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

Southern First Bancshares (NASDAQ:SFST) was downgraded by 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 reissued 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 issued a Sell rating to the company. According to data from MarketBeat, Southern First Bancshares presently has an average rating of “Hold” and a consensus target price of $64.00.

Southern First Bancshares Price Performance

SFST stock opened at $61.20 on Thursday. The stock has a 50-day moving average price of $61.42 and a two-hundred day moving average price of $60.06. The stock has a market cap of $578.65 million, a PE 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.

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

Insider Activity at Southern First Bancshares

In other news, CAO Julie Fairchild sold 1,500 shares of the firm’s stock in a transaction that occurred on Monday, August 3rd. The stock was sold at an average price of $63.00, for a total value of $94,500.00. Following the completion of the sale, the chief accounting officer directly owned 5,200 shares of the company’s stock, valued at $327,600. This trade represents a 22.39% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director Leighton Cubbage sold 500 shares of Southern First Bancshares stock in a transaction that occurred on Thursday, September 3rd. The stock was sold at an average price of $62.79, for a total value of $31,395.00. Following the transaction, the director owned 46,600 shares of the company’s stock, valued at $2,926,014. This represents a 1.06% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 5,615 shares of company stock worth $351,739 in the last 90 days. Corporate insiders own 6.90% of the company’s stock.

Hedge Funds Weigh In On Southern First Bancshares

Hedge funds and other institutional investors 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 $39,000. State of Alaska Department of Revenue lifted its stake in shares of Southern First Bancshares by 110.1% during the 3rd quarter. State of Alaska Department of Revenue now owns 708 shares of the bank’s stock worth $40,000 after buying an additional 371 shares during the last quarter. Legal & General Group Plc acquired a new stake in shares of Southern First Bancshares during the 2nd quarter worth about $54,000. State of Wyoming acquired a new stake in shares of Southern First Bancshares during the 2nd quarter worth about $75,000. Finally, Hillsdale Investment Management Inc. lifted its stake in shares of 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 last quarter. 75.00% of the stock is owned by institutional investors.

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.