First Bancorp (NASDAQ:FBNC) Receives Average Rating of “Moderate Buy” from Brokerages

Shares of First Bancorp (NASDAQ:FBNC) have received an average recommendation of “Moderate Buy” from the seven ratings firms that are covering the firm, MarketBeat reports. Three analysts have rated the stock with a hold recommendation, three have given a buy recommendation and one has given a strong buy recommendation to the company. The average twelve-month price target among brokerages that have updated their coverage on the stock in the last year is $62.95.

Several equities analysts have weighed in on FBNC shares. Brean Capital initiated coverage on First Bancorp in a research report on Monday, June 8th. They set a “neutral” rating and a $65.75 price target for the company. Weiss Ratings upgraded shares of First Bancorp from a “buy (b-)” rating to a “buy (b)” rating in a research report on Monday, May 18th. Zacks Research raised shares of First Bancorp from a “strong sell” rating to a “hold” rating in a research note on Monday, March 9th. Finally, Keefe, Bruyette & Woods boosted their price target on First Bancorp from $65.00 to $66.00 and gave the company an “outperform” rating in a report on Thursday, April 23rd.

First Bancorp Price Performance

FBNC stock opened at $63.80 on Monday. The company’s 50 day simple moving average is $59.96 and its 200-day simple moving average is $57.74. The firm has a market capitalization of $2.64 billion, a PE ratio of 21.77 and a beta of 0.80. First Bancorp has a 12 month low of $45.04 and a 12 month high of $66.06. The company has a debt-to-equity ratio of 0.04, a current ratio of 0.85 and a quick ratio of 0.84.

First Bancorp (NASDAQ:FBNC) last issued its quarterly earnings data on Wednesday, April 22nd. The financial services provider reported $1.13 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.09 by $0.04. First Bancorp had a return on equity of 10.86% and a net margin of 20.59%.The firm had revenue of $122.29 million during the quarter, compared to the consensus estimate of $123.20 million. Equities analysts expect that First Bancorp will post 4.67 earnings per share for the current fiscal year.

First Bancorp Dividend Announcement

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 $0.24 dividend. 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 currently 32.76%.

Insider Buying and Selling

In related news, Director Michael Goodwin Mayer sold 44,324 shares of the stock in a transaction dated Wednesday, May 20th. The stock was sold at an average price of $58.58, for a total transaction of $2,596,499.92. Following the transaction, the director directly owned 41,491 shares in the company, valued at approximately $2,430,542.78. This represents a 51.65% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Insiders own 2.04% of the company’s stock.

Institutional Trading of First Bancorp

Several hedge funds and other institutional investors have recently added to or reduced their stakes in FBNC. Vanguard Group Inc. lifted 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 worth $144,722,000 after acquiring an additional 11,439 shares during the period. State Street Corp increased its position in First Bancorp by 9.2% during the fourth quarter. State Street Corp now owns 2,012,273 shares of the financial services provider’s stock worth $102,661,000 after purchasing an additional 169,363 shares during the last quarter. Ameriprise Financial Inc. increased its position in First Bancorp by 48.6% during the third 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 during the last quarter. Jennison Associates LLC increased its position in First Bancorp by 34.1% during the first quarter. Jennison Associates LLC now owns 974,221 shares of the financial services provider’s stock worth $54,897,000 after purchasing an additional 247,859 shares during the last quarter. Finally, Schroder Investment Management Group raised its stake in First Bancorp by 39.4% during the third quarter. Schroder Investment Management Group now owns 576,596 shares of the financial services provider’s stock worth $30,502,000 after purchasing an additional 163,026 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.