First Bancorp (NASDAQ:FBNC) Reaches New 52-Week High – Here’s What Happened

First Bancorp (NASDAQ:FBNC)’s share price hit a new 52-week high during mid-day trading on Friday . The stock traded as high as $66.54 and last traded at $66.23, with a volume of 882618 shares changing hands. The stock had previously closed at $64.44.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on FBNC. Raymond James Financial upped their price objective on shares of First Bancorp from $68.00 to $75.00 and gave the stock a “strong-buy” rating in a research report on Thursday. Brean Capital started coverage on shares of First Bancorp in a research note on Monday, June 8th. They set a “neutral” rating and a $65.75 target price on the stock. Keefe, Bruyette & Woods upped their price target on shares of First Bancorp from $65.00 to $66.00 and gave the stock an “outperform” rating in a report on Thursday, April 23rd. Finally, Weiss Ratings upgraded First Bancorp from a “buy (b-)” rating to a “buy (b)” rating in a research note on Monday, May 18th. One equities research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat.com, First Bancorp has a consensus rating of “Moderate Buy” and a consensus price target of $65.55.

First Bancorp Price Performance

The company has a 50 day moving average price of $61.00 and a 200-day moving average price of $58.49. The company has a market cap of $2.67 billion, a price-to-earnings ratio of 21.99 and a beta of 0.80. The company has a quick ratio of 0.84, a current ratio of 0.85 and a debt-to-equity ratio of 0.04.

First Bancorp (NASDAQ:FBNC) last posted its earnings results on Wednesday, April 22nd. The financial services provider reported $1.13 EPS for the quarter, topping the consensus estimate of $1.09 by $0.04. First Bancorp had a net margin of 20.59% and a return on equity of 10.86%. The business had revenue of $122.29 million for the quarter, compared to the consensus estimate of $123.20 million. As a group, equities research analysts predict that First Bancorp will post 4.67 EPS for the current fiscal year.

First Bancorp Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, July 24th. Stockholders of record on Tuesday, June 30th will be issued a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a dividend yield of 1.5%. The ex-dividend date is Tuesday, June 30th. First Bancorp’s payout ratio is 32.76%.

Insider Buying and Selling at First Bancorp

In related news, Director Michael Goodwin Mayer sold 44,324 shares of the business’s stock in a transaction on Wednesday, May 20th. The shares were sold at an average price of $58.58, for a total value of $2,596,499.92. Following the sale, the director owned 41,491 shares of the company’s stock, valued at $2,430,542.78. The trade was a 51.65% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 2.04% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Moody National Bank Trust Division grew its position in shares of First Bancorp by 35.3% in the 2nd quarter. Moody National Bank Trust Division now owns 22,682 shares of the financial services provider’s stock valued at $1,450,000 after buying an additional 5,915 shares during the last quarter. Segall Bryant & Hamill LLC increased its stake in shares of First Bancorp by 176.4% in the first quarter. Segall Bryant & Hamill LLC now owns 429,818 shares of the financial services provider’s stock valued at $24,220,000 after buying an additional 274,289 shares during the period. Bank of America Corp DE raised its position in shares of First Bancorp by 15.8% during the first quarter. Bank of America Corp DE now owns 214,917 shares of the financial services provider’s stock worth $12,111,000 after acquiring an additional 29,251 shares during the last quarter. Amundi raised its position in shares of First Bancorp by 31.8% during the first quarter. Amundi now owns 6,634 shares of the financial services provider’s stock worth $374,000 after acquiring an additional 1,599 shares during the last quarter. Finally, California State Teachers Retirement System lifted its stake in shares of First Bancorp by 8.0% in the first quarter. California State Teachers Retirement System now owns 41,610 shares of the financial services provider’s stock worth $2,345,000 after acquiring an additional 3,095 shares during the period. 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.