First Bancorp (NASDAQ:FBNC) Price Target Raised to $66.00

First Bancorp (NASDAQ:FBNC) had its target price lifted by Piper Sandler from $65.00 to $66.00 in a research report sent to investors on Thursday,Benzinga reports. Piper Sandler currently has a neutral rating on the financial services provider’s stock.

Several other research firms have also commented on FBNC. Zacks Research lowered First Bancorp from a “hold” rating to a “strong sell” rating in a research note on Monday, September 21st. Keefe, Bruyette & Woods increased their target price on First Bancorp from $67.00 to $70.00 and gave the stock an “outperform” rating in a research report on Tuesday, August 4th. Raymond James Financial downgraded First Bancorp from a “strong-buy” rating to an “outperform” rating and reduced their target price for the stock from $72.00 to $71.00 in a research report on Tuesday, October 6th. Finally, Weiss Ratings reissued a “buy (b)” rating on shares of First Bancorp in a research note on Thursday, August 13th. Three investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $68.19.

First Bancorp Trading Up 0.8%

Shares of FBNC opened at $64.44 on Thursday. The stock has a fifty day moving average of $62.81 and a two-hundred day moving average of $61.68. The company has a debt-to-equity ratio of 0.04, a quick ratio of 0.85 and a current ratio of 0.85. The company has a market capitalization of $2.67 billion, a PE ratio of 16.23 and a beta of 0.84. First Bancorp has a fifty-two week low of $47.66 and a fifty-two week high of $66.78.

First Bancorp (NASDAQ:FBNC) last issued its quarterly earnings results on Wednesday, October 21st. The financial services provider reported $1.24 earnings per share for the quarter, topping analysts’ consensus estimates of $1.18 by $0.06. First Bancorp had a return on equity of 11.76% and a net margin of 26.81%. The company had revenue of $129.91 million for the quarter, compared to analyst estimates of $130.01 million. As a group, analysts forecast that First Bancorp will post 4.73 EPS for the current year.

First Bancorp Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, October 23rd. Stockholders of record on Wednesday, September 30th were paid a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a dividend yield of 1.5%. The ex-dividend date of this dividend was Wednesday, September 30th. First Bancorp’s dividend payout ratio (DPR) is currently 24.18%.

Institutional Trading of First Bancorp

A number of institutional investors have recently added to or reduced their stakes in the business. Illinois Municipal Retirement Fund increased its holdings in First Bancorp by 1.1% in the 1st quarter. Illinois Municipal Retirement Fund now owns 22,017 shares of the financial services provider’s stock valued at $1,241,000 after purchasing an additional 242 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new position in shares of First Bancorp during the second quarter worth about $34,000. Summit Securities Group LLC acquired a new position in shares of First Bancorp during the first quarter worth about $34,000. USA Financial Formulas acquired a new position in shares of First Bancorp during the third quarter worth about $40,000. Finally, Contravisory Investment Management Inc. lifted its stake in shares of First Bancorp by 16.8% during the third quarter. Contravisory Investment Management Inc. now owns 5,588 shares of the financial services provider’s stock worth $341,000 after purchasing an additional 802 shares in the last quarter. 68.36% of the stock is owned by hedge funds and other institutional investors.

First Bancorp Company Profile

First Bancorp is a bank holding company headquartered in Southern Pines, North Carolina. Its principal subsidiary, First Bank, is a community banking institution that provides financial services to individuals, businesses and institutions.

First Bank offers deposit accounts, consumer and commercial loans, mortgages, treasury management and other business banking services. Through its banking and related financial services operations, the company also provides wealth management, trust and investment services, insurance products and electronic banking solutions.

Founded in 1983, First Bancorp has expanded from its origins in North Carolina into a regional banking organization serving communities across North Carolina and South Carolina.