Zacks Investment Research downgraded shares of 1st Constitution Bancorp (NASDAQ:FCCY) from a buy rating to a hold rating in a research note published on Thursday morning, Zacks.com reports.

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. “

Separately, Piper Sandler increased their price target on shares of 1st Constitution Bancorp from $13.00 to $13.50 and gave the stock an overweight rating in a report on Monday, July 27th.

FCCY traded up $0.35 during trading on Thursday, hitting $12.36. 8,169 shares of the company traded hands, compared to its average volume of 9,457. The firm has a market cap of $126.08 million, a P/E ratio of 7.87 and a beta of 0.58. The stock’s fifty day moving average is $12.25 and its 200 day moving average is $14.74. The company has a quick ratio of 0.94, a current ratio of 0.95 and a debt-to-equity ratio of 0.76. 1st Constitution Bancorp has a one year low of $9.01 and a one year high of $22.91.

1st Constitution Bancorp (NASDAQ:FCCY) last issued its earnings results on Friday, July 24th. The financial services provider reported $0.36 earnings per share for the quarter, topping analysts’ consensus estimates of $0.23 by $0.13. 1st Constitution Bancorp had a net margin of 18.76% and a return on equity of 9.41%. The firm had revenue of $16.95 million during the quarter, compared to analyst estimates of $15.18 million. On average, equities research analysts forecast that 1st Constitution Bancorp will post 1.37 EPS for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Tuesday, August 25th. Investors of record on Wednesday, August 12th will be paid a $0.09 dividend. This represents a $0.36 dividend on an annualized basis and a yield of 2.91%. The ex-dividend date of this dividend is Tuesday, August 11th. 1st Constitution Bancorp’s dividend payout ratio is currently 21.43%.

In related news, Director William M. Rue bought 5,000 shares of the stock in a transaction that occurred on Thursday, May 28th. The shares were acquired at an average cost of $12.84 per share, with a total value of $64,200.00. Following the completion of the purchase, the director now directly owns 216,456 shares of the company’s stock, valued at approximately $2,779,295.04. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders purchased 9,100 shares of company stock worth $115,799 over the last ninety days. 14.61% of the stock is currently owned by insiders.

Hedge funds and other institutional investors have recently modified their holdings of the business. First Trust Advisors LP grew its stake in shares of 1st Constitution Bancorp by 7.7% during the 2nd quarter. First Trust Advisors LP now owns 16,363 shares of the financial services provider’s stock valued at $203,000 after acquiring an additional 1,169 shares during the period. State Street Corp raised its holdings in 1st Constitution Bancorp by 4.5% during the 1st quarter. State Street Corp now owns 135,707 shares of the financial services provider’s stock valued at $1,798,000 after buying an additional 5,897 shares during the period. Siena Capital Partners GP LLC grew its position in 1st Constitution Bancorp by 1.1% in the 1st quarter. Siena Capital Partners GP LLC now owns 154,298 shares of the financial services provider’s stock valued at $2,044,000 after acquiring an additional 1,642 shares during the last quarter. Wells Fargo & Company MN grew its position in 1st Constitution Bancorp by 10.5% in the 1st quarter. Wells Fargo & Company MN now owns 17,777 shares of the financial services provider’s stock valued at $235,000 after acquiring an additional 1,684 shares during the last quarter. Finally, Geode Capital Management LLC grew its position in 1st Constitution Bancorp by 6.5% in the 1st quarter. Geode Capital Management LLC now owns 116,209 shares of the financial services provider’s stock valued at $1,539,000 after acquiring an additional 7,076 shares during the last quarter. Institutional investors and hedge funds own 37.82% of the company’s stock.

1st Constitution Bancorp Company Profile

1st Constitution Bancorp operates as the bank holding company for 1st Constitution Bank that provides commercial and retail banking services in the central, coastal, and northeastern areas of New Jersey. The company offers deposit products, including interest bearing demand deposits, such as interest-bearing checking accounts, money market accounts, and negotiable order of withdrawal accounts; and non-interest bearing demand, savings, and time deposits, as well as certificates of deposit.

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