First Community (NASDAQ:FCCO) Releases Quarterly Earnings Results, Beats Estimates By $0.05 EPS

Key Points

• First Community (NASDAQ:FCCO) reported a quarterly earnings of $0.72 EPS, exceeding expectations by $0.05. The company also recorded a return on equity of 11.65%.
• The stock price increased by $0.46 to $27.71 after the earnings announcement, with a market capitalization of $212.77 million.
• Analysts maintain a consensus "Buy" rating with a price target of $29.67, despite Zacks Research downgrading the stock from "strong-buy" to "hold".

First Community (NASDAQ:FCCO - Get Free Report) released its quarterly earnings results on Wednesday. The bank reported $0.72 EPS for the quarter, topping the consensus estimate of $0.67 by $0.05, Zacks reports. First Community had a return on equity of 11.65% and a net margin of 15.87%.

First Community Stock Performance

FCCO stock traded up $0.46 during trading on Wednesday, reaching $27.71. 17,582 shares of the stock were exchanged, compared to its average volume of 42,552. First Community has a twelve month low of $19.46 and a twelve month high of $29.55. 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 company has a market capitalization of $212.77 million, a P/E ratio of 12.42 and a beta of 0.50. The stock has a 50 day simple moving average of $27.52 and a 200-day simple moving average of $25.04.

Wall Street Analyst Weigh In

A number of research analysts have commented on the company. Weiss Ratings reaffirmed a "buy (b)" rating on shares of First Community in a report on Wednesday, October 8th. Zacks Research cut First Community from a "strong-buy" rating to a "hold" rating in a research report on Friday, October 3rd. One analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and one has assigned a Hold rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Buy" and a consensus price target of $29.67.

Insider Transactions at First Community

In related news, Director Roderick M. Todd, Jr. sold 1,679 shares of the business's stock in a transaction dated Thursday, September 11th. The stock was sold at an average price of $28.00, for a total transaction of $47,012.00. Following the transaction, the director directly owned 11,866 shares in the company, valued at $332,248. The trade was a 12.40% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. 5.92% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On First Community

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Millennium Management LLC increased its stake in First Community by 115.5% during the first quarter. Millennium Management LLC now owns 195,527 shares of the bank's stock valued at $4,411,000 after acquiring an additional 104,796 shares during the period. Geode Capital Management LLC grew its stake in shares of First Community by 103.4% in the 2nd quarter. Geode Capital Management LLC now owns 174,732 shares of the bank's stock valued at $4,260,000 after purchasing an additional 88,807 shares during the period. Goldman Sachs Group Inc. grew its stake in shares of First Community by 199.8% in the 1st quarter. Goldman Sachs Group Inc. now owns 90,919 shares of the bank's stock valued at $2,051,000 after purchasing an additional 60,596 shares during the period. Jane Street Group LLC grew its stake in shares of First Community by 63.7% in the 1st quarter. Jane Street Group LLC now owns 51,323 shares of the bank's stock valued at $1,158,000 after purchasing an additional 19,978 shares during the period. Finally, Arrowstreet Capital Limited Partnership grew its stake in shares of First Community by 23.7% in the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 49,527 shares of the bank's stock valued at $1,207,000 after purchasing an additional 9,478 shares during the period. 61.25% of the stock is currently owned by institutional investors.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.