First Bancorp (NASDAQ:FBNC) Lowered to “Strong Sell” Rating by Zacks Research

Zacks Research downgraded shares of First Bancorp (NASDAQ:FBNC) from a hold rating to a strong sell rating in a report issued on Monday morning,Zacks reports.

A number of other analysts also recently commented on the stock. Raymond James Financial boosted their price objective on shares of First Bancorp from $68.00 to $75.00 and gave the stock a “strong-buy” rating in a report on Thursday, July 16th. Weiss Ratings reiterated a “buy (b)” rating on shares of First Bancorp in a research report on Thursday, August 13th. Brean Capital started coverage on First Bancorp in a report on Monday, June 8th. They issued a “neutral” rating and a $65.75 target price on the stock. Piper Sandler raised their price target on First Bancorp from $64.00 to $65.00 and gave the company a “neutral” rating in a research report on Wednesday, July 29th. Finally, Keefe, Bruyette & Woods lifted their price target on First Bancorp from $67.00 to $70.00 and gave the stock an “outperform” rating in a research note on Tuesday, August 4th. One investment analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $68.94.

First Bancorp Trading Up 0.4%

NASDAQ FBNC opened at $63.02 on Monday. The company has a quick ratio of 0.85, a current ratio of 0.85 and a debt-to-equity ratio of 0.04. The stock has a market capitalization of $2.61 billion, a P/E ratio of 19.57 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 firm has a 50-day moving average price of $64.22 and a 200 day moving average price of $60.69.

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

First Bancorp Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 23rd. Shareholders of record on Wednesday, September 30th will be paid a $0.24 dividend. 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 (DPR) is presently 29.81%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of FBNC. BlackRock Inc. purchased a new stake in shares of First Bancorp in the second quarter worth about $380,347,000. Bank of New York Mellon Corp purchased a new stake in shares of First Bancorp during the 2nd quarter valued at about $45,055,000. First Bancorp Inc ME purchased a new stake in shares of First Bancorp during the 2nd quarter valued at about $25,711,000. William Blair Investment Management LLC acquired a new position in First Bancorp during the 2nd quarter worth approximately $19,779,000. Finally, Segall Bryant & Hamill LLC lifted its position in First Bancorp by 176.4% during 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 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.