Zacks Investment Research Lowers First Bancorp (NASDAQ:FBNC) to Hold

Share on StockTwits

Zacks Investment Research downgraded shares of First Bancorp (NASDAQ:FBNC) from a buy rating to a hold rating in a research report released on Thursday, Zacks.com reports.

According to Zacks, “First Bancorp is a one-bank holding company. The principal activity of the Company is the ownership and operation of First Bank. They also own and operate two nonbank subsidiaries, Montgomery Data Services, Inc. and First Bancorp Financial Services, Inc. “

A number of other analysts have also commented on the stock. ValuEngine lowered shares of Zumiez from a hold rating to a sell rating in a research note on Tuesday, July 2nd. BidaskClub upgraded shares of Zynerba Pharmaceuticals from a hold rating to a buy rating in a research note on Thursday, July 4th. Sandler O’Neill upgraded shares of First Bancorp from a hold rating to a buy rating in a research note on Monday, March 25th. Gabelli reiterated a buy rating on shares of T. Rowe Price Group in a research note on Thursday, April 25th. Finally, Brean Capital reiterated a buy rating on shares of Community Bankers Trust in a research note on Monday, March 18th. One analyst has rated the stock with a sell rating, three have given a hold rating and five have issued a buy rating to the stock. The stock has a consensus rating of Hold and an average price target of $41.40.

NASDAQ:FBNC opened at $36.12 on Thursday. The company has a market cap of $1.07 billion, a price-to-earnings ratio of 11.80, a P/E/G ratio of 2.67 and a beta of 1.19. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.99 and a current ratio of 0.99. First Bancorp has a fifty-two week low of $30.50 and a fifty-two week high of $43.14. The company’s 50-day moving average price is $36.12.

First Bancorp (NASDAQ:FBNC) last released its quarterly earnings data on Tuesday, April 23rd. The financial services provider reported $0.75 earnings per share for the quarter, beating analysts’ consensus estimates of $0.71 by $0.04. The business had revenue of $68.24 million during the quarter, compared to analyst estimates of $67.41 million. First Bancorp had a net margin of 30.44% and a return on equity of 12.04%. Sell-side analysts anticipate that First Bancorp will post 3.08 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Thursday, July 25th. Stockholders of record on Sunday, June 30th will be paid a $0.12 dividend. The ex-dividend date is Thursday, June 27th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.33%. First Bancorp’s dividend payout ratio is presently 15.95%.

In related news, Director Thomas F. Phillips sold 2,250 shares of the firm’s stock in a transaction that occurred on Tuesday, May 28th. The shares were sold at an average price of $35.58, for a total value of $80,055.00. Following the transaction, the director now owns 84,212 shares of the company’s stock, valued at $2,996,262.96. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Mary Clara Capel sold 1,000 shares of the firm’s stock in a transaction that occurred on Friday, May 31st. The stock was sold at an average price of $35.50, for a total transaction of $35,500.00. Following the completion of the transaction, the director now directly owns 15,009 shares in the company, valued at approximately $532,819.50. The disclosure for this sale can be found here. Insiders sold 4,250 shares of company stock valued at $151,855 over the last quarter. Company insiders own 2.37% of the company’s stock.

Several institutional investors and hedge funds have recently bought and sold shares of FBNC. Legal & General Group Plc boosted its holdings in shares of First Bancorp by 23.9% in the fourth quarter. Legal & General Group Plc now owns 5,705 shares of the financial services provider’s stock worth $186,000 after buying an additional 1,102 shares during the last quarter. Campbell & CO Investment Adviser LLC purchased a new position in shares of First Bancorp in the second quarter worth approximately $200,000. Squarepoint Ops LLC boosted its holdings in shares of First Bancorp by 26.8% in the fourth quarter. Squarepoint Ops LLC now owns 6,276 shares of the financial services provider’s stock worth $205,000 after buying an additional 1,325 shares during the last quarter. BNP Paribas Arbitrage SA boosted its holdings in shares of First Bancorp by 363.1% in the first quarter. BNP Paribas Arbitrage SA now owns 6,094 shares of the financial services provider’s stock worth $212,000 after buying an additional 4,778 shares during the last quarter. Finally, Intrust Bank NA boosted its holdings in shares of First Bancorp by 6.8% in the first quarter. Intrust Bank NA now owns 7,840 shares of the financial services provider’s stock worth $273,000 after buying an additional 496 shares during the last quarter. 66.00% of the stock is currently owned by institutional investors.

About First Bancorp

First Bancorp operates as the bank holding company for First Bank that provides banking products and services for individuals and small to medium-sized businesses primarily in North Carolina and northeastern South Carolina. It accepts deposit products, such as checking, savings, and money market accounts, as well as time deposits, including certificates of deposit and individual retirement accounts.

Recommended Story: What is a Roth IRA?

Get a free copy of the Zacks research report on First Bancorp (FBNC)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Analyst Recommendations for First Bancorp (NASDAQ:FBNC)

Receive News & Ratings for First Bancorp Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for First Bancorp and related companies with MarketBeat.com's FREE daily email newsletter.



Latest News

Ameris Bancorp  Receives New Coverage from Analysts at Raymond James
Ameris Bancorp Receives New Coverage from Analysts at Raymond James
Zacks Investment Research Lowers First Bancorp  to Hold
Zacks Investment Research Lowers First Bancorp to Hold
Landmark Infrastructure Partners LP Unit  Raised to “Strong-Buy” at BidaskClub
Landmark Infrastructure Partners LP Unit Raised to “Strong-Buy” at BidaskClub
Popular  Cut to Hold at Zacks Investment Research
Popular Cut to Hold at Zacks Investment Research
GoPro  Lifted to “Sell” at BidaskClub
GoPro Lifted to “Sell” at BidaskClub
BidaskClub Lowers Cirrus Logic  to Hold
BidaskClub Lowers Cirrus Logic to Hold


 
© 2006-2019 Zolmax.