First Bancorp (NASDAQ:FBNC) Share Price Passes Above 200 Day Moving Average – Here’s Why

First Bancorp (NASDAQ:FBNC)’s stock price crossed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $53.60 and traded as high as $58.96. First Bancorp shares last traded at $56.79, with a volume of 264,224 shares trading hands.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on the company. Piper Sandler lowered First Bancorp from an “overweight” rating to a “neutral” rating and lifted their price target for the stock from $58.00 to $64.00 in a research report on Saturday, February 7th. Zacks Research cut shares of First Bancorp from a “hold” rating to a “strong sell” rating in a report on Friday, February 6th. Weiss Ratings reiterated a “hold (c)” rating on shares of First Bancorp in a report on Thursday, January 22nd. Wall Street Zen raised shares of First Bancorp from a “sell” rating to a “hold” rating in a research report on Saturday. Finally, Raymond James Financial raised First Bancorp from a “market perform” rating to a “strong-buy” rating and set a $62.00 price objective on the stock in a research report on Wednesday, January 7th. One research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, two have given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, First Bancorp has an average rating of “Moderate Buy” and an average target price of $61.25.

First Bancorp Stock Down 5.6%

The company’s 50-day simple moving average is $56.99 and its two-hundred day simple moving average is $53.61. The firm has a market capitalization of $2.36 billion, a P/E ratio of 21.19 and a beta of 0.90. 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 (NASDAQ:FBNC) last announced its quarterly earnings data on Wednesday, January 21st. The financial services provider reported $1.19 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.03 by $0.16. First Bancorp had a return on equity of 10.57% and a net margin of 19.24%. As a group, research analysts expect that First Bancorp will post 3.27 earnings per share for the current year.

First Bancorp Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, April 24th. Shareholders of record on Tuesday, March 31st will be issued a $0.24 dividend. The ex-dividend date is Tuesday, March 31st. This represents a $0.96 dividend on an annualized basis and a yield of 1.7%. This is an increase from First Bancorp’s previous quarterly dividend of $0.23. First Bancorp’s payout ratio is presently 34.33%.

Insider Activity

In related news, insider Mary Clara Capel sold 5,000 shares of the business’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 sale, the insider owned 20,400 shares in the company, valued at approximately $1,209,924. The trade was 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 hyperlink. Insiders sold 10,142 shares of company stock valued at $592,276 over the last quarter. Insiders own 3.65% of the company’s stock.

Institutional Investors Weigh In On First Bancorp

Hedge funds have recently modified their holdings of the business. Ameriprise Financial Inc. boosted its stake in First Bancorp by 48.6% in the third 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 in the last quarter. Schroder Investment Management Group acquired a new position in First Bancorp during the 2nd quarter valued at about $17,999,000. State Street Corp raised its stake in First Bancorp by 9.2% in the fourth quarter. State Street Corp now owns 2,012,273 shares of the financial services provider’s stock valued at $102,661,000 after buying an additional 169,363 shares during the last quarter. UBS Group AG boosted its holdings in First Bancorp by 236.4% in the third quarter. UBS Group AG now owns 233,237 shares of the financial services provider’s stock worth $12,336,000 after acquiring an additional 163,906 shares in the last quarter. Finally, Invesco Ltd. boosted its holdings in First Bancorp by 149.1% in the third 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 in the last quarter. Hedge funds and other 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.