Zacks Investment Research upgraded shares of 1st Constitution Bancorp (NASDAQ:FCCY) from a hold rating to a buy rating in a research note released on Wednesday, Zacks.com reports. They currently have $21.00 target price on the financial services provider’s stock.
According to Zacks, “1st Constitution Bancorp occupies an enviable position as one of New Jersey’s few independent community banks. Dramatically improved earnings and growth, a strong capital base, and a dynamic management, combined to propel 1st Constitution Bank full speed ahead amid the changing tides in the banking industry. 1st Constitution Bank is a community oriented bank serving Central New Jersey. “
Other equities analysts have also recently issued research reports about the company. Sandler O’Neill began coverage on 1st Constitution Bancorp in a research note on Thursday, May 23rd. They issued a buy rating and a $21.50 price target on the stock. DA Davidson cut 1st Constitution Bancorp from a buy rating to a neutral rating and set a $18.09 price target on the stock. in a research note on Tuesday, June 25th.
1st Constitution Bancorp (NASDAQ:FCCY) last issued its quarterly earnings results on Friday, July 19th. The financial services provider reported $0.41 EPS for the quarter, topping the consensus estimate of $0.40 by $0.01. 1st Constitution Bancorp had a net margin of 22.00% and a return on equity of 11.00%. The firm had revenue of $13.60 million for the quarter, compared to analysts’ expectations of $13.48 million. On average, equities analysts predict that 1st Constitution Bancorp will post 1.6 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Friday, August 23rd. Investors of record on Monday, August 12th were paid a $0.075 dividend. The ex-dividend date of this dividend was Friday, August 9th. This represents a $0.30 dividend on an annualized basis and a yield of 1.63%. 1st Constitution Bancorp’s dividend payout ratio is currently 19.23%.
In other 1st Constitution Bancorp news, insider John T. Andreacio sold 5,916 shares of 1st Constitution Bancorp stock in a transaction dated Tuesday, July 23rd. The stock was sold at an average price of $17.92, for a total transaction of $106,014.72. Following the transaction, the insider now owns 15,795 shares of the company’s stock, valued at approximately $283,046.40. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Company insiders own 14.61% of the company’s stock.
Large investors have recently added to or reduced their stakes in the business. BNP Paribas Arbitrage SA grew its stake in 1st Constitution Bancorp by 524.5% during the 1st quarter. BNP Paribas Arbitrage SA now owns 1,580 shares of the financial services provider’s stock valued at $28,000 after acquiring an additional 1,327 shares in the last quarter. Strs Ohio grew its stake in 1st Constitution Bancorp by 61.9% during the 2nd quarter. Strs Ohio now owns 3,400 shares of the financial services provider’s stock valued at $62,000 after acquiring an additional 1,300 shares in the last quarter. Bank of America Corp DE grew its stake in 1st Constitution Bancorp by 86.0% during the 4th quarter. Bank of America Corp DE now owns 5,756 shares of the financial services provider’s stock valued at $115,000 after acquiring an additional 2,662 shares in the last quarter. SG Americas Securities LLC purchased a new position in 1st Constitution Bancorp during the 1st quarter valued at about $113,000. Finally, LSV Asset Management grew its stake in 1st Constitution Bancorp by 12.1% during the 1st quarter. LSV Asset Management now owns 26,900 shares of the financial services provider’s stock valued at $478,000 after acquiring an additional 2,900 shares in the last quarter. 35.78% of the stock is currently owned by institutional investors.
1st Constitution Bancorp Company Profile
1st Constitution Bancorp operates as the bank holding company for 1st Constitution Bank that provides commercial and retail banking services in the central, coastal, and northeastern areas of New Jersey. The company offers deposit products, including interest bearing demand deposits, such as interest-bearing checking accounts, money market accounts, and negotiable order of withdrawal accounts; and non-interest bearing demand, savings, and time deposits, as well as certificates of deposit.
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