First Bancorp (NASDAQ:FBNC) Stock Passes Above Two Hundred Day Moving Average – Time to Sell?

Shares of First Bancorp (NASDAQ:FBNC) crossed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $58.18 and traded as high as $64.37. First Bancorp shares last traded at $64.22, with a volume of 115,359 shares traded.

Wall Street Analysts Forecast Growth

FBNC has been the subject of several recent analyst reports. Weiss Ratings raised First Bancorp from a “buy (b-)” rating to a “buy (b)” rating in a report on Monday, May 18th. Keefe, Bruyette & Woods increased their price objective on First Bancorp from $65.00 to $66.00 and gave the stock an “outperform” rating in a research report on Thursday, April 23rd. Finally, Brean Capital assumed coverage on First Bancorp in a report on Monday, June 8th. They issued a “neutral” rating and a $65.75 target price for the company. One investment analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat, First Bancorp currently has an average rating of “Moderate Buy” and a consensus price target of $62.95.

First Bancorp Stock Up 0.7%

The company has a debt-to-equity ratio of 0.04, a current ratio of 0.85 and a quick ratio of 0.84. The firm’s 50-day simple moving average is $60.64 and its two-hundred day simple moving average is $58.26. The company has a market capitalization of $2.67 billion, a price-to-earnings ratio of 21.99 and a beta of 0.80.

First Bancorp (NASDAQ:FBNC) last issued its earnings results on Wednesday, April 22nd. The financial services provider reported $1.13 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.09 by $0.04. The company had revenue of $122.29 million during the quarter, compared to analysts’ expectations of $123.20 million. First Bancorp had a net margin of 20.59% and a return on equity of 10.86%. Sell-side analysts predict that First Bancorp will post 4.67 EPS for the current fiscal year.

First Bancorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, July 24th. Investors of record on Tuesday, June 30th will be paid a $0.24 dividend. This represents a $0.96 annualized dividend and a yield of 1.5%. The ex-dividend date of this dividend is Tuesday, June 30th. First Bancorp’s dividend payout ratio (DPR) is presently 32.76%.

Insider Transactions at First Bancorp

In other First Bancorp news, Director Michael Goodwin Mayer sold 44,324 shares of the business’s stock in a transaction on Wednesday, May 20th. The stock was sold at an average price of $58.58, for a total transaction of $2,596,499.92. Following the sale, the director directly owned 41,491 shares in the company, valued at approximately $2,430,542.78. The trade was a 51.65% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 2.04% of the company’s stock.

Institutional Inflows and Outflows

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