First Carolina Financial Services, Inc. (NYSE:FCBM) Short Interest Up 101.0% in August

Key Points

• Short interest doubled: Shares sold short rose 101% to 62,061 as of August 14, representing 0.2% of outstanding shares and 0.7 days of average trading volume.
• Stock and earnings: FCBM shares fell 0.6% to $12.62, within a 12-month range of $12.17 to $13.40. The company reported quarterly EPS of $0.20, narrowly beating the $0.19 consensus estimate, on $32.26 million in revenue.
• Analyst view remains neutral: Analysts have an average “Hold” rating and a consensus price target of $14.50, while insiders purchased 116,655 shares worth approximately $1.46 million over the last quarter.

First Carolina Financial Services, Inc. (NYSE:FCBM - Get Free Report) saw a significant increase in short interest in August. As of August 14th, there was short interest totaling 62,061 shares, an increase of 101.0% from the July 30th total of 30,870 shares. Based on an average daily trading volume, of 93,632 shares, the short-interest ratio is presently 0.7 days. Currently, 0.2% of the company's stock are short sold.

First Carolina Financial Services Stock Down 0.6%

NYSE:FCBM traded down $0.07 during mid-day trading on Friday, hitting $12.62. 93,288 shares of the company's stock traded hands, compared to its average volume of 96,176. The firm's 50 day moving average price is $12.69. First Carolina Financial Services has a 12 month low of $12.17 and a 12 month high of $13.40.

First Carolina Financial Services (NYSE:FCBM - Get Free Report) last issued its quarterly earnings results on Thursday, July 30th. The company reported $0.20 EPS for the quarter, topping the consensus estimate of $0.19 by $0.01. The business had revenue of $32.26 million during the quarter. Analysts anticipate that First Carolina Financial Services will post 0.95 EPS for the current year.

Analysts Set New Price Targets

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

Insider Activity at First Carolina Financial Services

In related news, Director Gregory Everette Floyd purchased 18,750 shares of First Carolina Financial Services stock in a transaction on Thursday, June 18th. The stock was bought at an average price of $12.50 per share, with a total value of $234,375.00. Following the completion of the transaction, the director directly owned 152,990 shares of the company's stock, valued at approximately $1,912,375. This represents a 13.97% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director James A. Lucas, Jr. purchased 16,000 shares of the firm's 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 $200,000.00. Following the purchase, the director owned 439,884 shares in the company, valued at $5,498,550. This represents a 3.77% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Over the last quarter, insiders purchased 116,655 shares of company stock valued at $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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