First Bancorp (NASDAQ:FBNC) Given Consensus Rating of “Moderate Buy” by Analysts

First Bancorp (NASDAQ:FBNC) has received a consensus recommendation of “Moderate Buy” from the seven ratings firms that are currently covering the firm, Marketbeat.com reports. Four research analysts have rated the stock with a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company. The average 1-year target price among analysts that have updated their coverage on the stock in the last year is $58.00.

A number of equities research analysts have recently weighed in on FBNC shares. Wall Street Zen lowered shares of First Bancorp from a “hold” rating to a “sell” rating in a report on Saturday, November 15th. Zacks Research lowered shares of First Bancorp from a “strong-buy” rating to a “hold” rating in a report on Thursday, January 1st. Weiss Ratings restated a “hold (c)” rating on shares of First Bancorp in a research report on Thursday, January 22nd. Finally, Raymond James Financial upgraded shares of First Bancorp from a “market perform” rating to a “strong-buy” rating and set a $62.00 target price for the company in a report on Wednesday, January 7th.

First Bancorp Price Performance

FBNC stock opened at $60.94 on Friday. The firm has a 50 day simple moving average of $54.33 and a two-hundred day simple moving average of $52.36. The stock has a market cap of $2.53 billion, a PE ratio of 22.74 and a beta of 0.90. First Bancorp has a one year low of $34.50 and a one year high of $62.31. The company has a debt-to-equity ratio of 0.06, a current ratio of 0.82 and a quick ratio of 0.82.

First Bancorp (NASDAQ:FBNC) last posted its quarterly earnings data on Wednesday, January 21st. The financial services provider reported $1.19 earnings per share for the quarter, beating the consensus estimate of $1.03 by $0.16. First Bancorp had a net margin of 19.24% and a return on equity of 10.57%. The firm had revenue of $83.90 million for the quarter, compared to analysts’ expectations of $123.43 million. On average, analysts predict that First Bancorp will post 3.27 EPS for the current fiscal year.

First Bancorp Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, April 24th. Shareholders of record on Tuesday, March 31st will be issued a $0.24 dividend. This is an increase from First Bancorp’s previous quarterly dividend of $0.23. The ex-dividend date is Tuesday, March 31st. This represents a $0.96 annualized dividend and a yield of 1.6%. First Bancorp’s dividend payout ratio (DPR) is 34.33%.

Insiders Place Their Bets

In other First Bancorp news, insider Mary Clara Capel sold 5,000 shares of the business’s stock in a transaction on Tuesday, February 3rd. The shares were sold at an average price of $59.31, for a total transaction of $296,550.00. Following the transaction, the insider directly owned 20,400 shares of the company’s stock, valued at approximately $1,209,924. The trade was a 19.69% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders have sold a total of 10,142 shares of company stock valued at $592,276 in the last quarter. Insiders own 3.65% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. boosted its holdings in shares of First Bancorp by 0.4% during the 4th quarter. Vanguard Group Inc. now owns 2,849,425 shares of the financial services provider’s stock valued at $144,722,000 after buying an additional 11,439 shares in the last quarter. Ameriprise Financial Inc. boosted its stake in First Bancorp by 48.6% in the 3rd quarter. Ameriprise Financial Inc. now owns 1,314,341 shares of the financial services provider’s stock worth $69,516,000 after purchasing an additional 429,769 shares in the last quarter. Jennison Associates LLC grew its position in First Bancorp by 20.4% during the 4th quarter. Jennison Associates LLC now owns 726,362 shares of the financial services provider’s stock valued at $36,892,000 after purchasing an additional 123,283 shares during the last quarter. Schroder Investment Management Group increased its stake in First Bancorp by 39.4% during the 3rd quarter. Schroder Investment Management Group now owns 576,596 shares of the financial services provider’s stock valued at $30,502,000 after purchasing an additional 163,026 shares in the last quarter. Finally, Invesco Ltd. increased its position in shares of First Bancorp by 149.1% during the third quarter. Invesco Ltd. now owns 261,163 shares of the financial services provider’s stock valued at $13,813,000 after acquiring an additional 156,311 shares in the last quarter. Hedge funds and other institutional investors own 68.36% of the company’s stock.

First Bancorp Company Profile

First Bancorp operates as the bank holding company for First Bank, offering a broad range of commercial and consumer banking services. Its core offerings include business lending, treasury and cash management, residential and commercial mortgage financing, and consumer deposit products. Through its subsidiary, First Bank provides online and branch-based banking solutions, including checking and savings accounts, certificate of deposits, and digital banking tools designed to meet the needs of individuals, small- to mid-sized businesses, and professional institutions.

The company maintains a network of full-service banking centers and loan production offices across North Carolina and South Carolina, with a focus on markets in the Piedmont, Sandhills and coastal regions.