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

First Bancorp (NASDAQ:FBNC) has received a consensus rating of “Moderate Buy” from the seven brokerages that are currently covering the firm, MarketBeat Ratings reports. Four equities research analysts have rated the stock with a hold recommendation, two have assigned a buy recommendation and one has given a strong buy recommendation to the company. The average 12 month target price among brokerages that have covered the stock in the last year is $58.00.

FBNC has been the topic of several research analyst reports. Raymond James Financial upgraded First Bancorp from a “market perform” rating to a “strong-buy” rating and set a $62.00 price objective on the stock in a research report on Wednesday. Weiss Ratings reissued a “hold (c)” rating on shares of First Bancorp in a research note on Wednesday, October 8th. Wall Street Zen cut First Bancorp from a “hold” rating to a “sell” rating in a report on Saturday, November 15th. Finally, Zacks Research downgraded First Bancorp from a “strong-buy” rating to a “hold” rating in a research note on Thursday, January 1st.

First Bancorp Stock Performance

FBNC opened at $53.66 on Monday. The company has a 50 day simple moving average of $51.41 and a two-hundred day simple moving average of $50.89. The company has a debt-to-equity ratio of 0.06, a current ratio of 0.82 and a quick ratio of 0.82. The firm has a market cap of $2.23 billion, a P/E ratio of 22.55 and a beta of 0.89. First Bancorp has a 1-year low of $34.50 and a 1-year high of $56.45.

First Bancorp (NASDAQ:FBNC) last released its earnings results on Wednesday, October 22nd. The financial services provider reported $1.01 earnings per share for the quarter, beating analysts’ consensus estimates of $0.93 by $0.08. The company had revenue of $89.61 million for the quarter, compared to analysts’ expectations of $113.47 million. First Bancorp had a net margin of 17.50% and a return on equity of 9.61%. Equities 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 announced a quarterly dividend, which will be paid on Sunday, January 25th. Investors of record on Wednesday, December 31st will be given a dividend of $0.23 per share. The ex-dividend date is Wednesday, December 31st. This represents a $0.92 dividend on an annualized basis and a dividend yield of 1.7%. First Bancorp’s dividend payout ratio is currently 38.66%.

Institutional Trading of First Bancorp

Several hedge funds have recently bought and sold shares of FBNC. SG Americas Securities LLC boosted its holdings in shares of First Bancorp by 94.3% during the 4th quarter. SG Americas Securities LLC now owns 15,399 shares of the financial services provider’s stock valued at $782,000 after purchasing an additional 7,472 shares during the last quarter. Diversified Trust Co. lifted its position in shares of First Bancorp by 4.0% in the fourth quarter. Diversified Trust Co. now owns 12,585 shares of the financial services provider’s stock worth $639,000 after buying an additional 483 shares in the last quarter. CIBC Bancorp USA Inc. bought a new position in First Bancorp during the third quarter valued at approximately $228,000. CANADA LIFE ASSURANCE Co grew its holdings in First Bancorp by 45.9% during the 3rd quarter. CANADA LIFE ASSURANCE Co now owns 49,808 shares of the financial services provider’s stock valued at $2,644,000 after buying an additional 15,667 shares in the last quarter. Finally, Dark Forest Capital Management LP grew its holdings in First Bancorp by 171.5% during the 3rd quarter. Dark Forest Capital Management LP now owns 41,746 shares of the financial services provider’s stock valued at $2,208,000 after buying an additional 26,372 shares in the last quarter. 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.