1st Constitution Bancorp (NASDAQ:FCCY) Rating Lowered to Hold at Zacks Investment Research

Zacks Investment Research cut shares of 1st Constitution Bancorp (NASDAQ:FCCY) from a buy rating to a hold rating in a research note published on Wednesday morning, Zacks.com reports.

According to Zacks, “1st Constitution Bancorp occupies an enviable position as one of New Jersey’s few independent community banks. Dramatically improved earnings and growth, a strong capital base, and a dynamic management, combined to propel 1st Constitution Bank full speed ahead amid the changing tides in the banking industry. 1st Constitution Bank is a community oriented bank serving Central New Jersey. “

Shares of FCCY stock opened at $23.18 on Wednesday. 1st Constitution Bancorp has a 1 year low of $11.06 and a 1 year high of $23.22. The company has a debt-to-equity ratio of 0.09, a current ratio of 0.93 and a quick ratio of 0.92. The stock’s 50 day simple moving average is $21.80 and its two-hundred day simple moving average is $20.40. The company has a market cap of $238.41 million, a PE ratio of 11.31 and a beta of 0.73.

1st Constitution Bancorp (NASDAQ:FCCY) last issued its quarterly earnings data on Thursday, July 22nd. The financial services provider reported $0.53 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.50 by $0.03. 1st Constitution Bancorp had a return on equity of 11.32% and a net margin of 24.55%. The business had revenue of $18.18 million for the quarter, compared to the consensus estimate of $19.26 million. Equities research analysts expect that 1st Constitution Bancorp will post 1.96 EPS for the current year.

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, August 25th. Shareholders of record on Thursday, August 12th were given a dividend of $0.10 per share. The ex-dividend date of this dividend was Wednesday, August 11th. This represents a $0.40 dividend on an annualized basis and a yield of 1.73%. 1st Constitution Bancorp’s dividend payout ratio (DPR) is presently 22.60%.

A number of hedge funds have recently modified their holdings of the business. UBS Group AG raised its position in 1st Constitution Bancorp by 24.9% during the first quarter. UBS Group AG now owns 3,069 shares of the financial services provider’s stock valued at $54,000 after purchasing an additional 611 shares during the period. Royal Bank of Canada grew its stake in shares of 1st Constitution Bancorp by 110.2% during the second quarter. Royal Bank of Canada now owns 1,705 shares of the financial services provider’s stock valued at $35,000 after buying an additional 894 shares during the last quarter. Geode Capital Management LLC grew its stake in shares of 1st Constitution Bancorp by 0.8% during the first quarter. Geode Capital Management LLC now owns 132,512 shares of the financial services provider’s stock valued at $2,333,000 after buying an additional 1,016 shares during the last quarter. BHZ Capital Management LP grew its stake in shares of 1st Constitution Bancorp by 1.0% during the first quarter. BHZ Capital Management LP now owns 138,455 shares of the financial services provider’s stock valued at $2,438,000 after buying an additional 1,343 shares during the last quarter. Finally, HighTower Advisors LLC grew its stake in shares of 1st Constitution Bancorp by 8.2% during the second quarter. HighTower Advisors LLC now owns 28,182 shares of the financial services provider’s stock valued at $583,000 after buying an additional 2,124 shares during the last quarter. Institutional investors and hedge funds own 36.07% of the company’s stock.

1st Constitution Bancorp Company Profile

1st Constitution Bancorp is a bank holding company, which through its subsidiary, engages in the provision of commercial and retail banking. It offers demand, savings and time deposits, and commercial and consumer or instalment loans. The company was founded in February 1999 and is headquartered in Cranbury, NJ.

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