First Carolina Financial Services, Inc.'s Quiet Period Set To Expire on July 28th (NYSE:FCBM)

Key Points

• First Carolina Financial Services’ quiet period ends on July 28, meaning the underwriting brokerages will likely begin issuing research coverage after being barred from doing so since the IPO.
• Analyst sentiment is mixed but cautious: the stock currently has an average rating of “Hold” with a consensus price target of $14.50, while recent initiations ranged from “outperform” to “market perform.”
• Insiders have been buying shares, including two directors who purchased stock at the IPO price of $12.50; over the last 90 days, insiders bought 116,655 shares worth about $1.46 million.

First Carolina Financial Services' (NYSE:FCBM - Get Free Report) quiet period is set to end on Tuesday, July 28th. First Carolina Financial Services had issued 5,500,000 shares in its initial public offering on June 18th. The total size of the offering was $68,750,000 based on an initial share price of $12.50. During the company's quiet period, insiders and underwriters that worked on the IPO are prevented from issuing any research reports for the company because of regulations issued by the Securities and Exchange Commission. Following the expiration of the company's quiet period, the brokerages that served as underwriters will likely initiate research coverage on the company.

Wall Street Analyst Weigh In

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

First Carolina Financial Services Stock Performance

Shares of First Carolina Financial Services stock opened at $12.79 on Tuesday. First Carolina Financial Services has a 52 week low of $12.50 and a 52 week high of $13.40.

Insider Activity at First Carolina Financial Services

In other First Carolina Financial Services news, Director Charles Austin Robbins, Jr. acquired 14,000 shares of the stock in a transaction dated Thursday, June 18th. The shares were bought at an average price of $12.50 per share, with a total value of $175,000.00. Following the purchase, the director directly owned 369,492 shares of the company's stock, valued at approximately $4,618,650. This trade represents a 3.94% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Gregory Everette Floyd acquired 18,750 shares of the stock in a transaction dated Thursday, June 18th. The stock was acquired at an average cost of $12.50 per share, for a total transaction of $234,375.00. Following the purchase, the director directly owned 152,990 shares in the company, valued at approximately $1,912,375. The trade was a 13.97% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. In the last 90 days, insiders have purchased 116,655 shares of company stock worth $1,458,258.

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.