First Bancorp (NASDAQ:FBNC) Share Price Passes Above 200 Day Moving Average – Here’s Why

First Bancorp (NASDAQ:FBNC)’s stock price passed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $58.18 and traded as high as $64.37. First Bancorp shares last traded at $64.22, with a volume of 115,359 shares traded.

Wall Street Analysts Forecast Growth

FBNC has been the topic of a number of research reports. Weiss Ratings upgraded First Bancorp from a “buy (b-)” rating to a “buy (b)” rating in a research note on Monday, May 18th. Brean Capital began coverage on First Bancorp in a research report on Monday, June 8th. They set a “neutral” rating and a $65.75 price objective for the company. Finally, 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 report on Thursday, April 23rd. One investment analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $62.95.

First Bancorp Price Performance

The firm’s 50-day moving average is $60.52 and its 200-day moving average is $58.18. The company has a debt-to-equity ratio of 0.04, a current ratio of 0.85 and a quick ratio of 0.84. The company has a market capitalization of $2.66 billion, a P/E ratio of 21.92 and a beta of 0.80.

First Bancorp (NASDAQ:FBNC) last announced its 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. First Bancorp had a net margin of 20.59% and a return on equity of 10.86%. The business had revenue of $122.29 million during the quarter, compared to analysts’ expectations of $123.20 million. Analysts predict that First Bancorp will post 4.67 EPS for the current fiscal year.

First Bancorp Announces Dividend

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

Insider Activity at First Bancorp

In related news, Director Michael Goodwin Mayer sold 44,324 shares of the firm’s stock in a transaction 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 transaction, the director directly owned 41,491 shares of the company’s stock, valued at approximately $2,430,542.78. This trade represents 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 this link. 2.04% of the stock is owned by company insiders.

Institutional Trading of First Bancorp

Several hedge funds have recently bought and sold shares of FBNC. Vanguard Group Inc. grew its holdings in First Bancorp by 0.4% during the fourth quarter. Vanguard Group Inc. now owns 2,849,425 shares of the financial services provider’s stock valued at $144,722,000 after purchasing an additional 11,439 shares during the period. State Street Corp raised its stake in shares of First Bancorp by 9.2% in the fourth quarter. State Street Corp now owns 2,012,273 shares of the financial services provider’s stock worth $102,661,000 after buying an additional 169,363 shares during the period. Ameriprise Financial Inc. raised its stake in shares of First Bancorp by 48.6% in the third quarter. Ameriprise Financial Inc. now owns 1,314,341 shares of the financial services provider’s stock worth $69,516,000 after buying an additional 429,769 shares during the period. Jennison Associates LLC lifted its position in shares of First Bancorp by 34.1% during the 1st quarter. Jennison Associates LLC now owns 974,221 shares of the financial services provider’s stock valued at $54,897,000 after buying an additional 247,859 shares in the last quarter. Finally, Segall Bryant & Hamill LLC lifted its position in shares of First Bancorp by 176.4% during the 1st quarter. Segall Bryant & Hamill LLC now owns 429,818 shares of the financial services provider’s stock valued at $24,220,000 after buying an additional 274,289 shares in the last quarter. 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.