First Bancorp (NASDAQ:FBNC) Upgraded at Zacks Research

Zacks Research upgraded shares of First Bancorp (NASDAQ:FBNC) from a strong sell rating to a hold rating in a research report released on Monday,Zacks.com reports.

FBNC has been the subject of a number of other research reports. Wall Street Zen upgraded shares of First Bancorp from a “sell” rating to a “hold” rating in a report on Saturday, February 28th. Weiss Ratings restated a “hold (c)” rating on shares of First Bancorp in a research note on Thursday, January 22nd. Piper Sandler lowered shares of First Bancorp from an “overweight” rating to a “neutral” rating and raised their target price for the stock from $58.00 to $64.00 in a research report on Saturday, February 7th. Finally, Raymond James Financial raised shares of First Bancorp from a “market perform” rating to a “strong-buy” rating and set a $62.00 price target for the company in a research note on Wednesday, January 7th. One equities research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and three have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, First Bancorp currently has an average rating of “Moderate Buy” and a consensus target price of $61.25.

First Bancorp Stock Down 1.7%

Shares of NASDAQ:FBNC opened at $54.58 on Monday. The company has a market cap of $2.26 billion, a price-to-earnings ratio of 20.37 and a beta of 0.88. First Bancorp has a 12 month low of $34.50 and a 12 month high of $62.64. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.05. The company has a 50-day moving average price of $57.74 and a 200 day moving average price of $53.83.

First Bancorp (NASDAQ:FBNC) last issued its quarterly earnings data on Wednesday, January 21st. The financial services provider reported $1.19 earnings per share for the quarter, topping the consensus estimate of $1.03 by $0.16. First Bancorp had a return on equity of 10.41% and a net margin of 19.24%.The company had revenue of $83.90 million for the quarter, compared to analysts’ expectations of $123.43 million. As a group, equities research analysts predict 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 Friday, April 24th. Investors of record on Tuesday, March 31st will be paid a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a yield of 1.8%. This is a boost from First Bancorp’s previous quarterly dividend of $0.23. The ex-dividend date of this dividend is Tuesday, March 31st. First Bancorp’s payout ratio is currently 34.33%.

Insider Transactions at First Bancorp

In other First Bancorp news, insider Mary Clara Capel sold 5,000 shares of the firm’s stock in a transaction dated Tuesday, February 3rd. The shares were 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 approximately $1,209,924. This trade represents a 19.69% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In the last quarter, insiders have sold 10,142 shares of company stock worth $592,276. 3.65% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On First Bancorp

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Oregon Public Employees Retirement Fund raised its stake in First Bancorp by 2.1% in the fourth quarter. Oregon Public Employees Retirement Fund now owns 9,532 shares of the financial services provider’s stock worth $484,000 after buying an additional 200 shares in the last quarter. SouthState Bank Corp boosted its position in First Bancorp by 1.5% during the 4th quarter. SouthState Bank Corp now owns 13,189 shares of the financial services provider’s stock valued at $670,000 after acquiring an additional 200 shares in the last quarter. Amalgamated Bank increased its holdings in shares of First Bancorp by 1.8% in the 3rd quarter. Amalgamated Bank now owns 11,950 shares of the financial services provider’s stock valued at $632,000 after acquiring an additional 207 shares during the period. Martin & Co. Inc. TN raised its position in shares of First Bancorp by 0.3% in the 3rd quarter. Martin & Co. Inc. TN now owns 64,808 shares of the financial services provider’s stock worth $3,428,000 after acquiring an additional 224 shares in the last quarter. Finally, Teacher Retirement System of Texas raised its position in shares of First Bancorp by 3.9% in the 2nd quarter. Teacher Retirement System of Texas now owns 6,277 shares of the financial services provider’s stock worth $277,000 after acquiring an additional 234 shares in the last quarter. 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.