Brokerages Set First Bancorp (NASDAQ:FBNC) Target Price at $61.25

by · The Markets Daily

Shares of First Bancorp (NASDAQ:FBNC – Get Free Report) have earned a consensus rating of “Moderate Buy” from the six analysts that are currently covering the stock, Marketbeat Ratings reports. One investment analyst has rated the stock with a sell recommendation, two have assigned a hold recommendation, two have given a buy recommendation and one has issued a strong buy recommendation on the company. The average twelve-month price target among analysts that have issued ratings on the stock in the last year is $61.25.

FBNC has been the topic of several analyst reports. Raymond James Financial upgraded shares of First Bancorp from a “market perform” rating to a “strong-buy” rating and set a $62.00 price target on the stock in a report on Wednesday, January 7th. Wall Street Zen upgraded First Bancorp from a “sell” rating to a “hold” rating in a research note on Saturday, February 28th. Zacks Research cut First Bancorp from a “hold” rating to a “strong sell” rating in a research report on Friday, February 6th. Piper Sandler downgraded First Bancorp from an “overweight” rating to a “neutral” rating and lifted their target price for the stock from $58.00 to $64.00 in a research report on Saturday, February 7th. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of First Bancorp in a report on Thursday, January 22nd.

Check Out Our Latest Stock Report on First Bancorp

First Bancorp Stock Down 1.0%

Shares of First Bancorp stock opened at $57.53 on Tuesday. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.05. First Bancorp has a twelve month low of $34.50 and a twelve month high of $62.64. The business’s 50 day simple moving average is $57.44 and its 200-day simple moving average is $53.75. The stock has a market capitalization of $2.39 billion, a price-to-earnings ratio of 21.47 and a beta of 0.88.

First Bancorp (NASDAQ:FBNC – Get Free Report) last released its quarterly earnings results on Wednesday, January 21st. The financial services provider reported $1.19 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.03 by $0.16. The company had revenue of $83.90 million during the quarter, compared to analysts’ expectations of $123.43 million. First Bancorp had a return on equity of 10.41% and a net margin of 19.24%. Equities research analysts forecast that First Bancorp will post 3.27 earnings per share for the current year.

First Bancorp Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, April 24th. Investors of record on Tuesday, March 31st will be paid a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a dividend yield of 1.7%. This is a positive change from First Bancorp’s previous quarterly dividend of $0.23. The ex-dividend date of this dividend is Tuesday, March 31st. First Bancorp’s payout ratio is presently 34.33%.

Insider Activity at First Bancorp

In other news, insider Mary Clara Capel sold 5,000 shares of the company’s stock in a transaction dated Tuesday, February 3rd. The stock was sold at an average price of $59.31, for a total value of $296,550.00. Following the completion of the sale, the insider directly owned 20,400 shares of the company’s stock, valued at $1,209,924. This represents a 19.69% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Over the last three months, insiders sold 10,142 shares of company stock valued at $592,276. Corporate insiders own 3.65% of the company’s stock.

Institutional Trading of First Bancorp

Several hedge funds have recently bought and sold shares of the stock. Invesco Ltd. boosted its stake in First Bancorp by 10.7% in the 4th quarter. Invesco Ltd. now owns 289,012 shares of the financial services provider’s stock worth $14,679,000 after purchasing an additional 27,849 shares during the period. CrossGen Wealth LLC acquired a new stake in First Bancorp in the 4th quarter valued at $990,000. Voloridge Investment Management LLC acquired a new stake in shares of First Bancorp in the fourth quarter valued at approximately $2,058,000. Tudor Investment Corp ET AL bought a new stake in shares of First Bancorp during the 4th quarter worth about $1,069,000. Finally, Occudo Quantitative Strategies LP acquired a new stake in First Bancorp during the 4th quarter worth approximately $800,000. 68.36% of the stock is currently owned by institutional investors and hedge funds.

First Bancorp Company Profile

(Get Free Report)

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.

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