The Manufacturers Life Insurance Company Makes New Investment in Southern First Bancshares, Inc. $SFST

Key Points

• The Manufacturers Life Insurance Company acquired 87,448 shares of Southern First Bancshares in the second quarter, worth approximately $5.34 million, giving it a 0.92% stake. Institutional investors collectively own 75% of the company.
• Analyst sentiment remains positive overall, with a consensus rating of “Moderate Buy” and a $64 price target, although Zacks Research recently downgraded the stock to “Hold.”
• Southern First Bancshares reported quarterly EPS of $1.20, slightly exceeding estimates, while SFST traded at $61.35 with a market capitalization of about $580 million. Insiders sold 4,068 shares worth approximately $253,540 over the past three months.

The Manufacturers Life Insurance Company purchased a new position in shares of Southern First Bancshares, Inc. (NASDAQ:SFST - Free Report) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 87,448 shares of the bank's stock, valued at approximately $5,343,000. The Manufacturers Life Insurance Company owned approximately 0.92% of Southern First Bancshares as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Walleye Capital LLC acquired a new stake in Southern First Bancshares during the 2nd quarter worth $10,998,000. Sei Investments Co. grew its stake in Southern First Bancshares by 147.3% in the first quarter. Sei Investments Co. now owns 34,706 shares of the bank's stock valued at $1,891,000 after acquiring an additional 20,673 shares during the period. Quantbot Technologies LP acquired a new position in Southern First Bancshares in the second quarter valued at about $992,000. Renaissance Technologies LLC increased its holdings in shares of Southern First Bancshares by 17.7% in the first quarter. Renaissance Technologies LLC now owns 150,607 shares of the bank's stock worth $8,208,000 after acquiring an additional 22,700 shares in the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. bought a new stake in shares of Southern First Bancshares in the second quarter worth about $2,092,000. Institutional investors and hedge funds own 75.00% of the company's stock.

Insider Buying and Selling

In other Southern First Bancshares news, CAO Julie Ann Fairchild sold 1,500 shares of the company's stock in a transaction that occurred on Monday, August 3rd. The stock was sold at an average price of $63.00, for a total transaction of $94,500.00. Following the completion of the transaction, the chief accounting officer owned 5,200 shares of the company's stock, valued at $327,600. This represents a 22.39% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Leighton M. Cubbage sold 400 shares of the firm's stock in a transaction that occurred on Monday, August 24th. The stock was sold at an average price of $63.00, for a total transaction of $25,200.00. Following the transaction, the director directly owned 49,515 shares of the company's stock, valued at $3,119,445. This represents a 0.80% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders sold 4,068 shares of company stock worth $253,540. 6.90% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

SFST has been the subject of several research analyst reports. Zacks Research lowered Southern First Bancshares from a "strong-buy" rating to a "hold" rating in a research report on Thursday, August 20th. Weiss Ratings restated a "buy (b)" rating on shares of Southern First Bancshares in a report on Friday, July 31st. Two research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $64.00.

Southern First Bancshares Price Performance

SFST stock opened at $61.35 on Tuesday. The stock has a 50-day moving average price of $62.08 and a two-hundred day moving average price of $58.53. Southern First Bancshares, Inc. has a 1 year low of $40.90 and a 1 year high of $65.09. The stock has a market cap of $580.37 million, a PE ratio of 13.14 and a beta of 0.68. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 0.03.

Southern First Bancshares (NASDAQ:SFST - Get Free Report) last issued its quarterly earnings results on Tuesday, July 21st. The bank reported $1.20 EPS for the quarter, beating analysts' consensus estimates of $1.19 by $0.01. The company had revenue of $20.40 million for the quarter, compared to analyst estimates of $36.30 million. Southern First Bancshares had a return on equity of 10.18% and a net margin of 16.78%. Equities analysts forecast that Southern First Bancshares, Inc. will post 5.4 EPS for the current fiscal year.

About Southern First Bancshares

Southern First Bancshares is the bank holding company for Southern First Bank, a community-oriented financial institution headquartered in Greenville, South Carolina. Through its wholly owned subsidiary, the company delivers a full spectrum of commercial and consumer banking services designed to meet the needs of small and midsize businesses, professionals, and individual customers. Southern First Bancshares operates under a relationship-driven model, emphasizing personalized service and local decision–making.

The company's core offerings include deposit products such as checking, savings, money market accounts and certificates of deposit, alongside an array of lending solutions covering commercial real estate, construction, equipment financing and small business administration (SBA) loans.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source