First Bancorp (NASDAQ:FBNC) Given Consensus Recommendation of “Moderate Buy” by Brokerages

Shares of First Bancorp (NASDAQ:FBNC) have earned an average rating of “Moderate Buy” from the seven analysts that are currently covering the stock, MarketBeat reports. Three analysts have rated the stock with a hold recommendation, three have issued a buy recommendation and one has given a strong buy recommendation to the company. The average 1-year target price among brokerages that have updated their coverage on the stock in the last year is $62.95.

A number of equities analysts have commented on the stock. Zacks Research raised shares of First Bancorp from a “strong sell” rating to a “hold” rating in a research note on Monday, March 9th. Weiss Ratings raised shares of First Bancorp from a “buy (b-)” rating to a “buy (b)” rating in a research note on Monday, May 18th. Brean Capital assumed 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. Wall Street Zen raised shares of First Bancorp from a “sell” rating to a “hold” rating in a research note on Saturday, February 28th. Finally, Keefe, Bruyette & Woods lifted their target price on shares of First Bancorp from $65.00 to $66.00 and gave the stock an “outperform” rating in a research note on Thursday, April 23rd.

Insider Activity

In other news, Director Michael Goodwin Mayer sold 44,324 shares of the business’s stock in a transaction that occurred 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 directly owned 41,491 shares of the company’s stock, valued at approximately $2,430,542.78. The trade was a 51.65% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 2.04% of the company’s stock.

Institutional Investors Weigh In On First Bancorp

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Public Sector Pension Investment Board grew its holdings in shares of First Bancorp by 14.5% in the third quarter. Public Sector Pension Investment Board now owns 161,719 shares of the financial services provider’s stock valued at $8,553,000 after purchasing an additional 20,520 shares in the last quarter. Jennison Associates LLC grew its holdings in shares of First Bancorp by 20.4% in the fourth quarter. Jennison Associates LLC now owns 726,362 shares of the financial services provider’s stock valued at $36,892,000 after purchasing an additional 123,283 shares in the last quarter. Rafferty Asset Management LLC grew its holdings in shares of First Bancorp by 50.3% in the third quarter. Rafferty Asset Management LLC now owns 40,586 shares of the financial services provider’s stock valued at $2,147,000 after purchasing an additional 13,588 shares in the last quarter. Schroder Investment Management Group grew its holdings in shares of First Bancorp by 39.4% in the third quarter. Schroder Investment Management Group now owns 576,596 shares of the financial services provider’s stock valued at $30,502,000 after purchasing an additional 163,026 shares in the last quarter. Finally, Pinnacle Wealth Management Advisory Group LLC acquired a new position in First Bancorp during the 4th quarter worth approximately $518,000. 68.36% of the stock is owned by hedge funds and other institutional investors.

First Bancorp Stock Performance

FBNC opened at $60.29 on Thursday. The firm has a market capitalization of $2.49 billion, a PE ratio of 20.58 and a beta of 0.81. First Bancorp has a twelve month low of $40.09 and a twelve month high of $62.64. The firm’s 50-day moving average price is $58.92 and its 200 day moving average price is $56.81. The company has a current ratio of 0.85, a quick ratio of 0.84 and a debt-to-equity ratio of 0.04.

First Bancorp (NASDAQ:FBNC) last posted its quarterly earnings results on Wednesday, April 22nd. The financial services provider reported $1.13 earnings per share for the quarter, topping analysts’ consensus estimates of $1.09 by $0.04. The firm had revenue of $122.29 million for the quarter, compared to analyst estimates of $123.21 million. First Bancorp had a net margin of 20.59% and a return on equity of 10.86%. As a group, sell-side analysts expect that First Bancorp will post 4.67 EPS for the current fiscal year.

First Bancorp Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, July 24th. Stockholders of record on Tuesday, June 30th will be paid a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a dividend yield of 1.6%. The ex-dividend date of this dividend is Tuesday, June 30th. First Bancorp’s payout ratio is 32.76%.

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.