First Bancorp (FBNC) Given Consensus Rating of “Buy” by Brokerages
First Bancorp (NASDAQ:FBNC) has earned a consensus recommendation of “Buy” from the six analysts that are covering the firm, Marketbeat reports. One investment analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. The average 1 year price objective among brokers that have covered the stock in the last year is $36.67.
A number of equities research analysts have recently weighed in on the stock. Zacks Investment Research upgraded shares of First Bancorp from a “hold” rating to a “buy” rating and set a $39.00 price objective on the stock in a report on Thursday, October 5th. Piper Jaffray Companies reaffirmed an “overweight” rating and issued a $37.00 target price on shares of First Bancorp in a research report on Thursday, October 5th. Brean Capital set a $33.00 target price on shares of First Bancorp and gave the company a “buy” rating in a research report on Wednesday, July 26th. ValuEngine raised shares of First Bancorp from a “hold” rating to a “buy” rating in a research report on Friday, July 28th. Finally, Keefe, Bruyette & Woods reaffirmed a “buy” rating and issued a $34.00 target price on shares of First Bancorp in a research report on Monday, June 26th.
Several hedge funds and other institutional investors have recently bought and sold shares of FBNC. Vanguard Group Inc. grew its position in shares of First Bancorp by 24.8% in the 2nd quarter. Vanguard Group Inc. now owns 1,000,939 shares of the financial services provider’s stock valued at $31,290,000 after buying an additional 198,866 shares during the last quarter. JCSD Capital LLC purchased a new position in shares of First Bancorp in the 2nd quarter valued at $6,174,000. Investment Counselors of Maryland LLC grew its position in shares of First Bancorp by 139.8% in the 2nd quarter. Investment Counselors of Maryland LLC now owns 302,585 shares of the financial services provider’s stock valued at $9,459,000 after buying an additional 176,386 shares during the last quarter. RMB Capital Management LLC purchased a new position in shares of First Bancorp in the 1st quarter valued at $4,586,000. Finally, Smith Salley & Associates purchased a new position in shares of First Bancorp in the 2nd quarter valued at $3,528,000. 66.03% of the stock is currently owned by hedge funds and other institutional investors.
First Bancorp (NASDAQ:FBNC) opened at 35.40 on Thursday. First Bancorp has a 12-month low of $19.18 and a 12-month high of $35.90. The stock has a market capitalization of $873.60 million, a price-to-earnings ratio of 24.67 and a beta of 1.13. The firm has a 50-day moving average of $32.52 and a 200 day moving average of $30.71.
First Bancorp (NASDAQ:FBNC) last announced its quarterly earnings data on Tuesday, July 25th. The financial services provider reported $0.45 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.43 by $0.02. First Bancorp had a net margin of 17.52% and a return on equity of 7.77%. The business had revenue of $51.79 million for the quarter, compared to analyst estimates of $49.49 million. On average, analysts predict that First Bancorp will post $1.86 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Wednesday, October 25th. Investors of record on Friday, September 29th will be given a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.90%. The ex-dividend date is Thursday, September 28th. First Bancorp’s dividend payout ratio (DPR) is 22.54%.
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 Bank engages in a range of banking activities, including the acceptance of deposits and the making of loans. The Bank offers credit cards, debit cards, letters of credit, safe deposit box rentals and electronic funds transfer services, including wire transfers.
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