First Bancorp (NASDAQ:FBNC) Receives $61.25 Consensus PT from Analysts

Shares of First Bancorp (NASDAQ:FBNC) have been given an average recommendation of “Moderate Buy” by the six brokerages that are presently covering the stock, Marketbeat Ratings reports. Two research analysts have rated the stock with a hold recommendation, three have given a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12-month price objective among brokerages that have covered the stock in the last year is $62.25.

Several brokerages recently commented on FBNC. Keefe, Bruyette & Woods lifted their price target on shares of First Bancorp from $65.00 to $66.00 and gave the stock an “outperform” rating in a research note on Thursday. Wall Street Zen upgraded shares of First Bancorp from a “sell” rating to a “hold” rating in a research note on Saturday, February 28th. Piper Sandler lowered shares of 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 note on Saturday, February 7th. Weiss Ratings upgraded shares of First Bancorp from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Friday, March 20th. Finally, Zacks Research upgraded shares of First Bancorp from a “strong sell” rating to a “hold” rating in a research note on Monday, March 9th.

First Bancorp Price Performance

Shares of FBNC opened at $58.33 on Wednesday. First Bancorp has a twelve month low of $39.42 and a twelve month high of $62.64. The firm’s fifty day simple moving average is $57.17 and its 200-day simple moving average is $54.37. The firm has a market capitalization of $2.42 billion, a price-to-earnings ratio of 19.91 and a beta of 0.84. The company has a current ratio of 0.85, a quick ratio of 0.83 and a debt-to-equity ratio of 0.04.

First Bancorp (NASDAQ:FBNC) last announced its quarterly earnings data on Wednesday, April 22nd. The financial services provider reported $1.13 earnings per share for the quarter, beating analysts’ consensus estimates of $1.09 by $0.04. First Bancorp had a net margin of 20.59% and a return on equity of 10.86%. The business had revenue of $122.29 million for the quarter, compared to analyst estimates of $123.21 million. Equities analysts forecast that First Bancorp will post 4.61 EPS for the current fiscal year.

First Bancorp Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, April 27th. Investors of record on Tuesday, March 31st will be paid a dividend of $0.24 per share. The ex-dividend date is Tuesday, March 31st. This represents a $0.96 annualized dividend and a yield of 1.6%. This is an increase from First Bancorp’s previous quarterly dividend of $0.23. First Bancorp’s dividend payout ratio (DPR) is 35.82%.

Insider Buying and Selling

In related news, insider Mary Clara Capel sold 5,000 shares of First Bancorp stock in a transaction on Tuesday, February 3rd. The shares were sold at an average price of $59.31, for a total transaction of $296,550.00. Following the sale, the insider directly owned 20,400 shares in the company, valued at $1,209,924. This trade represents a 19.69% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In the last quarter, insiders have sold 10,142 shares of company stock worth $592,276. 2.04% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Public Sector Pension Investment Board increased its stake in 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 during the period. Schroder Investment Management Group increased its stake in 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 during the period. Universal Beteiligungs und Servicegesellschaft mbH increased its stake in First Bancorp by 40.0% in the third quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 53,522 shares of the financial services provider’s stock valued at $2,831,000 after purchasing an additional 15,284 shares during the period. Rafferty Asset Management LLC increased its stake in 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 during the period. Finally, MQS Management LLC acquired a new position in First Bancorp in the third quarter valued at $226,000. 68.36% of the stock is currently owned by institutional investors and hedge funds.

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.