First Bancorp (NASDAQ:FBNC) Hits New 1-Year High – Here’s Why

First Bancorp (NASDAQ:FBNC)’s share price hit a new 52-week high during trading on Tuesday . The company traded as high as $64.21 and last traded at $64.05, with a volume of 342971 shares trading hands. The stock had previously closed at $63.53.

Analyst Upgrades and Downgrades

FBNC has been the topic of a number of research reports. Zacks Research raised First Bancorp from a “strong sell” rating to a “hold” rating in a research note on Monday, March 9th. Keefe, Bruyette & Woods increased their target price on First Bancorp from $65.00 to $66.00 and gave the company an “outperform” rating in a research report on Thursday, April 23rd. Brean Capital assumed coverage on First Bancorp in a research report on Monday, June 8th. They set a “neutral” rating and a $65.75 target price for the company. Finally, Weiss Ratings raised shares of First Bancorp from a “buy (b-)” rating to a “buy (b)” rating in a report on Monday, May 18th. One analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and three have given a Hold rating to the stock. According to MarketBeat.com, First Bancorp currently has an average rating of “Moderate Buy” and an average target price of $62.95.

First Bancorp Price Performance

The firm’s 50-day moving average price is $59.55 and its 200-day moving average price is $57.43. The company has a current ratio of 0.85, a quick ratio of 0.84 and a debt-to-equity ratio of 0.04. The stock has a market capitalization of $2.65 billion, a PE ratio of 21.86 and a beta of 0.81.

First Bancorp (NASDAQ:FBNC) last announced its quarterly earnings results on Wednesday, April 22nd. The financial services provider reported $1.13 EPS for the quarter, beating analysts’ consensus estimates of $1.09 by $0.04. The firm had revenue of $122.29 million during the quarter, compared to the consensus estimate of $123.20 million. First Bancorp had a net margin of 20.59% and a return on equity of 10.86%. On average, equities analysts forecast that First Bancorp will post 4.67 EPS for the current fiscal year.

First Bancorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, July 24th. Stockholders of record on Tuesday, June 30th will be paid a $0.24 dividend. This represents a $0.96 annualized dividend and a dividend yield of 1.5%. The ex-dividend date of this dividend is Tuesday, June 30th. First Bancorp’s dividend payout ratio (DPR) is presently 32.76%.

Insider Activity

In other news, Director Michael Goodwin Mayer sold 44,324 shares of First Bancorp stock in a transaction that occurred on Wednesday, May 20th. The stock was sold at an average price of $58.58, for a total value of $2,596,499.92. Following the completion of the transaction, the director owned 41,491 shares in the company, valued at approximately $2,430,542.78. The trade was a 51.65% 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. 2.04% of the stock is owned by insiders.

Institutional Trading of First Bancorp

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Summit Securities Group LLC bought a new stake in First Bancorp in the first quarter worth $34,000. EverSource Wealth Advisors LLC increased its position in First Bancorp by 2,222.6% during the second quarter. EverSource Wealth Advisors LLC now owns 720 shares of the financial services provider’s stock valued at $32,000 after acquiring an additional 689 shares during the last quarter. First Horizon Corp increased its position in First Bancorp by 83.7% during the fourth quarter. First Horizon Corp now owns 777 shares of the financial services provider’s stock valued at $39,000 after acquiring an additional 354 shares during the last quarter. Torren Management LLC purchased a new stake in shares of First Bancorp in the fourth quarter valued at $41,000. Finally, Steward Partners Investment Advisory LLC raised its stake in shares of First Bancorp by 87.0% in the fourth quarter. Steward Partners Investment Advisory LLC now owns 819 shares of the financial services provider’s stock valued at $42,000 after acquiring an additional 381 shares during the period. Hedge funds and other institutional investors own 68.36% of the company’s stock.

About First Bancorp

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.