First Bancorp (NASDAQ:FBNC) Receives Average Recommendation of “Moderate Buy” from Brokerages

First Bancorp (NASDAQ:FBNC) has been given a consensus rating of “Moderate Buy” by the seven brokerages that are covering the company, Marketbeat reports. Four investment analysts have rated the stock with a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company. The average 12 month price target among analysts that have issued a report on the stock in the last year is $58.00.

A number of equities analysts have recently commented on FBNC shares. Raymond James Financial raised First Bancorp from a “market perform” rating to a “strong-buy” rating and set a $62.00 price target 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 downgraded First Bancorp from a “hold” rating to a “sell” rating in a report on Saturday, November 15th. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of First Bancorp in a research note on Thursday, January 22nd.

First Bancorp Price Performance

First Bancorp stock opened at $60.94 on Friday. The company has a debt-to-equity ratio of 0.06, a current ratio of 0.82 and a quick ratio of 0.82. First Bancorp has a one year low of $34.50 and a one year high of $62.31. The firm has a market cap of $2.53 billion, a PE ratio of 22.74 and a beta of 0.90. The stock’s fifty day moving average price is $54.33 and its two-hundred day moving average price is $52.36.

First Bancorp (NASDAQ:FBNC) last posted its quarterly earnings data on Wednesday, January 21st. The financial services provider reported $1.19 earnings per share for the quarter, topping the consensus estimate of $1.03 by $0.16. The business had revenue of $83.90 million during the quarter, compared to analysts’ expectations of $123.43 million. First Bancorp had a net margin of 19.24% and a return on equity of 10.57%. As a group, research analysts expect that First Bancorp will post 3.27 EPS for the current fiscal year.

First Bancorp Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, April 24th. Shareholders of record on Tuesday, March 31st will be paid a $0.24 dividend. The ex-dividend date is Tuesday, March 31st. This is a positive change from First Bancorp’s previous quarterly dividend of $0.23. This represents a $0.96 dividend on an annualized basis and a yield of 1.6%. First Bancorp’s dividend payout ratio is presently 34.33%.

Insider Activity

In other news, insider Mary Clara Capel sold 5,000 shares of the company’s stock in a transaction on Tuesday, February 3rd. The stock was sold at an average price of $59.31, for a total transaction of $296,550.00. Following the transaction, the insider owned 20,400 shares of the company’s stock, valued at $1,209,924. This represents a 19.69% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders sold 10,142 shares of company stock valued at $592,276 in the last 90 days. Insiders own 3.65% of the company’s stock.

Institutional Trading of First Bancorp

Several hedge funds and other institutional investors have recently modified their holdings of the business. Ameriprise Financial Inc. raised its holdings in First Bancorp by 48.6% during the 3rd quarter. Ameriprise Financial Inc. now owns 1,314,341 shares of the financial services provider’s stock valued at $69,516,000 after acquiring an additional 429,769 shares during the period. Schroder Investment Management Group bought a new stake in First Bancorp during the second quarter valued at $17,999,000. UBS Group AG grew its position in First Bancorp by 236.4% during the third quarter. UBS Group AG now owns 233,237 shares of the financial services provider’s stock worth $12,336,000 after buying an additional 163,906 shares in the last quarter. Invesco Ltd. increased its stake in First Bancorp by 149.1% in the 3rd quarter. Invesco Ltd. now owns 261,163 shares of the financial services provider’s stock worth $13,813,000 after acquiring an additional 156,311 shares during the last quarter. Finally, Jennison Associates LLC increased its stake in First Bancorp by 32.1% in the 2nd quarter. Jennison Associates LLC now owns 587,061 shares of the financial services provider’s stock worth $25,884,000 after acquiring an additional 142,765 shares during the last quarter. 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.