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

First Bancorp (NASDAQ:FBNC) has been assigned a consensus recommendation of “Moderate Buy” from the seven ratings firms that are covering the company, MarketBeat reports. Three equities research analysts have rated the stock with a hold recommendation, three have assigned a buy recommendation and one has assigned a strong buy recommendation to the company. The average twelve-month price target among brokers that have issued a report on the stock in the last year is $62.95.

Several research firms have recently commented on FBNC. Keefe, Bruyette & Woods upped 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. Weiss Ratings upgraded First Bancorp from a “buy (b-)” rating to a “buy (b)” rating in a research report on Monday, May 18th. Finally, Brean Capital started coverage on First Bancorp in a report on Monday, June 8th. They set a “neutral” rating and a $65.75 price target on the stock.

Insider Buying and Selling

In related news, Director Michael Goodwin Mayer sold 44,324 shares of the company’s stock in a transaction on 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 of the company’s stock, valued at approximately $2,430,542.78. The trade was a 51.65% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 2.04% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the stock. Jennison Associates LLC raised its holdings in shares of First Bancorp by 20.4% during the fourth quarter. Jennison Associates LLC now owns 726,362 shares of the financial services provider’s stock worth $36,892,000 after acquiring an additional 123,283 shares in the last quarter. Schroder Investment Management Group raised its holdings in First Bancorp by 39.4% in the 3rd quarter. Schroder Investment Management Group now owns 576,596 shares of the financial services provider’s stock worth $30,502,000 after acquiring an additional 163,026 shares during the period. Pinnacle Wealth Management Advisory Group LLC acquired a new position in First Bancorp during the 4th quarter worth $518,000. Louisiana State Employees Retirement System bought a new stake in First Bancorp during the first quarter valued at about $1,037,000. Finally, CrossGen Wealth LLC acquired a new stake in shares of First Bancorp in the fourth quarter valued at about $990,000. Institutional investors and hedge funds own 68.36% of the company’s stock.

First Bancorp Stock Performance

Shares of FBNC stock opened at $63.72 on Monday. 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’s fifty day moving average price is $60.39 and its two-hundred day moving average price is $58.06. The firm has a market capitalization of $2.64 billion, a P/E ratio of 21.75 and a beta of 0.80. First Bancorp has a 12 month low of $45.04 and a 12 month high of $66.06.

First Bancorp (NASDAQ:FBNC) last issued its earnings results on Wednesday, April 22nd. The financial services provider reported $1.13 earnings per share (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 for the quarter, compared to analyst estimates of $123.20 million. On average, research analysts anticipate that First Bancorp will post 4.67 earnings per share for the current fiscal year.

First Bancorp Announces Dividend

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 given a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a dividend yield of 1.5%. The ex-dividend date is Tuesday, June 30th. First Bancorp’s dividend payout ratio is 32.76%.

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.