ELCO Management Co. LLC Trims Holdings in Southern First Bancshares, Inc. (SFST)
ELCO Management Co. LLC trimmed its position in shares of Southern First Bancshares, Inc. (NASDAQ:SFST) by 3.4% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 31,955 shares of the bank’s stock after selling 1,115 shares during the period. ELCO Management Co. LLC owned 0.44% of Southern First Bancshares worth $1,184,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Bank of America Corp DE increased its position in Southern First Bancshares by 7.9% in the first quarter. Bank of America Corp DE now owns 3,080 shares of the bank’s stock worth $100,000 after buying an additional 226 shares during the last quarter. Globeflex Capital L P bought a new stake in shares of Southern First Bancshares in the second quarter valued at $112,000. American International Group Inc. raised its stake in shares of Southern First Bancshares by 7.3% in the first quarter. American International Group Inc. now owns 3,534 shares of the bank’s stock valued at $115,000 after buying an additional 239 shares during the period. Rhumbline Advisers bought a new stake in shares of Southern First Bancshares in the second quarter valued at $253,000. Finally, Wells Fargo & Company MN raised its stake in shares of Southern First Bancshares by 22.3% in the first quarter. Wells Fargo & Company MN now owns 8,342 shares of the bank’s stock valued at $273,000 after buying an additional 1,519 shares during the period. 70.24% of the stock is owned by institutional investors and hedge funds.
In other Southern First Bancshares news, CFO Michael D. Dowling sold 5,850 shares of the stock in a transaction that occurred on Wednesday, August 16th. The shares were sold at an average price of $36.00, for a total value of $210,600.00. Following the transaction, the chief financial officer now directly owns 36,107 shares in the company, valued at $1,299,852. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Fred Gilmer, Jr. sold 1,200 shares of the stock in a transaction that occurred on Monday, July 31st. The stock was sold at an average price of $36.69, for a total transaction of $44,028.00. Following the completion of the transaction, the director now owns 50,320 shares in the company, valued at $1,846,240.80. The disclosure for this sale can be found here. In the last three months, insiders sold 16,927 shares of company stock worth $611,937. 14.50% of the stock is currently owned by insiders.
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SFST has been the topic of a number of recent research reports. BidaskClub cut Southern First Bancshares from a “hold” rating to a “sell” rating in a research report on Saturday, August 12th. Zacks Investment Research lowered Southern First Bancshares from a “hold” rating to a “sell” rating in a report on Wednesday, June 14th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and two have given a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average price target of $38.33.
Southern First Bancshares, Inc. (NASDAQ:SFST) traded down 0.14% during trading on Tuesday, hitting $36.70. 1,161 shares of the stock traded hands. The firm has a 50-day moving average price of $35.54 and a 200 day moving average price of $35.08. The company has a market cap of $268.42 million, a P/E ratio of 18.84 and a beta of 0.65. Southern First Bancshares, Inc. has a 52-week low of $25.47 and a 52-week high of $38.55.
Southern First Bancshares (NASDAQ:SFST) last released its quarterly earnings results on Tuesday, July 25th. The bank reported $0.49 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.48 by $0.01. Southern First Bancshares had a net margin of 20.68% and a return on equity of 11.39%. The firm had revenue of $14.92 million during the quarter, compared to analyst estimates of $14.21 million. On average, equities analysts expect that Southern First Bancshares, Inc. will post $2.03 EPS for the current year.
Southern First Bancshares Company Profile
Southern First Bancshares, Inc is a bank holding company that owns the capital stock of Southern First Bank (the Bank), a South Carolina state bank, and all of the stock of Greenville First Statutory Trust I and II (the Trusts). The Bank is a commercial bank with approximately nine retail offices located in Greenville, Columbia and Charleston, South Carolina.
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