First Bancorp (NASDAQ:FBNC) Cut to Outperform at Raymond James Financial

Raymond James Financial cut shares of First Bancorp (NASDAQ:FBNC) from a strong-buy rating to an outperform rating in a report released on Tuesday morning, MarketBeat reports. The brokerage currently has $71.00 price target on the financial services provider’s stock, down from their prior price target of $72.00.

Other analysts have also issued research reports about the company. Piper Sandler increased their target price on First Bancorp from $64.00 to $65.00 and gave the company a “neutral” rating in a report on Wednesday, July 29th. Zacks Research downgraded First Bancorp from a “hold” rating to a “strong sell” rating in a report on Monday, September 21st. Weiss Ratings reissued a “buy (b)” rating on shares of First Bancorp in a research report on Thursday, August 13th. Brean Capital started coverage on First Bancorp in a research note on Monday, June 8th. They issued a “neutral” rating and a $65.75 price objective for the company. Finally, Keefe, Bruyette & Woods raised their price objective on First Bancorp from $67.00 to $70.00 and gave the stock an “outperform” rating in a research report on Tuesday, August 4th. Three investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $67.94.

First Bancorp Stock Up 1.4%

FBNC stock opened at $59.73 on Tuesday. First Bancorp has a 52-week low of $45.96 and a 52-week high of $66.78. The company’s 50 day simple moving average is $63.70 and its 200-day simple moving average is $61.31. The company has a debt-to-equity ratio of 0.04, a current ratio of 0.85 and a quick ratio of 0.85. The firm has a market capitalization of $2.47 billion, a P/E ratio of 18.55 and a beta of 0.84.

First Bancorp (NASDAQ:FBNC) last issued its quarterly earnings results on Wednesday, July 22nd. The financial services provider reported $1.22 EPS for the quarter, beating the consensus estimate of $1.15 by $0.07. First Bancorp had a net margin of 22.12% and a return on equity of 11.31%. The business had revenue of $127.30 million during the quarter, compared to the consensus estimate of $126.07 million. As a group, equities research analysts anticipate that First Bancorp will post 4.72 EPS for the current year.

First Bancorp Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 23rd. Investors of record on Wednesday, September 30th will be issued a $0.24 dividend. The ex-dividend date is Wednesday, September 30th. This represents a $0.96 dividend on an annualized basis and a yield of 1.6%. First Bancorp’s dividend payout ratio is currently 29.81%.

Institutional Trading of First Bancorp

A number of institutional investors have recently added to or reduced their stakes in FBNC. Integrated Wealth Concepts LLC bought a new stake in First Bancorp in the second quarter worth approximately $58,000. Squarepoint Ops LLC lifted its stake in shares of First Bancorp by 31.3% in the 2nd quarter. Squarepoint Ops LLC now owns 20,320 shares of the financial services provider’s stock valued at $1,299,000 after purchasing an additional 4,849 shares during the last quarter. Wellington Management Group LLP acquired a new stake in shares of First Bancorp in the 2nd quarter valued at $11,049,000. Beacon Pointe Advisors LLC bought a new stake in First Bancorp in the second quarter worth $3,966,000. Finally, United Capital Financial Advisors LLC bought a new stake in First Bancorp in the second quarter worth $287,000. 68.36% of the stock is currently owned by institutional investors and hedge funds.

About First Bancorp

First Bancorp is a bank holding company headquartered in Southern Pines, North Carolina. Through its principal subsidiary, First Bank, the company provides banking and financial services to individuals, businesses, and organizations.

First Bank offers deposit accounts, consumer and commercial loans, residential and commercial real estate financing, mortgage services, treasury and cash-management solutions, and online and mobile banking. The bank also provides wealth management and investment-related services through its financial services operations.

Founded in 1983, First Bancorp has grown from a community banking organization serving North Carolina’s Sandhills region into a regional banking company with locations across North Carolina and South Carolina.