worth $225,000 after buying an additional 7,557 shares during the last quarter. Finally, Squarepoint Ops LLC acquired a new stake in shares of First Community in the 4th quarter worth $284,000. 61.25% of the stock is currently owned by hedge funds and other institutional investors.

First Community Stock Performance

Shares of NASDAQ:FCCO traded down $0.02 during midday trading on Monday, hitting $26.82. The stock had a trading volume of 15,391 shares, compared to its average volume of 45,768. First Community Corporation has a 1 year low of $19.46 and a 1 year high of $27.96. The company has a current ratio of 0.78, a quick ratio of 0.77 and a debt-to-equity ratio of 0.10. The stock has a 50 day moving average price of $24.87 and a two-hundred day moving average price of $23.93. The company has a market capitalization of $206.25 million, a PE ratio of 12.03 and a beta of 0.41.

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

First Community Increases Dividend

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

First Community Company Profile

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.