First Bancorp (FBNC) Stock Rating Upgraded by Zacks Investment Research
First Bancorp (NASDAQ:FBNC) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued to investors on Monday.
According to Zacks, “First Bancorp is a one-bank holding company. The principal activity of the Company is the ownership and operation of First Bank. They also own and operate two nonbank subsidiaries, Montgomery Data Services, Inc. and First Bancorp Financial Services, Inc. “
Separately, Keefe, Bruyette & Woods raised First Bancorp from a “market perform” rating to an “outperform” rating and increased their price objective for the stock from $22.00 to $24.00 in a research note on Tuesday, August 23rd. Two investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. First Bancorp has an average rating of “Buy” and a consensus target price of $22.17.
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Shares of First Bancorp (NASDAQ:FBNC) traded up 0.50% on Monday, hitting $20.29. The stock had a trading volume of 27,514 shares. The company has a 50-day moving average of $19.84 and a 200 day moving average of $19.25. First Bancorp has a 52 week low of $17.15 and a 52 week high of $21.94. The company has a market capitalization of $407.57 million, a price-to-earnings ratio of 14.79 and a beta of 1.24.
First Bancorp (NASDAQ:FBNC) last posted its quarterly earnings results on Tuesday, July 26th. The financial services provider reported $0.37 earnings per share for the quarter, topping analysts’ consensus estimates of $0.35 by $0.03. First Bancorp had a return on equity of 8.29% and a net margin of 18.91%. On average, equities research analysts predict that First Bancorp will post $1.30 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 25th. Investors of record on Friday, September 30th will be given a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a dividend yield of 1.58%. The ex-dividend date is Wednesday, September 28th. First Bancorp’s payout ratio is 23.36%.
In other First Bancorp news, Director James C. Crawford III purchased 2,000 shares of the firm’s stock in a transaction that occurred on Monday, August 15th. The stock was bought at an average cost of $18.63 per share, with a total value of $37,260.00. Following the completion of the transaction, the director now owns 59,777 shares of the company’s stock, valued at approximately $1,113,645.51. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 2.37% of the company’s stock.
Several hedge funds have recently modified their holdings of FBNC. Menta Capital LLC increased its stake in shares of First Bancorp by 12.5% in the first quarter. Menta Capital LLC now owns 15,473 shares of the financial services provider’s stock worth $292,000 after buying an additional 1,720 shares during the last quarter. Oak Associates Ltd. OH increased its stake in shares of First Bancorp by 0.9% in the first quarter. Oak Associates Ltd. OH now owns 57,275 shares of the financial services provider’s stock worth $1,080,000 after buying an additional 530 shares during the last quarter. Dalton Greiner Hartman Maher & Co. acquired a new stake in shares of First Bancorp during the second quarter worth approximately $1,165,000. Strs Ohio increased its stake in shares of First Bancorp by 2.6% in the second quarter. Strs Ohio now owns 35,300 shares of the financial services provider’s stock worth $620,000 after buying an additional 900 shares during the last quarter. Finally, Chicago Equity Partners LLC acquired a new stake in shares of First Bancorp during the second quarter worth approximately $279,000. 53.16% of the stock is owned by institutional investors.
About First Bancorp
First Bancorp is the bank holding company for First Bank (the Bank). The Company’s principal activity is the ownership and operation of First Bank. The Company engages in a range of banking activities, including the acceptance of deposits and the making of loans. The Company offers credit cards, debit cards, letters of credit, safe deposit box rentals and electronic funds transfer services, including wire transfers.
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