First Bancorp (NASDAQ:FBNC) Given Average Rating of “Moderate Buy” by Brokerages

First Bancorp (NASDAQ:FBNC) has been given an average rating of “Moderate Buy” by the seven research firms that are currently covering the stock, Marketbeat.com reports. Three research analysts have rated the stock with a hold rating, three have given a buy rating and one has given a strong buy rating to the company. The average 1-year price target among analysts that have issued ratings on the stock in the last year is $62.95.

A number of research analysts have recently commented on FBNC shares. Weiss Ratings raised First Bancorp from a “buy (b-)” rating to a “buy (b)” rating in a report on Monday, May 18th. Keefe, Bruyette & Woods increased their price objective on First Bancorp from $65.00 to $66.00 and gave the company an “outperform” rating in a report on Thursday, April 23rd. Zacks Research raised First Bancorp from a “strong sell” rating to a “hold” rating in a report on Monday, March 9th. Brean Capital assumed coverage on First Bancorp in a report on Monday, June 8th. They issued a “neutral” rating and a $65.75 target price on the stock. Finally, Wall Street Zen raised First Bancorp from a “sell” rating to a “hold” rating in a report on Saturday, February 28th.

Insider Transactions at First Bancorp

In other First Bancorp news, Director Michael Goodwin Mayer sold 44,324 shares of the firm’s 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 sale, the director owned 41,491 shares of the company’s stock, valued at $2,430,542.78. This trade represents a 51.65% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. 2.04% of the stock is owned by company insiders.

Institutional Trading of First Bancorp

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Oregon Public Employees Retirement Fund grew its holdings in First Bancorp by 2.1% in the 4th quarter. Oregon Public Employees Retirement Fund now owns 9,532 shares of the financial services provider’s stock valued at $484,000 after buying an additional 200 shares during the last quarter. SouthState Bank Corp grew its holdings in First Bancorp by 1.5% in the 4th quarter. SouthState Bank Corp now owns 13,189 shares of the financial services provider’s stock valued at $670,000 after buying an additional 200 shares during the last quarter. Martin & Co. Inc. TN grew its holdings in First Bancorp by 0.3% in the 3rd quarter. Martin & Co. Inc. TN now owns 64,808 shares of the financial services provider’s stock valued at $3,428,000 after buying an additional 224 shares during the last quarter. State of Alaska Department of Revenue grew its holdings in First Bancorp by 1.1% in the 4th quarter. State of Alaska Department of Revenue now owns 22,841 shares of the financial services provider’s stock valued at $1,159,000 after buying an additional 238 shares during the last quarter. Finally, Illinois Municipal Retirement Fund grew its holdings in shares of First Bancorp by 1.1% during the 1st quarter. Illinois Municipal Retirement Fund now owns 22,017 shares of the financial services provider’s stock worth $1,241,000 after purchasing an additional 242 shares in the last quarter. Institutional investors and hedge funds own 68.36% of the company’s stock.

First Bancorp Stock Performance

Shares of NASDAQ FBNC opened at $60.75 on Thursday. The company has a debt-to-equity ratio of 0.04, a quick ratio of 0.84 and a current ratio of 0.85. The firm has a market cap of $2.51 billion, a price-to-earnings ratio of 20.73 and a beta of 0.81. The business’s 50-day simple moving average is $58.74 and its 200-day simple moving average is $56.68. First Bancorp has a 52 week low of $40.00 and a 52 week high of $62.64.

First Bancorp (NASDAQ:FBNC) last issued its quarterly earnings data 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 business had revenue of $122.29 million for the quarter, compared to analyst estimates of $123.21 million. First Bancorp had a return on equity of 10.86% and a net margin of 20.59%. As a group, equities research analysts expect that First Bancorp will post 4.67 earnings per share for the current fiscal year.

First Bancorp Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, July 24th. Shareholders of record on Tuesday, June 30th will be issued 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 yield of 1.6%. First Bancorp’s dividend payout ratio (DPR) is 32.76%.

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.