Southern First Bancshares (NASDAQ:SFST) Downgraded by Zacks Research to Strong Sell

Southern First Bancshares (NASDAQ:SFST) was downgraded by research analysts at Zacks Research from a “hold” rating to a “strong sell” rating in a note issued to investors on Thursday, Zacks reports.

Separately, Weiss Ratings reiterated a “buy (b)” rating on shares of Southern First Bancshares in a research report on Friday, July 31st. Two investment analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. According to data from MarketBeat.com, Southern First Bancshares has a consensus rating of “Hold” and a consensus target price of $64.00.

Southern First Bancshares Price Performance

Shares of NASDAQ SFST opened at $61.20 on Thursday. The firm has a market cap of $578.65 million, a P/E ratio of 12.54 and a beta of 0.71. The company has a current ratio of 1.11, a quick ratio of 1.10 and a debt-to-equity ratio of 0.56. Southern First Bancshares has a 1-year low of $40.91 and a 1-year high of $65.09. The business’s 50 day moving average is $61.42 and its 200-day moving average is $60.06.

Southern First Bancshares (NASDAQ:SFST) last released its quarterly earnings results on Tuesday, October 20th. The bank reported $1.28 earnings per share for the quarter, topping the consensus estimate of $1.25 by $0.03. The business had revenue of $37.53 million during the quarter, compared to analysts’ expectations of $37.60 million. Southern First Bancshares had a return on equity of 10.79% and a net margin of 17.93%. Equities research analysts predict that Southern First Bancshares will post 5.02 earnings per share for the current year.

Insider Transactions at Southern First Bancshares

In other news, Director Leighton M. Cubbage sold 1,200 shares of the stock in a transaction dated Wednesday, September 2nd. The shares were sold at an average price of $62.26, for a total value of $74,712.00. Following the completion of the transaction, the director owned 47,100 shares of the company’s stock, valued at approximately $2,932,446. This represents a 2.48% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Julie Fairchild sold 1,500 shares of the firm’s stock in a transaction that occurred on Monday, August 3rd. The shares were sold at an average price of $63.00, for a total transaction of $94,500.00. Following the completion of the sale, the chief accounting officer owned 5,200 shares in the company, valued at approximately $327,600. The trade was a 22.39% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 5,615 shares of company stock worth $351,739. Company insiders own 6.90% of the company’s stock.

Institutional Trading of Southern First Bancshares

A number of hedge funds have recently added to or reduced their stakes in the stock. USA Financial Formulas acquired a new position in shares of Southern First Bancshares in the third quarter valued at approximately $39,000. State of Alaska Department of Revenue raised its holdings in Southern First Bancshares by 110.1% in the 3rd quarter. State of Alaska Department of Revenue now owns 708 shares of the bank’s stock valued at $40,000 after buying an additional 371 shares during the last quarter. Legal & General Group Plc bought a new position in Southern First Bancshares in the 2nd quarter valued at approximately $54,000. State of Wyoming acquired a new stake in Southern First Bancshares during the 2nd quarter worth approximately $75,000. Finally, Hillsdale Investment Management Inc. boosted its position in Southern First Bancshares by 3,764.7% during the 1st quarter. Hillsdale Investment Management Inc. now owns 6,570 shares of the bank’s stock worth $358,000 after buying an additional 6,400 shares during the period. Institutional investors and hedge funds own 75.00% of the company’s stock.

Southern First Bancshares Company Profile

Southern First Bancshares, Inc is a bank holding company headquartered in Greenville, South Carolina. Through its wholly owned subsidiary, Southern First Bank, the company provides banking and financial services to businesses, professionals and individuals.

Southern First Bank offers commercial and small-business lending, commercial real estate financing, residential mortgage loans, consumer loans, deposit accounts, treasury management and other cash-management services. Its banking model emphasizes relationship-based service and customized financial solutions for commercial and private clients.

Founded in 1999, Southern First has expanded its presence beyond its original Greenville market to serve communities in South Carolina and the greater Charlotte and Triangle regions of North Carolina.