Southern First Bancshares (NASDAQ:SFST) Trading Down 3.2% - Should You Sell?

Key Points

• SFST shares fell 3.2% to about $61.47 in thin trading, while the consensus analyst rating remains “Moderate Buy” with a $64 price target.
• Southern First Bancshares slightly exceeded quarterly EPS expectations, reporting $1.20 per share versus $1.19 expected, though revenue of $20.4 million was below the $36.3 million estimate.
• Insiders sold 5,868 shares worth approximately $366,737 over the past three months, while institutional investors own a substantial 75% of outstanding shares.

Southern First Bancshares, Inc. (NASDAQ:SFST - Get Free Report)'s share price fell 3.2% during mid-day trading on Thursday . The company traded as low as $60.67 and last traded at $61.4670. 4,805 shares were traded during mid-day trading, a decline of 96% from the average daily volume of 110,532 shares. The stock had previously closed at $63.52.

Analysts Set New Price Targets

Several research firms have recently weighed in on SFST. Weiss Ratings reiterated a "buy (b)" rating on shares of Southern First Bancshares in a research note on Friday, July 31st. Zacks Research downgraded shares of Southern First Bancshares from a "strong-buy" rating to a "hold" rating in a report on Thursday, August 20th. Two investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat.com, Southern First Bancshares has an average rating of "Moderate Buy" and a consensus price target of $64.00.

Southern First Bancshares Price Performance

The business's 50-day moving average price is $62.56 and its 200 day moving average price is $58.81. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 0.03. The company has a market capitalization of $588.74 million, a P/E ratio of 13.33 and a beta of 0.67.

Southern First Bancshares (NASDAQ:SFST - Get Free Report) last posted its earnings results on Tuesday, July 21st. The bank reported $1.20 earnings per share for the quarter, topping analysts' consensus estimates of $1.19 by $0.01. Southern First Bancshares had a net margin of 16.78% and a return on equity of 10.18%. The business had revenue of $20.40 million for the quarter, compared to analyst estimates of $36.30 million. Analysts anticipate that Southern First Bancshares, Inc. will post 5.4 EPS for the current fiscal year.

Insider Buying and Selling at Southern First Bancshares

In other Southern First Bancshares news, CAO Julie Fairchild sold 1,500 shares of the firm's stock in a transaction dated Monday, August 3rd. The stock was sold at an average price of $63.00, for a total value of $94,500.00. Following the sale, the chief accounting officer owned 5,200 shares of the company's stock, valued at $327,600. This trade represents a 22.39% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Leighton M. Cubbage sold 500 shares of Southern First Bancshares stock in a transaction dated Thursday, September 3rd. The shares were sold at an average price of $62.79, for a total value of $31,395.00. Following the sale, the director owned 46,600 shares of the company's stock, valued at approximately $2,926,014. This trade represents a 1.06% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 5,868 shares of company stock valued at $366,737 in the last three months. 6.90% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Cullen Frost Bankers Inc. raised its position in Southern First Bancshares by 40.2% during the fourth quarter. Cullen Frost Bankers Inc. now owns 666 shares of the bank's stock valued at $34,000 after purchasing an additional 191 shares in the last quarter. Legal & General Group Plc purchased a new position in shares of Southern First Bancshares during the 2nd quarter valued at about $54,000. State of Wyoming bought a new stake in Southern First Bancshares in the 2nd quarter worth approximately $75,000. Hillsdale Investment Management Inc. lifted its position in Southern First Bancshares by 3,764.7% in the 1st quarter. Hillsdale Investment Management Inc. now owns 6,570 shares of the bank's stock worth $358,000 after buying an additional 6,400 shares during the last quarter. Finally, Arkadios Wealth Advisors purchased a new stake in Southern First Bancshares in the first quarter worth approximately $398,000. 75.00% of the stock is currently owned by hedge funds and other institutional investors.

About Southern First Bancshares

Southern First Bancshares, Inc is a bank holding company headquartered in Greenville, South Carolina. Through its wholly owned subsidiary, Southern First Bank, the company provides banking and financial services to individuals, businesses and professional organizations.

Southern First Bank offers a range of deposit products, commercial and consumer loans, residential mortgage lending, treasury management and online and mobile banking services. Its lending activities include commercial real estate, business, construction, residential and consumer loans, while its deposit offerings include checking, savings and money market accounts, certificates of deposit and other related products.

Founded in 1999, Southern First has built a community-banking presence in markets across South Carolina and North Carolina, including the Greenville, Columbia and Charleston areas and the Charlotte and Raleigh markets.

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