Vanguard Group Inc increased its holdings in 1st Constitution Bancorp (NASDAQ:FCCY) by 1.7% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 242,328 shares of the financial services provider’s stock after acquiring an additional 3,956 shares during the period. Vanguard Group Inc owned about 2.88% of 1st Constitution Bancorp worth $5,016,000 at the end of the most recent quarter.
Several other hedge funds have also added to or reduced their stakes in the company. Bessemer Group Inc. lifted its stake in 1st Constitution Bancorp by 86.5% in the third quarter. Bessemer Group Inc. now owns 6,900 shares of the financial services provider’s stock valued at $143,000 after purchasing an additional 3,200 shares during the last quarter. Martingale Asset Management L P purchased a new position in 1st Constitution Bancorp in the third quarter valued at approximately $249,000. Schwab Charles Investment Management Inc. purchased a new position in 1st Constitution Bancorp in the second quarter valued at approximately $321,000. Bank of New York Mellon Corp purchased a new position in 1st Constitution Bancorp in the second quarter valued at approximately $622,000. Finally, Northern Trust Corp lifted its stake in 1st Constitution Bancorp by 475.9% in the second quarter. Northern Trust Corp now owns 73,033 shares of the financial services provider’s stock valued at $1,672,000 after purchasing an additional 60,351 shares during the last quarter. 33.74% of the stock is owned by institutional investors.
Separately, Zacks Investment Research upgraded 1st Constitution Bancorp from a “hold” rating to a “buy” rating and set a $22.00 price objective on the stock in a research note on Monday, January 14th.
In other 1st Constitution Bancorp news, EVP John T. Andreacio sold 1,914 shares of the stock in a transaction on Wednesday, February 6th. The stock was sold at an average price of $19.02, for a total transaction of $36,404.28. Following the sale, the executive vice president now owns 23,625 shares in the company, valued at $449,347.50. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director William M. Rue bought 5,000 shares of the company’s stock in a transaction on Tuesday, November 27th. The shares were bought at an average price of $19.81 per share, for a total transaction of $99,050.00. The disclosure for this purchase can be found here. Corporate insiders own 14.61% of the company’s stock.
Shares of NASDAQ:FCCY traded up $0.19 during trading on Tuesday, hitting $18.57. 237 shares of the company were exchanged, compared to its average volume of 6,600. The company has a market cap of $155.65 million, a P/E ratio of 11.90, a P/E/G ratio of 1.42 and a beta of 0.23. 1st Constitution Bancorp has a 52-week low of $16.45 and a 52-week high of $27.00. The company has a debt-to-equity ratio of 0.95, a current ratio of 0.95 and a quick ratio of 0.94.
1st Constitution Bancorp (NASDAQ:FCCY) last posted its earnings results on Thursday, January 31st. The financial services provider reported $0.38 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.41 by ($0.03). The company had revenue of $13.18 million for the quarter, compared to analysts’ expectations of $13.48 million. 1st Constitution Bancorp had a return on equity of 11.26% and a net margin of 20.28%. On average, analysts expect that 1st Constitution Bancorp will post 1.63 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Thursday, February 28th. Shareholders of record on Friday, February 15th will be given a dividend of $0.075 per share. The ex-dividend date is Thursday, February 14th. This represents a $0.30 annualized dividend and a dividend yield of 1.62%. 1st Constitution Bancorp’s dividend payout ratio is currently 19.23%.
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 and northeastern New Jersey areas. The company offers deposit products, including interest bearing demand deposits, such as interest-bearing checking accounts, money market accounts, and NOW accounts; and non-interest bearing demand, savings, and time deposits, as well as certificates of deposit.
Further Reading: Coverage Ratio
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