In a remarkable display of market confidence, shares of First Community Corporation (NASDAQ:FCCO) have surged to an all-time high, reaching a price level of $26.44. According to InvestingPro data, the stock currently trades near its Fair Value, with analysts setting price targets between $25 and $28. This milestone underscores a period of significant growth for the company, which has seen its stock value surge by 57.45% in just the past six months. Investors have rallied behind FCCO, buoyed by the company's robust financial performance, including a steady 2.31% dividend yield maintained for 23 consecutive years, and optimistic future outlook. InvestingPro subscribers can access 8 additional key insights about FCCO's financial health and growth prospects.
In other recent news, First Community Corporation has reported a significant increase in their third-quarter net income, reaching $3.861 million, up from $1.756 million from the same period last year. The company's earnings per share (EPS) also saw a notable rise to $0.50, compared to $0.23 in the third quarter of 2023. The bank's total loans expanded by $7.5 million, marking a 2.5% annualized growth rate for the quarter, while total deposits increased by $39.5 million, translating to a 9.8% annualized growth rate.
The investment advisory segment of the business surpassed $900 million in Assets Under Management (AUM), generating revenue of $1.595 million for the quarter. In terms of capital management, the Board of Directors approved a plan to use up to $7.1 million of capital to repurchase shares of its common stock. This follows recent developments where the company's net income for the second quarter of 2024 rose by 25.7% to $3.265 million compared to the first quarter of the same year, and its earnings per share (EPS) increased by 23.5% to $0.42.
The company's Board of Directors also approved an increased cash dividend for the second quarter of 2024, marking the 90th consecutive quarter of cash dividends paid to shareholders. Other recent developments include the company reporting Q1 earnings with a net income of $2.597 million and diluted earnings per share at $0.34. These are part of the ongoing financial developments of First Community Corporation.
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