Hovde Group Begins Coverage on First Choice Bancorp (FCBP)

Hovde Group assumed coverage on shares of First Choice Bancorp (NASDAQ:FCBP) in a report issued on Friday morning. The brokerage issued an outperform rating and a $31.00 target price on the stock.

FCBP stock opened at $27.08 on Friday. The company has a debt-to-equity ratio of 0.59, a quick ratio of 1.14 and a current ratio of 1.16. First Choice Bancorp has a 52-week low of $24.00 and a 52-week high of $33.50.

First Choice Bancorp (NASDAQ:FCBP) last posted its earnings results on Wednesday, August 1st. The company reported $0.47 earnings per share (EPS) for the quarter. The business had revenue of $11.60 million for the quarter.

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 10th. Shareholders of record on Monday, August 27th will be paid a dividend of $0.20 per share. The ex-dividend date is Friday, August 24th. This represents a $0.80 annualized dividend and a yield of 2.95%.

In other First Choice Bancorp news, Director Pravin Pranav bought 1,113 shares of the business’s stock in a transaction on Monday, June 4th. The stock was bought at an average price of $29.25 per share, with a total value of $32,555.25. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Chairman Peter Hui bought 4,820 shares of the business’s stock in a transaction on Monday, June 4th. The shares were acquired at an average cost of $29.12 per share, with a total value of $140,358.40. The disclosure for this purchase can be found here. In the last three months, insiders have acquired 6,869 shares of company stock valued at $199,929.

Hedge funds have recently bought and sold shares of the business. Emerald Mutual Fund Advisers Trust acquired a new stake in First Choice Bancorp during the second quarter worth $8,740,000. Salzhauer Michael acquired a new stake in shares of First Choice Bancorp in the second quarter valued at $302,000. JBF Capital Inc. acquired a new stake in shares of First Choice Bancorp in the second quarter valued at $2,702,000. BlackRock Inc. acquired a new stake in shares of First Choice Bancorp in the second quarter valued at $8,816,000. Finally, Bank of New York Mellon Corp acquired a new stake in shares of First Choice Bancorp in the second quarter valued at $608,000. 13.60% of the stock is owned by institutional investors.

First Choice Bancorp Company Profile

First Choice Bancorp operates as the bank holding company for First Choice Bank that provides retail, personal, and commercial banking products and services to individuals, families, and small and medium-sized businesses. It offers interest and noninterest-bearing demand deposit, money market and savings accounts, remote deposit products, and time certificates of deposit; and loan products, such as construction and land development, residential real estate, commercial real estate, commercial and industrial, and small business administration (SBA) and consumer loans, as well as startup funds to entrepreneurs.

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