First Community (FCCO) Downgraded by Zacks Investment Research to Hold
First Community (NASDAQ:FCCO) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued to investors 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. “
A number of other equities analysts have also recently issued reports on FCCO. FIG Partners cut First Community from an “outperform” rating to a “market-perform” rating in a report on Monday, January 22nd. ValuEngine cut First Community from a “buy” rating to a “hold” rating in a report on Friday, October 20th.
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 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 firm had revenue of $10.65 million for the quarter, compared to analyst estimates of $10.69 million. sell-side analysts predict that First Community will post 1.38 EPS for the current year.
Several hedge funds and other institutional investors have recently modified their holdings of the stock. The Manufacturers Life Insurance Company grew its holdings in shares of First Community by 2.1% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 390,962 shares of the bank’s stock worth $8,210,000 after acquiring an additional 7,919 shares during the last quarter. Janus Henderson Group PLC grew its holdings in shares of First Community by 136.9% in the 3rd quarter. Janus Henderson Group PLC now owns 128,725 shares of the bank’s stock worth $2,632,000 after acquiring an additional 74,397 shares during the last quarter. Independent Advisor Alliance acquired a new position in shares of First Community in the 3rd quarter worth $904,000. Stifel Financial Corp grew its holdings in shares of First Community by 2.1% in the 2nd quarter. Stifel Financial Corp now owns 19,312 shares of the bank’s stock worth $406,000 after acquiring an additional 406 shares during the last quarter. Finally, Renaissance Technologies LLC acquired a new position in shares of First Community in the 4th quarter worth $348,000. Institutional investors and hedge funds 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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