Katharine Caldwell Nevin Buys 231 Shares of First Bancorp (NASDAQ:FBNC) Stock

First Bancorp (NASDAQ:FBNC) Director Katharine Caldwell Nevin bought 231 shares of the business’s stock in a transaction dated Friday, September 11th. The stock was acquired at an average cost of $64.23 per share, for a total transaction of $14,837.13. Following the purchase, the director owned 1,094 shares in the company, valued at approximately $70,267.62. This trade represents a 26.77% increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink.

First Bancorp Stock Performance

NASDAQ:FBNC opened at $62.71 on Friday. The firm’s fifty day simple moving average is $64.27 and its 200 day simple moving average is $60.58. The company has a current ratio of 0.85, a quick ratio of 0.85 and a debt-to-equity ratio of 0.04. First Bancorp has a twelve month low of $45.96 and a twelve month high of $66.78. The firm has a market capitalization of $2.59 billion, a price-to-earnings ratio of 19.48 and a beta of 0.80.

First Bancorp (NASDAQ:FBNC) last announced its quarterly earnings results on Wednesday, July 22nd. The financial services provider reported $1.22 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.15 by $0.07. The firm had revenue of $127.30 million during the quarter, compared to the consensus estimate of $126.07 million. First Bancorp had a return on equity of 11.31% and a net margin of 22.12%. As a group, equities research analysts expect that First Bancorp will post 4.69 earnings per share for the current fiscal year.

First Bancorp Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, October 23rd. Stockholders of record on Wednesday, September 30th will be paid a $0.24 dividend. The ex-dividend date is Wednesday, September 30th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 1.5%. First Bancorp’s dividend payout ratio (DPR) is 29.81%.

Institutional Investors Weigh In On First Bancorp

Several hedge funds and other institutional investors have recently bought and sold shares of FBNC. Summit Securities Group LLC bought a new stake in First Bancorp during the first quarter valued at $34,000. Mitsubishi UFJ Asset Management Co. Ltd. bought a new position in shares of First Bancorp in the 2nd quarter worth about $34,000. First Bancorp Inc ME acquired a new position in shares of First Bancorp in the 2nd quarter valued at about $48,000. Integrated Wealth Concepts LLC acquired a new position in shares of First Bancorp in the 2nd quarter valued at about $58,000. Finally, State of Wyoming acquired a new position in shares of First Bancorp in the 1st quarter valued at about $67,000. 68.36% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research firms recently commented on FBNC. Weiss Ratings reissued a “buy (b)” rating on shares of First Bancorp in a research report on Thursday, August 13th. Brean Capital assumed coverage on shares of First Bancorp in a research note on Monday, June 8th. They set a “neutral” rating and a $65.75 price objective on the stock. Keefe, Bruyette & Woods boosted their target price on shares of First Bancorp from $67.00 to $70.00 and gave the stock an “outperform” rating in a research report on Tuesday, August 4th. Piper Sandler boosted their target price on shares of First Bancorp from $64.00 to $65.00 and gave the stock a “neutral” rating in a research report on Wednesday, July 29th. Finally, Raymond James Financial upped their target price on shares of First Bancorp from $68.00 to $75.00 and gave the company a “strong-buy” rating in a research note on Thursday, July 16th. One investment analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and three have given a Hold rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $68.94.

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 community banking services to individuals, businesses and institutions.

First Bank offers a range of financial products, including checking and savings accounts, certificates of deposit, consumer and commercial loans, residential mortgages, and agricultural lending. Its services also include online and mobile banking, treasury management, wealth management and other financial solutions for business and personal customers.

Founded in 1983, First Bancorp has expanded its banking operations across North Carolina and neighboring markets in South Carolina and Virginia.