Piper Sandler Forecasts Strong Price Appreciation for Southern First Bancshares (NASDAQ:SFST) Stock

Southern First Bancshares (NASDAQ:SFST - Get Free Report) had its target price upped by Piper Sandler from $43.00 to $51.00 in a note issued to investors on Wednesday,Benzinga reports. The brokerage currently has an "overweight" rating on the bank's stock. Piper Sandler's target price would indicate a potential upside of 14.94% from the stock's current price.

Southern First Bancshares Stock Down 1.4%

Shares of Southern First Bancshares stock traded down $0.64 on Wednesday, reaching $44.37. 27,208 shares of the company were exchanged, compared to its average volume of 25,753. Southern First Bancshares has a 1-year low of $29.14 and a 1-year high of $45.96. The company has a market cap of $362.50 million, a P/E ratio of 16.43 and a beta of 0.77. The company has a debt-to-equity ratio of 0.78, a current ratio of 1.09 and a quick ratio of 1.09. The stock's 50 day moving average price is $38.02 and its 200-day moving average price is $35.70.

Southern First Bancshares (NASDAQ:SFST - Get Free Report) last announced its quarterly earnings results on Tuesday, July 22nd. The bank reported $0.81 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.65 by $0.16. The firm had revenue of $28.63 million during the quarter, compared to the consensus estimate of $26.80 million. Southern First Bancshares had a return on equity of 6.59% and a net margin of 10.09%. As a group, equities analysts forecast that Southern First Bancshares will post 1.85 EPS for the current year.

Insider Buying and Selling

In related news, Director Leighton M. Cubbage sold 1,083 shares of the stock in a transaction dated Monday, June 23rd. The stock was sold at an average price of $35.72, for a total value of $38,684.76. Following the completion of the transaction, the director owned 51,205 shares of the company's stock, valued at approximately $1,829,042.60. This represents a 2.07% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director William Iv Maner purchased 700 shares of the company's stock in a transaction that occurred on Wednesday, May 14th. The shares were purchased at an average cost of $36.15 per share, for a total transaction of $25,305.00. Following the completion of the transaction, the director owned 2,700 shares in the company, valued at approximately $97,605. This represents a 35.00% increase in their position. The disclosure for this purchase can be found here. Company insiders own 7.06% of the company's stock.

Institutional Investors Weigh In On Southern First Bancshares

Several institutional investors and hedge funds have recently made changes to their positions in the company. T. Rowe Price Investment Management Inc. increased its position in Southern First Bancshares by 0.7% in the first quarter. T. Rowe Price Investment Management Inc. now owns 802,974 shares of the bank's stock worth $26,434,000 after buying an additional 5,931 shares during the period. Vanguard Group Inc. increased its position in Southern First Bancshares by 0.3% in the fourth quarter. Vanguard Group Inc. now owns 421,300 shares of the bank's stock worth $16,747,000 after buying an additional 1,249 shares during the period. Dimensional Fund Advisors LP increased its holdings in shares of Southern First Bancshares by 3.2% during the fourth quarter. Dimensional Fund Advisors LP now owns 350,875 shares of the bank's stock valued at $13,947,000 after purchasing an additional 10,854 shares during the period. Ameriprise Financial Inc. increased its holdings in shares of Southern First Bancshares by 0.6% during the fourth quarter. Ameriprise Financial Inc. now owns 278,549 shares of the bank's stock valued at $11,072,000 after purchasing an additional 1,610 shares during the period. Finally, Rhino Investment Partners Inc increased its holdings in shares of Southern First Bancshares by 2,936.8% during the fourth quarter. Rhino Investment Partners Inc now owns 230,221 shares of the bank's stock valued at $9,151,000 after purchasing an additional 222,640 shares during the period. 75.00% of the stock is owned by institutional investors and hedge funds.

Southern First Bancshares Company Profile

Southern First Bancshares, Inc operates as the bank holding company for Southern First Bank that provides commercial, consumer, and mortgage loans to the general public in South Carolina, North Carolina, and Georgia. The company accepts various deposit products that include checking accounts, commercial checking accounts, and savings accounts, as well as other time deposits, including daily money market accounts and long-term certificates of deposit.