BidaskClub Lowers First Bancorp (NASDAQ:FBNC) to Sell

BidaskClub cut shares of First Bancorp (NASDAQ:FBNC) from a hold rating to a sell rating in a report released on Thursday morning, BidAskClub reports.

A number of other brokerages have also recently issued reports on FBNC. ValuEngine cut shares of Zumiez from a hold rating to a sell rating in a report on Tuesday, July 2nd. Zacks Investment Research raised shares of General Moly from a sell rating to a hold rating in a report on Thursday, July 11th. Sandler O’Neill raised shares of First Bancorp from a hold rating to a buy rating in a report on Monday, March 25th. Finally, Gabelli reaffirmed a buy rating on shares of T. Rowe Price Group in a report on Thursday, April 25th. Two equities research analysts have rated the stock with a sell rating, two have given a hold rating and five have given a buy rating to the stock. The stock has a consensus rating of Hold and an average target price of $41.40.

First Bancorp stock opened at $35.18 on Thursday. The business’s 50-day simple moving average is $36.02. First Bancorp has a one year low of $30.50 and a one year high of $43.14. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.99 and a current ratio of 0.99. The firm has a market cap of $1.05 billion, a P/E ratio of 11.69, a price-to-earnings-growth ratio of 2.60 and a beta of 1.19.

First Bancorp (NASDAQ:FBNC) last posted its quarterly earnings data on Tuesday, April 23rd. The financial services provider reported $0.75 EPS for the quarter, topping the Zacks’ consensus estimate of $0.71 by $0.04. The company had revenue of $68.24 million during the quarter, compared to the consensus estimate of $67.41 million. First Bancorp had a net margin of 30.44% and a return on equity of 12.04%. Analysts expect that First Bancorp will post 3.08 earnings per share for the current year.

The company also recently announced a quarterly dividend, which will be paid on Thursday, July 25th. Stockholders of record on Sunday, June 30th will be issued a $0.12 dividend. The ex-dividend date is Thursday, June 27th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.36%. First Bancorp’s payout ratio is 15.95%.

In other First Bancorp news, Director Mary Clara Capel sold 1,000 shares of the stock in a transaction dated Friday, June 14th. The shares were sold at an average price of $36.30, for a total value of $36,300.00. Following the transaction, the director now directly owns 14,912 shares of the company’s stock, valued at approximately $541,305.60. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Thomas F. Phillips sold 2,250 shares of the stock in a transaction dated Tuesday, May 28th. The shares were sold at an average price of $35.58, for a total transaction of $80,055.00. Following the completion of the transaction, the director now directly owns 84,212 shares in the company, valued at $2,996,262.96. The disclosure for this sale can be found here. Over the last three months, insiders sold 4,250 shares of company stock worth $151,855. Insiders own 2.37% of the company’s stock.

Institutional investors have recently added to or reduced their stakes in the business. Legal & General Group Plc raised its holdings in First Bancorp by 23.9% in the 4th quarter. Legal & General Group Plc now owns 5,705 shares of the financial services provider’s stock valued at $186,000 after acquiring an additional 1,102 shares during the period. Campbell & CO Investment Adviser LLC bought a new position in First Bancorp in the 2nd quarter valued at about $200,000. Squarepoint Ops LLC raised its holdings in First Bancorp by 26.8% in the 4th quarter. Squarepoint Ops LLC now owns 6,276 shares of the financial services provider’s stock valued at $205,000 after acquiring an additional 1,325 shares during the period. BNP Paribas Arbitrage SA raised its holdings in First Bancorp by 363.1% in the 1st quarter. BNP Paribas Arbitrage SA now owns 6,094 shares of the financial services provider’s stock valued at $212,000 after acquiring an additional 4,778 shares during the period. Finally, Intrust Bank NA raised its holdings in First Bancorp by 6.8% in the 1st quarter. Intrust Bank NA now owns 7,840 shares of the financial services provider’s stock valued at $273,000 after acquiring an additional 496 shares during the period. 65.97% of the stock is currently owned by hedge funds and other institutional investors.

About First Bancorp

First Bancorp operates as the bank holding company for First Bank that provides banking products and services for individuals and small to medium-sized businesses primarily in North Carolina and northeastern South Carolina. It accepts deposit products, such as checking, savings, and money market accounts, as well as time deposits, including certificates of deposit and individual retirement accounts.

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Analyst Recommendations for First Bancorp (NASDAQ:FBNC)

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