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First Community Corporation (NASDAQ:FCCO), a South Carolina-based financial institution with a market capitalization of $159 million, announced today that it has filed a corrective Current Report on Form 8-K with the U.S. Securities and Exchange Commission. The company's stock has experienced a notable decline of nearly 9% over the past week, according to InvestingPro data. This filing addresses an inadvertent omission in its Annual Report on Form 10-K dated March 14, 2025.
The company disclosed that it failed to include Exhibit 19.1, the Insider Trading Policy, which was referenced in the Exhibit Index of the original Form 10-K. The omission has been rectified with the inclusion of the missing exhibit in the 8-K filing made today.
The Insider Trading Policy is a critical document that outlines the legal obligations and restrictions for company insiders regarding the trading of the company's securities. It is a standard practice for public companies to have such policies in place to prevent insider trading and to promote fair and transparent markets.
First Community Corporation's swift action to correct this oversight demonstrates its commitment to compliance and transparency with regulatory requirements. The correction does not reflect changes to the company's financial statements or operations. Trading at a P/E ratio of 11.3, the company maintains strong analyst support, with InvestingPro data showing three analysts recently revising their earnings estimates upward for the upcoming period.
Investors and stakeholders can now access the complete and updated filing, including the Insider Trading Policy, through the SEC's EDGAR database. The company has taken the necessary steps to ensure that all its disclosures are accurate and comprehensive.
This news is based on a press release statement and provides the most recent and relevant information about First Community Corporation's regulatory filings.
In other recent news, First Community Corporation reported strong financial results for the fourth quarter and the full year of 2024. The company achieved a net income of $4.232 million for the fourth quarter, an increase from $3.297 million in the same period the previous year. Diluted earnings per share rose to $0.55, compared to $0.43 in the fourth quarter of 2023. For the entire year, net income reached $13.955 million, with a diluted EPS of $1.81, up from $11.843 million and $1.55, respectively, in 2023. Additionally, total deposits grew by 10.9% over the year, and loan growth was 7.6% throughout 2024.
Raymond (NSE:RYMD) James upgraded First Community Corporation's stock rating to Strong Buy, raising the price target from $27.00 to $30.00. The upgrade followed the bank's better-than-expected fourth-quarter earnings. Analyst Steve Moss highlighted the anticipated expansion of the net interest margin and pre-provision net revenue growth in 2025 as key factors for the upgrade. The bank's shares are valued at 8.3 times the estimated EPS for 2026, offering a favorable risk-reward scenario compared to the peer average.
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