First Bancorp (NASDAQ:FBNC) Share Price Passes Above Two Hundred Day Moving Average – Should You Sell?

First Bancorp (NASDAQ:FBNC)’s stock price crossed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $53.83 and traded as high as $56.30. First Bancorp shares last traded at $56.28, with a volume of 113,497 shares changing hands.

Analyst Upgrades and Downgrades

FBNC has been the subject of a number of recent research reports. Wall Street Zen upgraded First Bancorp from a “sell” rating to a “hold” rating in a research report on Saturday, February 28th. Raymond James Financial upgraded First Bancorp from a “market perform” rating to a “strong-buy” rating and set a $62.00 price objective for the company in a research report on Wednesday, January 7th. Zacks Research upgraded First Bancorp from a “strong sell” rating to a “hold” rating in a research report on Monday, March 9th. Piper Sandler downgraded shares of First Bancorp from an “overweight” rating to a “neutral” rating and boosted their target price for the company from $58.00 to $64.00 in a research note on Saturday, February 7th. Finally, Weiss Ratings raised shares of First Bancorp from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Friday, March 20th. One research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $61.25.

First Bancorp Price Performance

The stock has a market capitalization of $2.33 billion, a P/E ratio of 21.00 and a beta of 0.84. The stock’s fifty day moving average is $57.48 and its 200-day moving average is $53.83. The company has a debt-to-equity ratio of 0.05, a current ratio of 0.83 and a quick ratio of 0.83.

First Bancorp (NASDAQ:FBNC) last issued its quarterly earnings data on Wednesday, January 21st. The financial services provider reported $1.19 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.03 by $0.16. The firm 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 10.41%. On average, equities analysts anticipate that First Bancorp will post 3.27 earnings per share for the current year.

First Bancorp Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, April 27th. Investors of record on Tuesday, March 31st will be issued a $0.24 dividend. This is a boost from First Bancorp’s previous quarterly dividend of $0.23. This represents a $0.96 dividend on an annualized basis and a yield of 1.7%. The ex-dividend date is Tuesday, March 31st. First Bancorp’s dividend payout ratio is currently 35.82%.

Insider Transactions at First Bancorp

In related news, insider Mary Clara Capel sold 5,000 shares of the company’s stock in a transaction on Tuesday, February 3rd. The shares were sold at an average price of $59.31, for a total value of $296,550.00. Following the completion of the sale, the insider directly owned 20,400 shares in the company, valued at approximately $1,209,924. This represents a 19.69% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Insiders have sold 10,142 shares of company stock valued at $592,276 in the last three months. Corporate insiders own 3.65% of the company’s stock.

Institutional Investors Weigh In On First Bancorp

A number of hedge funds have recently bought and sold shares of the company. Hsbc Holdings PLC bought a new stake in First Bancorp during the fourth quarter valued at about $560,000. Invesco Ltd. boosted its holdings in First Bancorp by 10.7% during the fourth quarter. Invesco Ltd. now owns 289,012 shares of the financial services provider’s stock valued at $14,679,000 after acquiring an additional 27,849 shares during the period. CrossGen Wealth LLC bought a new stake in First Bancorp during the fourth quarter valued at about $990,000. Voloridge Investment Management LLC bought a new stake in First Bancorp during the fourth quarter valued at about $2,058,000. Finally, Tudor Investment Corp ET AL bought a new stake in First Bancorp during the fourth quarter valued at about $1,069,000. 68.36% of the stock is currently owned by institutional investors.

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.