Summit Financial Group Inc. bought a new stake in shares of First Community Bancshares, Inc. (NASDAQ:FCBC) during the second quarter, according to its most recent 13F filing with the SEC. The fund bought 114,187 shares of the bank’s stock, valued at approximately $3,123,000. First Community Bancshares makes up approximately 2.7% of Summit Financial Group Inc.’s investment portfolio, making the stock its 5th largest position. Summit Financial Group Inc. owned about 0.67% of First Community Bancshares at the end of the most recent reporting period.
A number of other institutional investors have also bought and sold shares of FCBC. Wells Fargo & Company MN increased its position in First Community Bancshares by 1.6% in the first quarter. Wells Fargo & Company MN now owns 12,582 shares of the bank’s stock valued at $314,000 after buying an additional 199 shares during the period. PNC Financial Services Group Inc. increased its position in First Community Bancshares by 4.0% in the first quarter. PNC Financial Services Group Inc. now owns 9,780 shares of the bank’s stock valued at $244,000 after buying an additional 380 shares during the period. Parametric Portfolio Associates LLC increased its position in First Community Bancshares by 0.9% in the first quarter. Parametric Portfolio Associates LLC now owns 47,877 shares of the bank’s stock valued at $1,195,000 after buying an additional 440 shares during the period. American International Group Inc. increased its position in First Community Bancshares by 7.0% in the first quarter. American International Group Inc. now owns 9,612 shares of the bank’s stock valued at $240,000 after buying an additional 626 shares during the period. Finally, Teachers Advisors LLC increased its position in First Community Bancshares by 3.3% in the fourth quarter. Teachers Advisors LLC now owns 32,074 shares of the bank’s stock valued at $967,000 after buying an additional 1,037 shares during the period. Hedge funds and other institutional investors own 46.01% of the company’s stock.
First Community Bancshares, Inc. (NASDAQ FCBC) traded up 1.71% during midday trading on Friday, hitting $25.00. 31,399 shares of the company’s stock traded hands. The company has a 50 day moving average of $27.00 and a 200-day moving average of $26.41. First Community Bancshares, Inc. has a 52 week low of $20.47 and a 52 week high of $31.94. The company has a market capitalization of $425.42 million, a PE ratio of 16.77 and a beta of 0.71.
First Community Bancshares (NASDAQ:FCBC) last posted its quarterly earnings data on Tuesday, July 25th. The bank reported $0.38 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.37 by $0.01. The firm had revenue of $27.77 million for the quarter. First Community Bancshares had a return on equity of 7.38% and a net margin of 21.56%. Equities research analysts predict that First Community Bancshares, Inc. will post $1.58 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Friday, August 18th. Shareholders of record on Friday, August 4th were issued a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a yield of 2.88%. The ex-dividend date was Wednesday, August 2nd. This is an increase from First Community Bancshares’s previous quarterly dividend of $0.16. First Community Bancshares’s payout ratio is presently 48.32%.
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Several research firms have weighed in on FCBC. Keefe, Bruyette & Woods restated a “hold” rating on shares of First Community Bancshares in a report on Sunday, July 30th. BidaskClub cut shares of First Community Bancshares from a “hold” rating to a “sell” rating in a research note on Tuesday, July 25th.
In related news, President Gary R. Mills acquired 1,000 shares of the business’s stock in a transaction on Friday, July 28th. The shares were purchased at an average price of $27.38 per share, for a total transaction of $27,380.00. Following the acquisition, the president now owns 16,533 shares in the company, valued at $452,673.54. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 3.33% of the stock is currently owned by insiders.
About First Community Bancshares
First Community Bancshares, Inc is a financial holding company. The Company provides commercial banking products and services through its subsidiary First Community Bank (the Bank). The Bank operates as First Community Bank in Virginia, West Virginia, and North Carolina and People’s Community Bank, a Division of First Community Bank, in Tennessee.
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