First Choice Bancorp (NASDAQ:FCBP) Sees Large Increase in Short Interest
First Choice Bancorp (NASDAQ:FCBP) was the recipient of a significant increase in short interest in August. As of August 31st, there was short interest totalling 124,700 shares, an increase of 108.5% from the July 31st total of 59,800 shares. Based on an average daily trading volume, of 17,600 shares, the days-to-cover ratio is currently 7.1 days. Currently, 1.3% of the shares of the stock are sold short.
Separately, ValuEngine cut First Choice Bancorp from a “hold” rating to a “sell” rating in a research report on Thursday, June 13th.
Shares of NASDAQ:FCBP traded up $0.69 on Wednesday, hitting $21.55. The company’s stock had a trading volume of 22,137 shares, compared to its average volume of 21,185. The company has a 50-day simple moving average of $21.35 and a 200 day simple moving average of $21.71. First Choice Bancorp has a 1 year low of $18.57 and a 1 year high of $28.30. The company has a debt-to-equity ratio of 0.05, a quick ratio of 1.07 and a current ratio of 1.08.
The business also recently announced a quarterly dividend, which was paid on Thursday, August 29th. Investors of record on Thursday, August 15th were paid a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a yield of 3.71%. The ex-dividend date was Wednesday, August 14th.
In other news, Chairman Peter Hui purchased 7,133 shares of the firm’s stock in a transaction dated Friday, August 30th. The shares were purchased at an average price of $21.33 per share, with a total value of $152,146.89. Following the completion of the acquisition, the chairman now owns 671,576 shares in the company, valued at approximately $14,324,716.08. The acquisition was disclosed in a filing with the SEC, which is accessible through this link. Also, Vice Chairman Phillip Thong purchased 7,210 shares of the firm’s stock in a transaction dated Monday, August 12th. The stock was purchased at an average cost of $21.24 per share, for a total transaction of $153,140.40. The disclosure for this purchase can be found here. Over the last three months, insiders bought 29,186 shares of company stock worth $620,046. Insiders own 15.14% of the company’s stock.
Institutional investors and hedge funds have recently made changes to their positions in the stock. Bank of New York Mellon Corp lifted its position in First Choice Bancorp by 1.4% during the second quarter. Bank of New York Mellon Corp now owns 51,808 shares of the company’s stock valued at $1,178,000 after purchasing an additional 694 shares during the last quarter. BNP Paribas Arbitrage SA raised its position in shares of First Choice Bancorp by 450.1% during the 1st quarter. BNP Paribas Arbitrage SA now owns 1,909 shares of the company’s stock valued at $41,000 after buying an additional 1,562 shares in the last quarter. Charles Schwab Investment Management Inc. raised its position in shares of First Choice Bancorp by 10.3% during the 2nd quarter. Charles Schwab Investment Management Inc. now owns 23,298 shares of the company’s stock valued at $530,000 after buying an additional 2,168 shares in the last quarter. Context BH Capital Management LP raised its position in shares of First Choice Bancorp by 1.1% during the 2nd quarter. Context BH Capital Management LP now owns 228,079 shares of the company’s stock valued at $5,187,000 after buying an additional 2,403 shares in the last quarter. Finally, Bank of America Corp DE lifted its holdings in shares of First Choice Bancorp by 49.2% during the 4th quarter. Bank of America Corp DE now owns 7,431 shares of the company’s stock worth $168,000 after acquiring an additional 2,449 shares during the last quarter. 30.35% of the stock is currently owned by institutional investors and hedge funds.
About First Choice Bancorp
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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