Short Interest in First Community Corporation (NASDAQ:FCCO) Declines By 37.6%

First Community Corporation (NASDAQ:FCCO) was the target of a large drop in short interest in the month of April. As of April 30th, there was short interest totaling 56,341 shares, a drop of 37.6% from the April 15th total of 90,304 shares. Currently, 0.7% of the company’s shares are sold short. Based on an average daily trading volume, of 72,101 shares, the days-to-cover ratio is currently 0.8 days.

First Community Stock Down 0.7%

NASDAQ FCCO traded down $0.22 during trading hours on Friday, hitting $29.26. The company had a trading volume of 52,111 shares, compared to its average volume of 68,706. The firm’s 50 day moving average is $29.50 and its 200 day moving average is $29.29. The company has a debt-to-equity ratio of 0.09, a current ratio of 0.79 and a quick ratio of 0.79. First Community has a fifty-two week low of $21.80 and a fifty-two week high of $31.51. The company has a market capitalization of $274.46 million, a price-to-earnings ratio of 11.47 and a beta of 0.35.

First Community (NASDAQ:FCCO) last issued its earnings results on Wednesday, April 22nd. The bank reported $0.72 earnings per share for the quarter, topping the consensus estimate of $0.64 by $0.08. First Community had a return on equity of 14.19% and a net margin of 17.29%.The company had revenue of $23.16 million during the quarter, compared to the consensus estimate of $23.61 million. Sell-side analysts anticipate that First Community will post 2.97 earnings per share for the current fiscal year.

First Community Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, May 19th. Shareholders of record on Tuesday, May 5th will be given a $0.16 dividend. The ex-dividend date of this dividend is Tuesday, May 5th. This represents a $0.64 annualized dividend and a yield of 2.2%. First Community’s dividend payout ratio (DPR) is 25.10%.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in FCCO. Advisory Services Network LLC purchased a new position in shares of First Community in the third quarter valued at $26,000. CWM LLC purchased a new stake in First Community during the 3rd quarter worth $31,000. BNP Paribas Financial Markets lifted its holdings in First Community by 324.2% in the 2nd quarter. BNP Paribas Financial Markets now owns 1,349 shares of the bank’s stock worth $33,000 after buying an additional 1,031 shares in the last quarter. Federated Hermes Inc. lifted its holdings in First Community by 116.2% in the 3rd quarter. Federated Hermes Inc. now owns 1,405 shares of the bank’s stock worth $40,000 after buying an additional 755 shares in the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new position in First Community in the 2nd quarter valued at about $99,000. 61.25% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several brokerages have commented on FCCO. Hovde Group upped their price target on First Community from $32.00 to $34.00 and gave the stock an “outperform” rating in a research note on Tuesday, February 3rd. Weiss Ratings restated a “buy (b)” rating on shares of First Community in a report on Tuesday, April 21st. Two research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $34.00.

First Community Company Profile

First Community Financial Corp. (NASDAQ: FCCO) is the bank holding company for First Community Bank, a full-service commercial bank headquartered in Bluefield, West Virginia. Through its subsidiary, the company delivers a comprehensive range of financial services to individuals, small businesses and larger commercial clients. Its operations are focused on community banking, with an emphasis on personalized relationship management and local decision-making.

The company’s core offerings include deposit products such as checking and savings accounts, certificates of deposit and money market accounts, as well as consumer and commercial lending solutions.