First Bancorp (NASDAQ:FBNC) Sees Strong Trading Volume – What’s Next?

First Bancorp (NASDAQ:FBNC) shares saw an uptick in trading volume on Thursday . 170,004 shares changed hands during mid-day trading, a decline of 29% from the previous session’s volume of 238,929 shares.The stock last traded at $65.4550 and had previously closed at $64.44.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on the company. Raymond James Financial reiterated a “strong-buy” rating and set a $75.00 price target on shares of First Bancorp in a research report on Thursday. Brean Capital assumed coverage on First Bancorp in a report on Monday, June 8th. They set a “neutral” rating and a $65.75 price target on the stock. Keefe, Bruyette & Woods lifted their price objective on shares of First Bancorp from $65.00 to $66.00 and gave the company an “outperform” rating in a research note on Thursday, April 23rd. Finally, Weiss Ratings raised shares of First Bancorp from a “buy (b-)” rating to a “buy (b)” rating in a report on Monday, May 18th. One investment analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat.com, First Bancorp has a consensus rating of “Moderate Buy” and an average price target of $65.55.

First Bancorp Stock Up 1.6%

The company has a quick ratio of 0.84, a current ratio of 0.85 and a debt-to-equity ratio of 0.04. The firm has a market cap of $2.71 billion, a price-to-earnings ratio of 22.34 and a beta of 0.80. The stock’s 50 day moving average is $60.74 and its 200 day moving average is $58.35.

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

First Bancorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, July 24th. Stockholders of record on Tuesday, June 30th will be 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 is Tuesday, June 30th. First Bancorp’s payout ratio is currently 32.76%.

Insider Buying and Selling at First Bancorp

In other news, Director Michael Goodwin Mayer sold 44,324 shares of the company’s stock in a transaction on Wednesday, May 20th. The stock was sold at an average price of $58.58, for a total value of $2,596,499.92. Following the completion of the sale, the director owned 41,491 shares in the company, valued at $2,430,542.78. This represents a 51.65% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. 2.04% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On First Bancorp

Several hedge funds and other institutional investors have recently bought and sold shares of FBNC. Oregon Public Employees Retirement Fund boosted its stake in shares of First Bancorp by 2.1% during the 4th quarter. Oregon Public Employees Retirement Fund now owns 9,532 shares of the financial services provider’s stock worth $484,000 after acquiring an additional 200 shares in the last quarter. SouthState Bank Corp raised its position in shares of First Bancorp by 1.5% during the fourth quarter. SouthState Bank Corp now owns 13,189 shares of the financial services provider’s stock worth $670,000 after purchasing an additional 200 shares during the period. State of Alaska Department of Revenue raised its position in shares of First Bancorp by 1.1% during the fourth quarter. State of Alaska Department of Revenue now owns 22,841 shares of the financial services provider’s stock worth $1,159,000 after purchasing an additional 238 shares during the period. Illinois Municipal Retirement Fund lifted its holdings in shares of First Bancorp by 1.1% during the first 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 during the last quarter. Finally, Bank of Montreal Can boosted its position in shares of First Bancorp by 6.9% in the 4th quarter. Bank of Montreal Can now owns 4,725 shares of the financial services provider’s stock valued at $240,000 after purchasing an additional 305 shares during the period. 68.36% of the stock is currently owned by institutional investors.

First Bancorp Company Profile

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.