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 $25.41. This milestone underscores the company's robust performance over the past year, which is further highlighted by an impressive 1-year change of 45.36%. Investors have shown increased confidence in FCCO, as the stock's ascent reflects a bullish sentiment towards the company's prospects and strategic initiatives. The 52-week high represents a significant achievement for First Community Corporation, marking a period of sustained value creation for its shareholders.
"In other recent news, First Community Corporation reported a significant increase in Q3 net income, reaching $3.861 million, up from $1.756 million in the same period last year. The company's diluted earnings per share also saw a rise, hitting $0.50 for the quarter, a considerable increase from $0.23 in Q3 of 2023. In addition, First Community Corporation's total loans expanded by $7.5 million, marking a 2.5% annualized growth rate for the quarter.
The company's investment advisory segment surpassed $900 million in Assets Under Management (AUM), generating revenue of $1.595 million for Q3 and $4.461 million year-to-date. The corporation continues to maintain strong credit quality metrics, with a non-performing assets ratio of 0.04% and a past due ratio of 0.11%.
In other recent developments, the company's Board of Directors approved a plan to repurchase up to $7.1 million of its common stock, representing about 5.0% of total shareholders' equity as of September 30, 2024. Furthermore, the bank's total assets reached $1.944 billion and a cash dividend of $0.15 per common share was announced for the 91st consecutive quarter. These recent developments highlight First Community Corporation's solid financial performance and strategic financial management."
InvestingPro Insights
First Community Corporation's recent stock performance aligns with several key metrics and insights from InvestingPro. The company's stock is currently trading near its 52-week high, with a price that is 99.92% of its peak, confirming the article's observation. This strong performance is further evidenced by InvestingPro data showing impressive returns across various timeframes: a 17.8% return over the last month, a 22.26% return over three months, and a substantial 56.45% return over six months.
InvestingPro Tips highlight that FCCO has maintained dividend payments for 23 consecutive years and has raised its dividend for 3 consecutive years, indicating a commitment to shareholder returns. This is particularly relevant given the company's current dividend yield of 2.4%. Additionally, FCCO's profitability over the last twelve months and analysts' predictions of continued profitability this year suggest a stable financial foundation supporting its stock performance.
For investors seeking more comprehensive analysis, InvestingPro offers 12 additional tips for FCCO, providing a deeper understanding of the company's financial health and market position.
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