1st Constitution Bancorp (NASDAQ:FCCY) Raised to Buy at Zacks Investment Research

Zacks Investment Research upgraded shares of 1st Constitution Bancorp (NASDAQ:FCCY) from a hold rating to a buy rating in a research note issued to investors on Tuesday morning, Zacks.com reports. Zacks Investment Research currently has $24.00 price objective on the financial services provider’s stock.

According to Zacks, “1st Constitution Bancorp occupies an enviable position as one of New Jersey’s few independent community banks. Dramatically improved earnings and growth, a strong capital base, and a dynamic management, combined to propel 1st Constitution Bank full speed ahead amid the changing tides in the banking industry. 1st Constitution Bank is a community oriented bank serving Central New Jersey. “

Shares of NASDAQ FCCY opened at $23.18 on Tuesday. The stock has a market cap of $238.41 million, a PE ratio of 11.31 and a beta of 0.73. 1st Constitution Bancorp has a fifty-two week low of $11.06 and a fifty-two week high of $23.22. The company has a debt-to-equity ratio of 0.09, a quick ratio of 0.92 and a current ratio of 0.93. The stock has a fifty day moving average of $21.80 and a 200-day moving average of $20.41.

1st Constitution Bancorp (NASDAQ:FCCY) last posted its earnings results on Thursday, July 22nd. The financial services provider reported $0.53 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.50 by $0.03. 1st Constitution Bancorp had a return on equity of 11.32% and a net margin of 24.55%. The business had revenue of $18.18 million during the quarter, compared to analysts’ expectations of $19.26 million. On average, sell-side analysts predict that 1st Constitution Bancorp will post 1.96 EPS for the current year.

The business also recently announced a quarterly dividend, which was paid on Wednesday, August 25th. Stockholders of record on Thursday, August 12th were paid a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.73%. The ex-dividend date of this dividend was Wednesday, August 11th. 1st Constitution Bancorp’s dividend payout ratio (DPR) is presently 22.60%.

Several hedge funds have recently bought and sold shares of the business. Millennium Management LLC purchased a new stake in shares of 1st Constitution Bancorp in the 2nd quarter worth approximately $3,496,000. Banc Funds Co. LLC lifted its holdings in shares of 1st Constitution Bancorp by 11.0% during the 1st quarter. Banc Funds Co. LLC now owns 725,163 shares of the financial services provider’s stock valued at $12,770,000 after buying an additional 71,994 shares during the period. Siena Capital Partners GP LLC raised its holdings in 1st Constitution Bancorp by 31.0% in the 2nd quarter. Siena Capital Partners GP LLC now owns 167,961 shares of the financial services provider’s stock worth $3,475,000 after purchasing an additional 39,747 shares during the period. BlackRock Inc. raised its holdings in 1st Constitution Bancorp by 8.0% in the 1st quarter. BlackRock Inc. now owns 535,871 shares of the financial services provider’s stock worth $9,437,000 after purchasing an additional 39,511 shares during the period. Finally, Ergoteles LLC bought a new position in 1st Constitution Bancorp in the 2nd quarter worth $811,000. Hedge funds and other institutional investors own 36.07% of the company’s stock.

About 1st Constitution Bancorp

1st Constitution Bancorp is a bank holding company, which through its subsidiary, engages in the provision of commercial and retail banking. It offers demand, savings and time deposits, and commercial and consumer or instalment loans. The company was founded in February 1999 and is headquartered in Cranbury, NJ.

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