First Bancorp (NASDAQ:FBNC) Stock Rating Cut to “Outperform” at Raymond James Financial

Raymond James Financial cut shares of First Bancorp (NASDAQ:FBNC) from a strong-buy rating to an outperform rating in a research report report published on Tuesday, MarketBeat reports. The brokerage currently has $71.00 price target on the financial services provider’s stock, down from their prior price target of $72.00.

Other analysts have also recently issued research reports about the company. Brean Capital initiated coverage on First Bancorp in a research report on Monday, June 8th. They set a “neutral” rating and a $65.75 price target for the company. Piper Sandler increased their price objective on First Bancorp from $64.00 to $65.00 and gave the company a “neutral” rating in a report on Wednesday, July 29th. Keefe, Bruyette & Woods raised 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. Zacks Research downgraded First Bancorp from a “hold” rating to a “strong sell” rating in a report on Monday, September 21st. Finally, Weiss Ratings reiterated a “buy (b)” rating on shares of First Bancorp in a research report on Thursday, August 13th. Three research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $67.94.

First Bancorp Trading Down 3.3%

Shares of First Bancorp stock opened at $59.74 on Tuesday. The firm’s 50 day simple moving average is $63.85 and its two-hundred day simple moving average is $61.22. The firm has a market capitalization of $2.47 billion, a price-to-earnings ratio of 18.55 and a beta of 0.84. First Bancorp has a 12-month low of $45.96 and a 12-month high of $66.78. The company has a current ratio of 0.85, a quick ratio of 0.85 and a debt-to-equity ratio of 0.04.

First Bancorp (NASDAQ:FBNC) last posted its quarterly earnings data on Wednesday, July 22nd. The financial services provider reported $1.22 EPS for the quarter, topping the consensus estimate of $1.15 by $0.07. The business had revenue of $127.30 million during the quarter, compared to the consensus estimate of $126.07 million. First Bancorp had a net margin of 22.12% and a return on equity of 11.31%. Analysts predict that First Bancorp will post 4.72 EPS for the current year.

First Bancorp Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, October 23rd. Stockholders of record on Wednesday, September 30th will be issued a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a dividend yield of 1.6%. The ex-dividend date of this dividend is Wednesday, September 30th. First Bancorp’s payout ratio is 29.81%.

Institutional Trading of First Bancorp

Hedge funds have recently added to or reduced their stakes in the company. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new position in First Bancorp in the second quarter valued at $34,000. Summit Securities Group LLC purchased a new stake in shares of First Bancorp during the 1st quarter worth about $34,000. Integrated Wealth Concepts LLC acquired a new stake in shares of First Bancorp during the 2nd quarter valued at about $58,000. State of Wyoming acquired a new stake in shares of First Bancorp during the 1st quarter valued at about $67,000. Finally, First Bancorp Inc ME purchased a new position in shares of First Bancorp in the 2nd quarter valued at about $48,000. 68.36% of the stock is owned by hedge funds and other institutional investors.

About First Bancorp

First Bancorp is a bank holding company headquartered in Southern Pines, North Carolina. Through its principal subsidiary, First Bank, the company provides banking and financial services to individuals, businesses, and organizations.

First Bank offers deposit accounts, consumer and commercial loans, residential and commercial real estate financing, mortgage services, treasury and cash-management solutions, and online and mobile banking. The bank also provides wealth management and investment-related services through its financial services operations.

Founded in 1983, First Bancorp has grown from a community banking organization serving North Carolina’s Sandhills region into a regional banking company with locations across North Carolina and South Carolina.