Zacks Investment Research upgraded shares of First Bancorp (NASDAQ:FBNC) from a sell rating to a hold rating in a research note released on Monday morning.
According to Zacks, “First Bancorp is a one-bank holding company. The principal activity of the Company is the ownership and operation of First Bank. They also own and operate two nonbank subsidiaries, Montgomery Data Services, Inc. and First Bancorp Financial Services, Inc. “
Separately, Keefe, Bruyette & Woods upgraded First Bancorp from a market perform rating to an outperform rating and increased their price objective for the stock from $22.00 to $24.00 in a research report on Monday, August 22nd. Two equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of Buy and a consensus target price of $22.17.
First Bancorp (NASDAQ:FBNC) opened at 19.81 on Monday. First Bancorp has a 12 month low of $17.15 and a 12 month high of $21.94. The stock’s 50 day moving average is $19.88 and its 200 day moving average is $19.27. The firm has a market cap of $397.92 million, a PE ratio of 14.44 and a beta of 1.24.
First Bancorp (NASDAQ:FBNC) last released its quarterly earnings data on Tuesday, July 26th. The financial services provider reported $0.37 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.35 by $0.03. First Bancorp had a return on equity of 8.29% and a net margin of 18.91%. On average, equities analysts forecast that First Bancorp will post $1.30 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 25th. Stockholders of record on Friday, September 30th will be given a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a dividend yield of 1.62%. The ex-dividend date of this dividend is Wednesday, September 28th. First Bancorp’s dividend payout ratio is currently 23.36%.
In other news, Director James C. Crawford III purchased 2,000 shares of the company’s stock in a transaction dated Monday, August 15th. The stock was acquired at an average price of $18.63 per share, for a total transaction of $37,260.00. Following the completion of the transaction, the director now directly owns 59,777 shares in the company, valued at approximately $1,113,645.51. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. 2.37% of the stock is owned by insiders.
Several hedge funds and other institutional investors have recently made changes to their positions in FBNC. BlackRock Advisors LLC boosted its position in shares of First Bancorp by 1.4% in the second quarter. BlackRock Advisors LLC now owns 9,491 shares of the financial services provider’s stock worth $167,000 after buying an additional 130 shares in the last quarter. First Trust Advisors LP boosted its position in shares of First Bancorp by 0.5% in the second quarter. First Trust Advisors LP now owns 29,262 shares of the financial services provider’s stock worth $514,000 after buying an additional 147 shares in the last quarter. Parametric Portfolio Associates LLC boosted its position in shares of First Bancorp by 0.6% in the second quarter. Parametric Portfolio Associates LLC now owns 48,154 shares of the financial services provider’s stock worth $847,000 after buying an additional 299 shares in the last quarter. Oak Associates Ltd. OH boosted its position in shares of First Bancorp by 0.9% in the first quarter. Oak Associates Ltd. OH now owns 57,275 shares of the financial services provider’s stock worth $1,080,000 after buying an additional 530 shares in the last quarter. Finally, Royal Bank of Canada boosted its position in shares of First Bancorp by 1.1% in the second quarter. Royal Bank of Canada now owns 70,154 shares of the financial services provider’s stock worth $1,234,000 after buying an additional 730 shares in the last quarter. Institutional investors and hedge funds own 53.16% 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 Company engages in a range of banking activities, including the acceptance of deposits and the making of loans. The Company offers credit cards, debit cards, letters of credit, safe deposit box rentals and electronic funds transfer services, including wire transfers.