First Carolina Financial Services, Inc. (NYSE:FCBM) Stock Short Interest Climbs 108.9%

Key Points

• Short interest more than doubled: Shares sold short rose 108.9% to 176,522 as of September 30, representing 0.6% of shares outstanding and 0.5 days to cover.
• Analyst sentiment is mixed but leans positive: Ratings range from Sell to Strong Buy, with MarketBeat reporting an overall “Moderate Buy” consensus and an average price target of $14.50.
• Shares remain near the lower end of their annual range: FCBM recently traded at $12.75, compared with a 52-week range of $12.17 to $13.40. The company most recently reported quarterly EPS of $0.20, topping the $0.19 consensus estimate.

First Carolina Financial Services, Inc. (NYSE:FCBM - Get Free Report) was the target of a large increase in short interest in September. As of September 30th, there was short interest totaling 176,522 shares, an increase of 108.9% from the September 15th total of 84,488 shares. Currently, 0.6% of the company's shares are short sold. Based on an average trading volume of 390,786 shares, the days-to-cover ratio is currently 0.5 days.

Analyst Upgrades and Downgrades

Several research firms have weighed in on FCBM. Wall Street Zen upgraded shares of First Carolina Financial Services to a "hold" rating in a research report on Saturday, June 27th. Raymond James Financial assumed coverage on shares of First Carolina Financial Services in a research note on Monday, July 13th. They set an "outperform" rating and a $15.00 target price on the stock. Zacks Research upgraded First Carolina Financial Services from a "hold" rating to a "strong-buy" rating in a report on Tuesday, October 6th. Hovde Group began coverage on 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. Finally, Weiss Ratings assumed coverage on First Carolina Financial Services in a report on Monday, September 14th. They set a "sell (e)" rating on the stock. One analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, First Carolina Financial Services presently has an average rating of "Moderate Buy" and an average target price of $14.50.

First Carolina Financial Services Stock Down 0.4%

Shares of FCBM traded down $0.05 during trading hours on Tuesday, reaching $12.75. The company's stock had a trading volume of 100,394 shares, compared to its average volume of 140,510. The firm has a 50 day moving average of $12.72. The company has a current ratio of 0.98, a quick ratio of 0.98 and a debt-to-equity ratio of 0.15. The company has a market cap of $396.13 million and a price-to-earnings ratio of 63.75. First Carolina Financial Services has a 1-year low of $12.17 and a 1-year high of $13.40.

First Carolina Financial Services (NYSE:FCBM - Get Free Report) last posted 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 company had revenue of $32.26 million for the quarter. As a group, analysts forecast that First Carolina Financial Services will post 0.95 EPS for the current fiscal year.

First Carolina Financial Services Company Profile

First Carolina Financial Services, Inc is a bank holding company associated with First Carolina Bank, a community banking institution based in North Carolina. The company focuses on serving businesses, individuals and organizations through relationship-oriented banking services.

First Carolina Bank's offerings include business and personal checking and savings accounts, commercial and consumer lending, mortgage-related financing, cash-management services, online and mobile banking, and other traditional banking products.

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