In a remarkable display of resilience and growth, First Community Corporation (NASDAQ:FCCO) stock has soared to a 52-week high, reaching a price level of $23.41. This milestone underscores a period of significant bullish momentum for the company, reflecting investor confidence and a positive market outlook. Over the past year, FCCO has witnessed an impressive 1-year change, with its stock value climbing by 31.13%. This surge in stock price not only highlights the company's robust financial performance but also suggests a strong investor belief in its future prospects and strategic direction.
In other recent news, First Community Corporation has seen a significant surge in its financial performance. The corporation's net income for Q3 came in at $3.86 million, up from $1.756 million in Q3 of the previous year. This coincided with a rise in diluted earnings per share (EPS) to $0.50, compared to $0.23 in the same period a year ago.
In other recent developments, the company's total loans expanded by $7.5 million for the quarter, marking a 2.5% annualized growth rate. The investment advisory segment surpassed $900 million in assets under management (AUM), generating revenue of $1.595 million for the quarter. The Board of Directors approved a plan to repurchase shares of its common stock with up to $7.1 million of capital, representing about 5.0% of total shareholders' equity.
In addition, First Community Corporation's net income for Q2 of 2024 was reported to have increased by 25.7% to $3.265 million. The total loans marked an annualized growth rate of 11.1%, and the bank's total deposits reached $1.605 billion, indicating an 11.7% annualized growth rate. The Board of Directors also approved an increased cash dividend for Q2 of 2024, marking the 90th consecutive quarter of cash dividends paid to shareholders.
InvestingPro Insights
First Community Corporation's recent stock performance aligns with several key insights from InvestingPro. The company's stock is currently trading near its 52-week high, with a price that is 98.5% of its peak, confirming the strong bullish trend mentioned in the article. This upward momentum is further evidenced by the substantial 37.41% price total return over the past six months.
InvestingPro Tips highlight that FCCO has maintained dividend payments for 23 consecutive years, demonstrating a commitment to shareholder value that likely contributes to investor confidence. The company's profitability over the last twelve months, with a P/E ratio of 16.0, suggests a reasonable valuation given its growth trajectory.
For investors seeking a deeper understanding of FCCO's financial health, InvestingPro offers additional tips and metrics. The platform currently lists 6 more tips for First Community Corporation, providing a comprehensive view of the company's strengths and potential areas of concern.
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