Southern First Bancshares (NASDAQ:SFST) Rating Lowered to “Strong Sell” at Zacks Research

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

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

Southern First Bancshares Stock Down 0.1%

SFST opened at $61.20 on Thursday. The company has a market capitalization of $578.65 million, a P/E ratio of 12.54 and a beta of 0.71. The company has a debt-to-equity ratio of 0.56, a current ratio of 1.11 and a quick ratio of 1.10. The firm’s fifty day moving average price is $61.42 and its two-hundred day moving average price is $60.06. Southern First Bancshares has a fifty-two week low of $40.91 and a fifty-two week high of $65.09.

Southern First Bancshares (NASDAQ:SFST) last announced its quarterly earnings data on Tuesday, October 20th. The bank reported $1.28 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.25 by $0.03. The company had revenue of $37.53 million during the quarter, compared to analysts’ expectations of $37.60 million. Southern First Bancshares had a net margin of 17.93% and a return on equity of 10.79%. On average, analysts anticipate that Southern First Bancshares will post 5.02 EPS for the current year.

Insiders Place Their Bets

In other news, Director Leighton M. Cubbage sold 1,200 shares of the company’s 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 sale, 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 position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Julie Fairchild sold 1,500 shares of the stock in a transaction dated Monday, August 3rd. The stock was sold at an average price of $63.00, for a total transaction of $94,500.00. Following the sale, the chief accounting officer owned 5,200 shares of the company’s stock, valued at $327,600. This trade represents a 22.39% decrease in their position. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 5,615 shares of company stock valued at $351,739. Company insiders own 6.90% of the company’s stock.

Institutional Trading of Southern First Bancshares

Hedge funds have recently modified their holdings of the company. USA Financial Formulas acquired a new stake in Southern First Bancshares during the 3rd quarter valued at $39,000. State of Alaska Department of Revenue boosted its stake in Southern First Bancshares by 110.1% in the third quarter. State of Alaska Department of Revenue now owns 708 shares of the bank’s stock worth $40,000 after purchasing an additional 371 shares in the last quarter. Legal & General Group Plc acquired a new position in Southern First Bancshares in the second quarter worth $54,000. State of Wyoming acquired a new position in Southern First Bancshares in the second quarter worth $75,000. Finally, Hillsdale Investment Management Inc. grew its holdings in shares of Southern First Bancshares by 3,764.7% during the first quarter. Hillsdale Investment Management Inc. now owns 6,570 shares of the bank’s stock worth $358,000 after purchasing an additional 6,400 shares during the last quarter. Institutional investors and hedge funds own 75.00% of the company’s stock.

About Southern First Bancshares

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.