First Community (NASDAQ:FCCO) Stock Crosses Above 200-Day Moving Average - Here's What Happened

Key Points

• First Community shares crossed above their 200-day moving average, reaching $33.79 before closing at $33.49, compared with a 200-day average of $31.59.
• Analysts maintain a “Moderate Buy” consensus with a $37.50 price target. The bank also exceeded quarterly earnings expectations, reporting $0.84 in EPS versus the $0.69 consensus and revenue of $25.14 million.
• First Community increased its quarterly dividend to $0.17 per share, equivalent to a 2.0% annual yield, while company insiders recently sold shares and institutional investors own 61.25% of the stock.

First Community Corporation (NASDAQ:FCCO - Get Free Report)'s stock price passed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $31.59 and traded as high as $33.79. First Community shares last traded at $33.49, with a volume of 25,519 shares traded.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on FCCO. Hovde Group increased their target price on First Community from $36.00 to $37.50 and gave the company an "outperform" rating in a report on Thursday, August 13th. Wall Street Zen lowered shares of First Community from a "buy" rating to a "hold" rating in a research report on Saturday, August 15th. Finally, Weiss Ratings reaffirmed a "buy (b)" rating on shares of First Community in a report on Friday, July 17th. Two equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $37.50.

First Community Stock Down 0.7%

The company has a quick ratio of 0.81, a current ratio of 0.82 and a debt-to-equity ratio of 0.07. The stock has a market capitalization of $314.81 million, a P/E ratio of 12.50 and a beta of 0.33. The company has a fifty day moving average price of $33.80 and a 200-day moving average price of $31.59.

First Community (NASDAQ:FCCO - Get Free Report) last announced its quarterly earnings results on Wednesday, July 22nd. The bank reported $0.84 earnings per share for the quarter, topping the consensus estimate of $0.69 by $0.15. First Community had a net margin of 18.32% and a return on equity of 13.23%. The company had revenue of $25.14 million for the quarter, compared to analysts' expectations of $24.69 million. As a group, research analysts forecast that First Community Corporation will post 3.14 EPS for the current fiscal year.

First Community Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, August 18th. Investors of record on Tuesday, August 4th were issued a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a yield of 2.0%. The ex-dividend date was Tuesday, August 4th. This is an increase from First Community's previous quarterly dividend of $0.16. First Community's dividend payout ratio (DPR) is presently 25.37%.

Insider Transactions at First Community

In other news, EVP Fred Joseph Deutsch sold 10,000 shares of First Community stock in a transaction that occurred on Tuesday, July 28th. The shares were sold at an average price of $34.52, for a total transaction of $345,200.00. Following the completion of the sale, the executive vice president owned 18,468 shares of the company's stock, valued at approximately $637,515.36. The trade was a 35.13% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Jonathan W. Been sold 14,800 shares of the company's stock in a transaction on Thursday, September 3rd. The stock was sold at an average price of $34.05, for a total value of $503,940.00. Following the completion of the sale, the director owned 120,655 shares of the company's stock, valued at $4,108,302.75. This represents a 10.93% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Corporate insiders own 8.84% of the company's stock.

Institutional Trading of First Community

A number of institutional investors have recently modified their holdings of FCCO. Public Employees Retirement System of Ohio acquired a new position in First Community during the 2nd quarter valued at approximately $195,000. NewEdge Advisors LLC grew its stake in First Community by 24.7% during the 1st quarter. NewEdge Advisors LLC now owns 10,607 shares of the bank's stock valued at $310,000 after purchasing an additional 2,099 shares during the last quarter. Hsbc Holdings PLC purchased a new stake in First Community during the 4th quarter valued at about $524,000. Lazard Asset Management LLC acquired a new position in shares of First Community in the first quarter valued at about $594,000. Finally, Bank of New York Mellon Corp acquired a new position in shares of First Community in the second quarter valued at about $796,000. 61.25% of the stock is currently owned by institutional investors.

About First Community

First Community Corporation is the bank holding company for First Community Bank, a community-focused financial institution headquartered in Lexington, South Carolina. Through its banking subsidiary, the company provides financial products and services to individuals, families, businesses and nonprofit organizations.

First Community Bank offers deposit accounts, consumer and commercial loans, residential mortgage lending, home equity products, and other business banking services. Its offerings also include treasury management, online and mobile banking, and wealth management services designed to support customers' personal and business financial needs.

First Community serves customers through offices and digital banking channels in South Carolina, with a presence in the Midlands and other selected markets in the state.

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