First Bancorp (NASDAQ:FBNC) Reaches New 12-Month High – What’s Next?

First Bancorp (NASDAQ:FBNC) reached a new 52-week high on Thursday . The company traded as high as $56.72 and last traded at $57.04, with a volume of 24120 shares. The stock had previously closed at $55.42.

Wall Street Analysts Forecast Growth

FBNC has been the subject of a number of recent research reports. 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 cut shares of First Bancorp from a “strong-buy” rating to a “hold” rating in a research note on Thursday, January 1st. Wall Street Zen downgraded shares of First Bancorp from a “hold” rating to a “sell” rating in a report on Saturday, November 15th. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of First Bancorp in a research note on Wednesday, October 8th. One analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and four have given a Hold rating to the stock. According to MarketBeat.com, First Bancorp currently has a consensus rating of “Moderate Buy” and a consensus target price of $58.00.

First Bancorp Stock Performance

The company’s fifty day moving average price is $51.96 and its two-hundred day moving average price is $51.21. The company has a debt-to-equity ratio of 0.06, a quick ratio of 0.82 and a current ratio of 0.82. The firm has a market capitalization of $2.40 billion, a PE ratio of 24.34 and a beta of 0.89.

First Bancorp (NASDAQ:FBNC) last issued its quarterly earnings results on Wednesday, October 22nd. The financial services provider reported $1.01 EPS for the quarter, topping the consensus estimate of $0.93 by $0.08. The firm had revenue of $89.61 million during the quarter, compared to analyst estimates of $113.47 million. First Bancorp had a net margin of 17.50% and a return on equity of 9.61%. As a group, equities analysts expect that First Bancorp will post 3.27 earnings per share for the current year.

First Bancorp Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Sunday, January 25th. Shareholders of record on Wednesday, December 31st will be paid a dividend of $0.23 per share. The ex-dividend date is Wednesday, December 31st. This represents a $0.92 annualized dividend and a yield of 1.6%. First Bancorp’s dividend payout ratio is currently 38.66%.

Hedge Funds Weigh In On First Bancorp

Several hedge funds and other institutional investors have recently modified their holdings of the company. Smartleaf Asset Management LLC grew its stake in First Bancorp by 183.6% during the third quarter. Smartleaf Asset Management LLC now owns 553 shares of the financial services provider’s stock worth $29,000 after buying an additional 358 shares during the period. EverSource Wealth Advisors LLC boosted its position in First Bancorp by 2,222.6% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 720 shares of the financial services provider’s stock worth $32,000 after purchasing an additional 689 shares during the period. Quest 10 Wealth Builders Inc. acquired a new stake in First Bancorp in the 3rd quarter valued at $34,000. GAMMA Investing LLC raised its position in First Bancorp by 33.5% in the second quarter. GAMMA Investing LLC now owns 1,895 shares of the financial services provider’s stock valued at $84,000 after purchasing an additional 475 shares during the period. Finally, Atlantic Union Bankshares Corp acquired a new position in shares of First Bancorp during the third quarter worth about $115,000. 68.36% of the stock is owned by institutional investors and hedge funds.

First Bancorp Company Profile

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.