First Bancorp (NASDAQ:FBNC) Receives Average Rating of “Moderate Buy” from Brokerages

Shares of First Bancorp (NASDAQ:FBNC) have been assigned an average rating of “Moderate Buy” from the six ratings firms that are presently covering the stock, MarketBeat reports. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company. The average 1 year target price among brokers that have issued ratings on the stock in the last year is $68.94.

Several research analysts recently issued reports on FBNC shares. Piper Sandler raised their target price on First Bancorp from $64.00 to $65.00 and gave the stock a “neutral” rating in a research report on Wednesday, July 29th. Raymond James Financial upped their price target on First Bancorp from $68.00 to $75.00 and gave the company a “strong-buy” rating in a research report on Thursday, July 16th. Zacks Research cut First Bancorp from a “hold” rating to a “strong sell” rating in a research note on Monday, September 21st. Weiss Ratings restated a “buy (b)” rating on shares of First Bancorp in a research report on Thursday, August 13th. Finally, Keefe, Bruyette & Woods lifted their price objective on First Bancorp from $67.00 to $70.00 and gave the stock an “outperform” rating in a research note on Tuesday, August 4th.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the company. BlackRock Inc. bought a new stake in shares of First Bancorp in the 2nd quarter valued at $380,347,000. Bank of New York Mellon Corp acquired a new position in First Bancorp in the second quarter valued at $45,055,000. Jennison Associates LLC grew its holdings in First Bancorp by 34.1% during the 1st quarter. Jennison Associates LLC now owns 974,221 shares of the financial services provider’s stock worth $54,897,000 after acquiring an additional 247,859 shares during the period. First Bancorp Inc ME acquired a new stake in First Bancorp during the 2nd quarter worth about $25,711,000. Finally, Segall Bryant & Hamill LLC raised its position in shares of First Bancorp by 176.4% in the 1st quarter. Segall Bryant & Hamill LLC now owns 429,818 shares of the financial services provider’s stock worth $24,220,000 after acquiring an additional 274,289 shares in the last quarter. Institutional investors and hedge funds own 68.36% of the company’s stock.

First Bancorp Price Performance

FBNC stock opened at $63.50 on Friday. The company has a fifty day moving average price of $64.09 and a 200-day moving average price of $60.79. The company has a market capitalization of $2.63 billion, a P/E ratio of 19.72 and a beta of 0.80. First Bancorp has a 52-week low of $45.96 and a 52-week high of $66.78. The company has a debt-to-equity ratio of 0.04, a quick ratio of 0.85 and a current ratio of 0.85.

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

First Bancorp Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, October 23rd. Shareholders of record on Wednesday, September 30th will be given a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a yield of 1.5%. The ex-dividend date of this dividend is Wednesday, September 30th. First Bancorp’s dividend payout ratio is currently 29.81%.

First Bancorp Company Profile

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.