Southern First Bancshares (NASDAQ:SFST) Stock Price Passes Above Fifty Day Moving Average - Here's Why

Key Points

• Southern First Bancshares' stock rose above its fifty-day moving average, reaching a high of $41.89 before closing at $40.40.
• Analysts at Piper Sandler upgraded their price target from $43.00 to $51.00 for the company, reflecting a positive outlook.
• During the last quarter, Southern First Bancshares reported earnings of $0.81 per share, exceeding analyst expectations of $0.65.

Southern First Bancshares, Inc. (NASDAQ:SFST - Get Free Report)'s stock price passed above its fifty day moving average during trading on Monday . The stock has a fifty day moving average of $39.09 and traded as high as $41.89. Southern First Bancshares shares last traded at $40.40, with a volume of 15,915 shares trading hands.

Analysts Set New Price Targets

Separately, Piper Sandler raised their price objective on Southern First Bancshares from $43.00 to $51.00 and gave the company an "overweight" rating in a research note on Wednesday, July 23rd.

Southern First Bancshares Stock Down 1.0%

The firm has a 50 day moving average of $39.09 and a two-hundred day moving average of $36.10. The firm has a market capitalization of $330.47 million, a price-to-earnings ratio of 14.96 and a beta of 0.83. The company has a quick ratio of 1.09, a current ratio of 1.10 and a debt-to-equity ratio of 0.77.

Southern First Bancshares (NASDAQ:SFST - Get Free Report) last issued its quarterly earnings data 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 business had revenue of $28.63 million during the quarter, compared to analyst estimates of $26.80 million. Southern First Bancshares had a net margin of 10.09% and a return on equity of 6.52%. As a group, sell-side analysts anticipate that Southern First Bancshares, Inc. will post 1.85 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Director Leighton M. Cubbage sold 1,083 shares of the firm's stock in a transaction that occurred on Monday, June 23rd. The shares were 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 in the company, valued at $1,829,042.60. This trade represents a 2.07% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director William Iv Maner acquired 700 shares of the company's stock in a transaction that occurred on Wednesday, May 14th. The stock was acquired at an average price of $36.15 per share, with a total value of $25,305.00. Following the acquisition, the director owned 2,700 shares in the company, valued at $97,605. The trade was a 35.00% increase in their ownership of the stock. The disclosure for this purchase can be found here. 7.06% of the stock is owned by company insiders.

Hedge Funds Weigh In On Southern First Bancshares

Hedge funds and other institutional investors have recently made changes to their positions in the stock. GAMMA Investing LLC lifted its stake in shares of Southern First Bancshares by 9,638.9% in the first quarter. GAMMA Investing LLC now owns 7,012 shares of the bank's stock worth $213,000 after acquiring an additional 6,940 shares during the period. Deutsche Bank AG acquired a new position in shares of Southern First Bancshares in the fourth quarter worth approximately $286,000. Wells Fargo & Company MN lifted its stake in shares of Southern First Bancshares by 15.1% in the fourth quarter. Wells Fargo & Company MN now owns 7,506 shares of the bank's stock worth $298,000 after acquiring an additional 986 shares during the period. Wagner Wealth Management LLC lifted its stake in shares of Southern First Bancshares by 49.5% in the first quarter. Wagner Wealth Management LLC now owns 8,306 shares of the bank's stock worth $273,000 after acquiring an additional 2,750 shares during the period. Finally, Northwestern Mutual Wealth Management Co. lifted its stake in shares of Southern First Bancshares by 44.8% in the first quarter. Northwestern Mutual Wealth Management Co. now owns 8,535 shares of the bank's stock worth $281,000 after acquiring an additional 2,639 shares during the period. 75.00% of the stock is owned by institutional investors and hedge funds.

About Southern First Bancshares

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.

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