First Carolina Financial Services, Inc. (NYSE:FCBM) Short Interest Up 204.6% in July

Key Points

• Short interest surged 204.6% in July to 30,870 shares, representing about 0.1% of First Carolina Financial Services’ outstanding stock and 0.6 days to cover.
• The stock fell 0.5% to $12.72, while analysts’ average rating remained “Hold” with an average price target of $14.50; individual targets ranged from $14 to $15.
• Insiders have been buying shares: company directors purchased shares, and insiders bought a combined 116,655 shares worth approximately $1.46 million over the past 90 days.

First Carolina Financial Services, Inc. (NYSE:FCBM - Get Free Report) saw a large increase in short interest during the month of July. As of July 31st, there was short interest totaling 30,870 shares, an increase of 204.6% from the July 15th total of 10,136 shares. Approximately 0.1% of the company's stock are short sold. Based on an average daily trading volume, of 55,747 shares, the days-to-cover ratio is currently 0.6 days.

First Carolina Financial Services Stock Down 0.5%

First Carolina Financial Services stock traded down $0.07 during mid-day trading on Thursday, reaching $12.72. The company's stock had a trading volume of 54,883 shares, compared to its average volume of 90,581. First Carolina Financial Services has a twelve month low of $12.17 and a twelve month high of $13.40.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on FCBM shares. Hovde Group initiated coverage on shares of First Carolina Financial Services in a research report on Friday, July 17th. They issued a "market perform" rating and a $14.00 target price for the company. Wall Street Zen raised shares of First Carolina Financial Services to a "hold" rating in a research report on Saturday, June 27th. Raymond James Financial began coverage on First Carolina Financial Services in a research note on Monday, July 13th. They issued an "outperform" rating and a $15.00 price target for the company. Finally, Zacks Research raised First Carolina Financial Services to a "hold" rating in a report on Tuesday, July 14th. One equities research analyst has rated the stock with a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat, First Carolina Financial Services currently has an average rating of "Hold" and an average target price of $14.50.

Insider Activity at First Carolina Financial Services

In related news, Director Charles Austin Robbins, Jr. purchased 14,000 shares of the business's stock in a transaction that occurred on Thursday, June 18th. The shares were purchased at an average cost of $12.50 per share, with a total value of $175,000.00. Following the completion of the acquisition, the director directly owned 369,492 shares of the company's stock, valued at approximately $4,618,650. The trade was a 3.94% increase in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director John Jethro Ferebee, Jr. purchased 7,100 shares of the business's stock in a transaction that occurred on Thursday, June 18th. The stock was bought at an average cost of $12.51 per share, for a total transaction of $88,821.00. Following the completion of the acquisition, the director directly owned 7,100 shares of the company's stock, valued at $88,821. This represents a ∞ increase in their ownership of the stock. The SEC filing for this purchase provides additional information. In the last 90 days, insiders bought 116,655 shares of company stock worth $1,458,258.

First Carolina Financial Services Company Profile

First Carolina Financial Service Inc operates as a bank holding company, through its subsidiaries, provides commercial and consumer banking, payment, finance and wealth management services. First Carolina Financial Service Inc is based in Raleigh, North Carolina.

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