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In a remarkable display of resilience and growth, First Community Corporation (NASDAQ:FCCO) stock has soared to a 52-week high, reaching a price level of $24.71. This milestone underscores a period of strong performance for the company, which has seen an impressive 1-year change of 37.5%. Investors have shown increasing confidence in FCCO's market position and future prospects, as evidenced by the stock's sustained upward trajectory over the past year. The achievement of this 52-week high marks a significant moment for First Community Corporation, reflecting the positive sentiment surrounding the company's financial health and strategic initiatives.
In other recent news, First Community Corporation has seen notable growth in its third-quarter financial performance. The company reported a net income of $3.861 million, a substantial rise from the previous year. Diluted earnings per share also increased, sitting at $0.50 for the quarter. The bank's total loans expanded by $7.5 million, a 2.5% annualized growth rate, and total deposits increased by $39.5 million during the quarter.
The investment advisory segment of the business surpassed $900 million in Assets Under Management (AUM), generating revenue of $1.595 million for the quarter. The company also announced a cash dividend of $0.15 per common share, marking the 91st consecutive quarter of cash dividends paid to shareholders.
In other developments, the Board of Directors approved a plan to repurchase shares of its common stock using up to $7.1 million of capital. The bank's total assets reached $1.944 billion, and its regulatory capital ratios continue to exceed minimum levels required by regulatory statute. These represent recent developments in First Community Corporation's financial performance.
InvestingPro Insights
First Community Corporation's (FCCO) recent achievement of a 52-week high is further supported by several key metrics and insights from InvestingPro. The stock's impressive 1-year change of 37.5% is closely mirrored by InvestingPro data, which shows a 1-year price total return of 42.01%. This strong performance is part of a broader trend, with the stock showing robust returns over multiple timeframes: 14.43% in the past month, 16.43% over three months, and a remarkable 50.96% over six months.
InvestingPro Tips highlight that FCCO has maintained dividend payments for 23 consecutive years and has raised its dividend for 3 consecutive years, demonstrating a commitment to shareholder value. This is particularly noteworthy given the company's current dividend yield of 2.53%. Additionally, FCCO's profitability over the last twelve months and analysts' predictions of continued profitability this year align with the stock's strong market performance.
It's worth noting that FCCO is trading at 96.9% of its 52-week high, which corroborates the article's mention of the stock reaching new heights. For investors seeking more comprehensive analysis, InvestingPro offers 11 additional tips for FCCO, providing a deeper understanding of the company's financial position and market outlook.
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