First Community (FCCO) Downgraded by Zacks Investment Research to “Hold”

Zacks Investment Research downgraded shares of First Community (NASDAQ:FCCO) from a buy rating to a hold rating in a research note released on Tuesday morning.

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. “

Several other brokerages have also issued reports on FCCO. FIG Partners lowered First Community from an outperform rating to a market-perform rating in a research note on Monday, January 22nd. ValuEngine lowered First Community from a buy rating to a hold rating in a research note on Friday, October 20th.

Shares of First Community (FCCO) opened at $20.85 on Tuesday. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.75 and a current ratio of 0.76. First Community has a 52 week low of $18.50 and a 52 week high of $24.87. The stock has a market capitalization of $163.52, a PE ratio of 24.53 and a beta of 0.75.

First Community (NASDAQ:FCCO) last issued its quarterly 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 return on equity of 8.73% and a net margin of 13.91%. The firm had revenue of $10.65 million for the quarter, compared to the consensus estimate of $10.69 million. sell-side analysts forecast that First Community will post 1.38 EPS for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, February 15th. Stockholders of record on Thursday, February 1st will be issued a $0.10 dividend. The ex-dividend date of this dividend is Wednesday, January 31st. This represents a $0.40 annualized dividend and a dividend yield of 1.92%. This is an increase from First Community’s previous quarterly dividend of $0.09. First Community’s payout ratio is currently 47.06%.

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. The Manufacturers Life Insurance Company increased its holdings in shares of First Community by 2.1% in the second quarter. The Manufacturers Life Insurance Company now owns 390,962 shares of the bank’s stock worth $8,210,000 after buying an additional 7,919 shares during the period. Janus Henderson Group PLC increased its holdings in shares of First Community by 136.9% in the third quarter. Janus Henderson Group PLC now owns 128,725 shares of the bank’s stock worth $2,632,000 after buying an additional 74,397 shares during the period. Independent Advisor Alliance purchased a new position in shares of First Community in the third quarter worth about $904,000. Stifel Financial Corp increased its holdings in shares of First Community by 2.1% in the second quarter. Stifel Financial Corp now owns 19,312 shares of the bank’s stock worth $406,000 after buying an additional 406 shares during the period. Finally, Renaissance Technologies LLC purchased a new position in shares of First Community in the fourth quarter worth about $348,000. Hedge funds and other institutional investors own 42.22% of the company’s stock.

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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.

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