First Choice Bancorp (FCBP) Announces Earnings Results

First Choice Bancorp (NASDAQ:FCBP) issued its quarterly earnings results on Tuesday. The company reported $0.51 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.44 by $0.07, Fidelity Earnings reports. The business had revenue of $16.50 million for the quarter.

NASDAQ:FCBP traded up $0.19 on Wednesday, reaching $22.00. 300 shares of the company’s stock were exchanged, compared to its average volume of 21,759. The company has a current ratio of 1.16, a quick ratio of 1.14 and a debt-to-equity ratio of 0.59. First Choice Bancorp has a 52-week low of $20.81 and a 52-week high of $33.50.

In related news, Director Pravin Pranav acquired 1,185 shares of the stock in a transaction dated Monday, September 10th. The stock was acquired at an average cost of $27.70 per share, with a total value of $32,824.50. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Chairman Peter Hui acquired 6,316 shares of the stock in a transaction dated Friday, August 31st. The shares were bought at an average cost of $27.22 per share, with a total value of $171,921.52. The disclosure for this purchase can be found here. Insiders have acquired 33,592 shares of company stock worth $912,413 over the last quarter.

An institutional investor recently bought a new position in First Choice Bancorp stock. Bank of New York Mellon Corp purchased a new stake in First Choice Bancorp (NASDAQ:FCBP) in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 19,883 shares of the company’s stock, valued at approximately $608,000. Bank of New York Mellon Corp owned approximately 0.17% of First Choice Bancorp as of its most recent SEC filing. Institutional investors and hedge funds own 17.14% of the company’s stock.

Separately, Hovde Group began coverage on shares of First Choice Bancorp in a research note on Friday, August 10th. They set an “outperform” rating and a $31.00 price target on the stock.

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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