First Community (FCCO) Stock Rating Lowered by Zacks Investment Research
Zacks Investment Research downgraded shares of First Community (NASDAQ:FCCO) from a hold rating to a sell rating in a report issued on Tuesday.
According to Zacks, “First Community Corp presently engages in no business other than owning and managing the First Community Bank. The bank is engaged in a general commercial and retail banking business, emphasizing the needs of small-to-medium sized businesses, professional concerns and individuals, primarily in Richland and Lexington counties of South Carolina and the surrounding area. “
Separately, FIG Partners lowered First Community from an outperform rating to a market-perform rating in a research report on Monday, January 22nd.
First Community (NASDAQ:FCCO) last announced its earnings results on Wednesday, January 17th. The bank reported $0.28 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.29 by ($0.01). First Community had a net margin of 13.91% and a return on equity of 8.73%. The business had revenue of $10.65 million for the quarter, compared to analysts’ expectations of $10.69 million. analysts expect that First Community will post 1.38 EPS for the current year.
The firm also recently announced a quarterly dividend, which was paid on Thursday, February 15th. Shareholders of record on Thursday, February 1st were given a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 1.89%. The ex-dividend date of this dividend was Wednesday, January 31st. This is a positive change from First Community’s previous quarterly dividend of $0.09. First Community’s payout ratio is 47.06%.
Several large investors have recently made changes to their positions in FCCO. Bank of New York Mellon Corp purchased a new position in shares of First Community during the fourth quarter valued at approximately $240,000. Deutsche Bank AG boosted its position in shares of First Community by 44.8% during the fourth quarter. Deutsche Bank AG now owns 10,825 shares of the bank’s stock valued at $244,000 after buying an additional 3,350 shares during the period. Millennium Management LLC purchased a new position in shares of First Community during the fourth quarter valued at approximately $245,000. Wells Fargo & Company MN boosted its position in shares of First Community by 528.5% during the fourth quarter. Wells Fargo & Company MN now owns 13,809 shares of the bank’s stock valued at $313,000 after buying an additional 11,612 shares during the period. Finally, Renaissance Technologies LLC purchased a new position in shares of First Community during the fourth quarter valued at approximately $348,000. Institutional investors and hedge funds own 40.35% of the company’s stock.
First Community Company Profile
First Community Corporation is a bank holding company for First Community Bank (the Bank). The Bank offers commercial and retail banking services to small-to-medium sized businesses, professional concerns and individuals, primarily in Richland, Lexington, Kershaw and Newberry Counties of South Carolina and the surrounding areas.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for First Community Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for First Community and related companies with MarketBeat.com's FREE daily email newsletter.