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 $23.98. This milestone underscores a period of strong performance for the company, which has seen an impressive 1-year change of 37.4%. Investors have shown increasing confidence in FCCO, as the company continues to capitalize on strategic initiatives that have propelled its stock to new heights over the past year. The surge to the 52-week high marks a significant achievement for First Community Corporation, reflecting the positive sentiment and robust financial health of the company.
In other recent news, First Community Corporation has seen a significant boost in its financial performance. In the third quarter, the company reported a net income of $3.861 million, a substantial increase from $1.756 million in the same period last year. This growth was accompanied by a rise in diluted earnings per share, which stood at $0.50, up from $0.23 in the previous year's third quarter.
The company also reported solid growth in total loans, which expanded by $7.5 million, marking a 2.5% annualized growth rate for the quarter. Furthermore, total deposits increased by $39.5 million during the quarter, translating to a 9.8% annualized growth rate. The investment advisory segment of the business surpassed $900 million in Assets Under Management, generating revenue of $1.595 million for the quarter.
In addition, First Community Corporation's Board of Directors approved a plan to use up to $7.1 million of capital to repurchase shares of its common stock. This plan will remain active until May 13, 2025. The company's total assets reached $1.944 billion, and a cash dividend of $0.15 per common share was announced, marking the 91st consecutive quarter of cash dividends paid to shareholders. These are among the recent developments for First Community Corporation.
InvestingPro Insights
First Community Corporation's (FCCO) recent surge to a 52-week high is further supported by data from InvestingPro. The stock's impressive 37.33% 1-year price total return aligns closely with the article's reported 37.4% 1-year change. Moreover, FCCO's 38.03% 6-month price total return indicates sustained momentum, reinforcing investor confidence.
InvestingPro Tips highlight that FCCO has maintained dividend payments for 23 consecutive years and has raised its dividend for 3 consecutive years, demonstrating a commitment to shareholder value. This consistency in dividend policy likely contributes to the stock's attractiveness and its recent price performance.
The company's financial health appears solid, with InvestingPro data showing a healthy operating income margin of 28.51% for the last twelve months. Additionally, FCCO's P/E ratio of 13.9 suggests the stock may still be reasonably valued despite its recent gains.
For investors seeking deeper insights, InvestingPro offers 7 additional tips that could provide further context to FCCO's current market position and future prospects.
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