1st Constitution Bancorp (NASDAQ:FCCY) Sees Large Increase in Short Interest

1st Constitution Bancorp (NASDAQ:FCCY) was the recipient of a significant growth in short interest in the month of July. As of July 31st, there was short interest totalling 51,400 shares, a growth of 8.7% from the June 30th total of 47,300 shares. Based on an average daily volume of 10,600 shares, the short-interest ratio is presently 4.8 days. Approximately 0.7% of the shares of the stock are sold short.

In related news, insider John T. Andreacio sold 5,916 shares of the firm’s stock in a transaction dated Tuesday, July 23rd. The shares were sold at an average price of $17.92, for a total value of $106,014.72. Following the completion of the sale, the insider now owns 15,795 shares in the company, valued at $283,046.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 14.61% of the stock is owned by company insiders.

A number of institutional investors and hedge funds have recently made changes to their positions in the business. SG Americas Securities LLC purchased a new stake in shares of 1st Constitution Bancorp during the first quarter worth about $113,000. Geode Capital Management LLC grew its holdings in shares of 1st Constitution Bancorp by 6.5% during the fourth quarter. Geode Capital Management LLC now owns 72,627 shares of the financial services provider’s stock worth $1,447,000 after buying an additional 4,432 shares in the last quarter. Bank of America Corp DE grew its holdings in shares of 1st Constitution Bancorp by 86.0% during the fourth quarter. Bank of America Corp DE now owns 5,756 shares of the financial services provider’s stock worth $115,000 after buying an additional 2,662 shares in the last quarter. Acadian Asset Management LLC grew its holdings in shares of 1st Constitution Bancorp by 2.2% during the first quarter. Acadian Asset Management LLC now owns 42,664 shares of the financial services provider’s stock worth $758,000 after buying an additional 918 shares in the last quarter. Finally, BlackRock Inc. grew its holdings in shares of 1st Constitution Bancorp by 4.5% during the fourth quarter. BlackRock Inc. now owns 366,479 shares of the financial services provider’s stock worth $7,305,000 after buying an additional 15,829 shares in the last quarter. Institutional investors own 34.46% of the company’s stock.

Several brokerages recently commented on FCCY. Sandler O’Neill began coverage on shares of 1st Constitution Bancorp in a research note on Thursday, May 23rd. They issued a “buy” rating and a $21.50 price objective for the company. DA Davidson cut shares of 1st Constitution Bancorp from a “buy” rating to a “neutral” rating and set a $18.09 target price for the company. in a research report on Tuesday, June 25th. Finally, Zacks Investment Research upgraded shares of 1st Constitution Bancorp from a “hold” rating to a “strong-buy” rating and set a $20.00 target price for the company in a research report on Wednesday, June 26th.

FCCY traded up $0.66 during midday trading on Friday, reaching $17.45. 18,249 shares of the company’s stock were exchanged, compared to its average volume of 8,045. The company has a debt-to-equity ratio of 1.03, a current ratio of 0.97 and a quick ratio of 0.88. The stock has a market capitalization of $149.98 million, a PE ratio of 11.19, a P/E/G ratio of 1.35 and a beta of 0.21. The business’s 50-day moving average price is $17.92 and its 200 day moving average price is $18.42. 1st Constitution Bancorp has a 1-year low of $16.45 and a 1-year high of $22.65.

1st Constitution Bancorp (NASDAQ:FCCY) last announced its earnings results on Friday, July 19th. The financial services provider reported $0.41 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.40 by $0.01. The company had revenue of $13.60 million during the quarter, compared to analysts’ expectations of $13.48 million. 1st Constitution Bancorp had a net margin of 22.00% and a return on equity of 11.00%. As a group, analysts expect that 1st Constitution Bancorp will post 1.6 EPS for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 23rd. Shareholders of record on Monday, August 12th will be given a dividend of $0.075 per share. This represents a $0.30 dividend on an annualized basis and a yield of 1.72%. The ex-dividend date is Friday, August 9th. 1st Constitution Bancorp’s 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, 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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