Shares of First Bancorp (NASDAQ:FBNC) have been assigned a consensus recommendation of “Buy” from the six research firms that are presently covering the company, Marketbeat Ratings reports. Two analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. The average 12 month price objective among analysts that have issued ratings on the stock in the last year is $31.33.
FBNC has been the subject of a number of recent analyst reports. Brean Capital initiated coverage on First Bancorp in a research report on Friday, June 9th. They set a “buy” rating and a $33.00 price objective for the company. Zacks Investment Research raised First Bancorp from a “hold” rating to a “buy” rating and set a $34.00 price objective for the company in a research report on Monday, May 1st. Keefe, Bruyette & Woods reissued a “buy” rating and set a $34.00 price objective on shares of First Bancorp in a research report on Monday, June 26th. Finally, ValuEngine raised First Bancorp from a “hold” rating to a “buy” rating in a research report on Friday, June 2nd.
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First Bancorp (FBNC) opened at 30.82 on Tuesday. The company’s 50-day moving average is $30.61 and its 200 day moving average is $29.56. The stock has a market capitalization of $759.84 million, a PE ratio of 23.09 and a beta of 1.19. First Bancorp has a 12-month low of $18.21 and a 12-month high of $32.27.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, July 25th. Shareholders of record on Friday, June 30th will be given a $0.08 dividend. This represents a $0.32 annualized dividend and a yield of 1.04%. The ex-dividend date of this dividend is Wednesday, June 28th. First Bancorp’s dividend payout ratio is currently 23.88%.
In other news, insider Eric P. Credle bought 1,000 shares of the company’s stock in a transaction on Thursday, May 4th. The stock was bought at an average cost of $29.89 per share, with a total value of $29,890.00. Following the transaction, the insider now directly owns 26,674 shares in the company, valued at approximately $797,285.86. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Over the last ninety days, insiders acquired 2,500 shares of company stock valued at $73,195. 1.89% of the stock is currently owned by corporate insiders.
A number of large investors have recently bought and sold shares of the company. Peregrine Capital Management LLC boosted its stake in First Bancorp by 23.6% in the second quarter. Peregrine Capital Management LLC now owns 227,867 shares of the financial services provider’s stock valued at $7,123,000 after buying an additional 43,533 shares during the last quarter. Credit Suisse AG boosted its stake in First Bancorp by 9.3% in the first quarter. Credit Suisse AG now owns 42,834 shares of the financial services provider’s stock valued at $1,254,000 after buying an additional 3,627 shares during the last quarter. Bank of America Corp DE boosted its stake in First Bancorp by 107.5% in the first quarter. Bank of America Corp DE now owns 37,652 shares of the financial services provider’s stock valued at $1,103,000 after buying an additional 19,504 shares during the last quarter. Schwab Charles Investment Management Inc. boosted its stake in First Bancorp by 18.7% in the first quarter. Schwab Charles Investment Management Inc. now owns 79,221 shares of the financial services provider’s stock valued at $2,321,000 after buying an additional 12,498 shares during the last quarter. Finally, RMB Capital Management LLC acquired a new stake in First Bancorp during the first quarter valued at $4,586,000. Hedge funds and other institutional investors own 58.01% of the company’s stock.
First Bancorp Company Profile
First Bancorp is the bank holding company for First Bank (the Bank). The Company’s principal activity is the ownership and operation of First Bank. The Bank engages in a range of banking activities, including the acceptance of deposits and the making of loans. The Bank offers credit cards, debit cards, letters of credit, safe deposit box rentals and electronic funds transfer services, including wire transfers.
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