First Bancorp (NASDAQ:FBNC) Receives Consensus Recommendation of “Moderate Buy” from Brokerages

Shares of First Bancorp (NASDAQ:FBNC) have earned a consensus recommendation of “Moderate Buy” from the seven brokerages that are covering the stock, MarketBeat Ratings reports. Three research analysts have rated the stock with a hold recommendation, three have given a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1-year price objective among brokerages that have issued ratings on the stock in the last year is $62.95.

A number of brokerages have weighed in on FBNC. Weiss Ratings upgraded shares of First Bancorp from a “buy (b-)” rating to a “buy (b)” rating in a research note on Monday, May 18th. Keefe, Bruyette & Woods lifted their price objective on First Bancorp from $65.00 to $66.00 and gave the stock an “outperform” rating in a report on Thursday, April 23rd. Finally, Brean Capital assumed coverage on First Bancorp in a research report on Monday, June 8th. They set a “neutral” rating and a $65.75 price objective for the company.

Insider Activity at First Bancorp

In other news, Director Michael Goodwin Mayer sold 44,324 shares of the stock in a transaction that occurred on Wednesday, May 20th. The shares were sold at an average price of $58.58, for a total value of $2,596,499.92. Following the transaction, the director owned 41,491 shares in the company, valued at $2,430,542.78. This represents a 51.65% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 2.04% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of FBNC. Royal Bank of Canada grew its position in shares of First Bancorp by 6.8% during the 1st quarter. Royal Bank of Canada now owns 43,558 shares of the financial services provider’s stock valued at $1,749,000 after acquiring an additional 2,781 shares during the period. AQR Capital Management LLC purchased a new position in First Bancorp during the first quarter valued at $318,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in First Bancorp by 5.1% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 23,935 shares of the financial services provider’s stock valued at $961,000 after purchasing an additional 1,160 shares during the period. Millennium Management LLC bought a new stake in First Bancorp during the first quarter valued at about $4,046,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in First Bancorp by 6.4% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 258,671 shares of the financial services provider’s stock worth $10,383,000 after buying an additional 15,570 shares in the last quarter. Hedge funds and other institutional investors own 68.36% of the company’s stock.

First Bancorp Price Performance

Shares of NASDAQ:FBNC opened at $63.72 on Monday. The company has a debt-to-equity ratio of 0.04, a quick ratio of 0.84 and a current ratio of 0.85. The firm has a market cap of $2.64 billion, a price-to-earnings ratio of 21.75 and a beta of 0.80. The business has a 50-day simple moving average of $60.39 and a two-hundred day simple moving average of $58.10. First Bancorp has a fifty-two week low of $45.04 and a fifty-two week high of $66.06.

First Bancorp (NASDAQ:FBNC) last announced its quarterly earnings results on Wednesday, April 22nd. The financial services provider reported $1.13 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.09 by $0.04. First Bancorp had a net margin of 20.59% and a return on equity of 10.86%. The firm had revenue of $122.29 million for the quarter, compared to the consensus estimate of $123.20 million. On average, analysts expect that First Bancorp will post 4.67 earnings per share for the current year.

First Bancorp Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, July 24th. Shareholders of record on Tuesday, June 30th 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 1.5%. The ex-dividend date is Tuesday, June 30th. First Bancorp’s payout ratio is currently 32.76%.

First Bancorp Company Profile

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.