First Bancorp (NASDAQ:FBNC) Receives $58.00 Consensus PT from Brokerages

Shares of First Bancorp (NASDAQ:FBNC) have earned an average recommendation of “Moderate Buy” from the seven research firms that are currently covering the stock, MarketBeat.com reports. Four equities research analysts have rated the stock with a hold recommendation, two have issued a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1 year target price among analysts that have covered the stock in the last year is $58.00.

A number of equities analysts have commented on the stock. Raymond James Financial raised shares of First Bancorp from a “market perform” rating to a “strong-buy” rating and set a $62.00 price objective for the company in a report on Wednesday, January 7th. Zacks Research lowered shares of First Bancorp from a “strong-buy” rating to a “hold” rating in a report on Thursday, January 1st. Wall Street Zen lowered shares of First Bancorp from a “hold” rating to a “sell” rating in a research note on Saturday, November 15th. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of First Bancorp in a report on Wednesday, October 8th.

First Bancorp Stock Up 0.7%

Shares of First Bancorp stock opened at $57.92 on Monday. The business has a 50-day moving average price of $51.96 and a 200 day moving average price of $51.28. First Bancorp has a fifty-two week low of $34.50 and a fifty-two week high of $58.79. The firm has a market cap of $2.40 billion, a P/E ratio of 24.34 and a beta of 0.89. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 0.06.

First Bancorp (NASDAQ:FBNC) last issued its earnings results on Wednesday, October 22nd. The financial services provider reported $1.01 EPS for the quarter, topping the consensus estimate of $0.93 by $0.08. First Bancorp had a return on equity of 9.61% and a net margin of 17.50%.The company had revenue of $89.61 million during the quarter, compared to analyst estimates of $113.47 million. On average, sell-side analysts forecast that First Bancorp will post 3.27 earnings per share for the current fiscal year.

First Bancorp Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Sunday, January 25th. Investors of record on Wednesday, December 31st will be issued a $0.23 dividend. The ex-dividend date of this dividend is Wednesday, December 31st. This represents a $0.92 annualized dividend and a dividend yield of 1.6%. First Bancorp’s dividend payout ratio (DPR) is 38.66%.

Institutional Investors Weigh In On First Bancorp

Several large investors have recently added to or reduced their stakes in FBNC. Smartleaf Asset Management LLC boosted its holdings in shares of First Bancorp by 183.6% during the third quarter. Smartleaf Asset Management LLC now owns 553 shares of the financial services provider’s stock valued at $29,000 after acquiring an additional 358 shares during the period. Quest 10 Wealth Builders Inc. bought a new stake in First Bancorp in the 3rd quarter valued at about $34,000. EverSource Wealth Advisors LLC boosted its stake in First Bancorp by 2,222.6% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 720 shares of the financial services provider’s stock valued at $32,000 after purchasing an additional 689 shares during the period. GAMMA Investing LLC grew its position in First Bancorp by 33.5% in the 2nd quarter. GAMMA Investing LLC now owns 1,895 shares of the financial services provider’s stock worth $84,000 after purchasing an additional 475 shares during the last quarter. Finally, Atlantic Union Bankshares Corp bought a new position in First Bancorp in the 3rd quarter worth about $115,000. 68.36% of the stock is owned by institutional investors and hedge funds.

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.