First Community Corporation (NASDAQ:FCCO) Sees Large Increase in Short Interest

Key Points

• First Community Corporation (NASDAQ:FCCO) experienced a significant increase in short interest, rising by 44.5% in July, totaling 242,700 shares as of July 31st.
• The company announced a quarterly dividend of $0.16, reflecting an increase from the previous $0.15, and representing a 2.5% yield.
• Hovde Group upgraded First Community's stock rating to "outperform" and increased the price target from $28.00 to $29.00.

First Community Corporation (NASDAQ:FCCO - Get Free Report) was the recipient of a large growth in short interest in the month of July. As of July 31st, there was short interest totaling 242,700 shares, agrowthof44.5% from the July 15th total of 168,000 shares. Currently,3.4% of the shares of the company are sold short. Based on an average trading volume of 43,500 shares, the days-to-cover ratio is currently 5.6 days. Based on an average trading volume of 43,500 shares, the days-to-cover ratio is currently 5.6 days. Currently,3.4% of the shares of the company are sold short.

Analyst Upgrades and Downgrades

Separately, Hovde Group upped their price target on shares of First Community from $28.00 to $29.00 and gave the company an "outperform" rating in a report on Thursday, April 24th.

Institutional Trading of First Community

Hedge funds and other institutional investors have recently bought and sold shares of the stock. BNP Paribas Financial Markets raised its position in shares of First Community by 324.2% during the second quarter. BNP Paribas Financial Markets now owns 1,349 shares of the bank's stock valued at $33,000 after buying an additional 1,031 shares during the last quarter. Police & Firemen s Retirement System of New Jersey bought a new position in First Community during the second quarter valued at about $41,000. Blue Trust Inc. acquired a new position in First Community in the 2nd quarter valued at approximately $42,000. Signaturefd LLC raised its holdings in 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 acquiring an additional 1,939 shares in the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new stake in shares of First Community in the 2nd quarter worth approximately $99,000. 61.25% of the stock is currently owned by institutional investors and hedge funds.

First Community Stock Performance

FCCO opened at $25.80 on Tuesday. The company has a quick ratio of 0.77, a current ratio of 0.78 and a debt-to-equity ratio of 0.10. The stock's 50 day moving average price is $24.61 and its two-hundred day moving average price is $23.92. The firm has a market capitalization of $198.40 million, a P/E ratio of 11.57 and a beta of 0.41. First Community has a 12-month low of $19.46 and a 12-month high of $27.96.

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

First Community Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, August 19th. Shareholders of record on Tuesday, August 5th will be given a $0.16 dividend. The ex-dividend date is Tuesday, August 5th. This represents a $0.64 annualized dividend and a yield of 2.5%. This is a positive change from First Community's previous quarterly dividend of $0.15. First Community's dividend payout ratio (DPR) 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.

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