First Bancorp (NASDAQ:FBNC) Receives $68.94 Average PT from Brokerages

First Bancorp (NASDAQ:FBNC) has received a consensus recommendation of “Moderate Buy” from the six research firms that are presently covering the company, Marketbeat reports. One research analyst has rated the stock with a sell recommendation, two have given a hold recommendation, two have given a buy recommendation and one has given a strong buy recommendation to the company. The average 12 month price target among brokers that have updated their coverage on the stock in the last year is $68.9375.

Several research firms have commented on FBNC. Keefe, Bruyette & Woods increased their price target on shares of First Bancorp from $67.00 to $70.00 and gave the company an “outperform” rating in a research report on Tuesday, August 4th. Brean Capital began coverage on shares of First Bancorp in a research report on Monday, June 8th. They issued a “neutral” rating and a $65.75 price objective on the stock. Zacks Research lowered shares of First Bancorp from a “hold” rating to a “strong sell” rating in a research note on Monday. Weiss Ratings reissued a “buy (b)” rating on shares of First Bancorp in a research report on Thursday, August 13th. Finally, Raymond James Financial raised their target price on shares of First Bancorp from $68.00 to $75.00 and gave the company a “strong-buy” rating in a research note on Thursday, July 16th.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in FBNC. BlackRock Inc. purchased a new stake in shares of First Bancorp during the second quarter worth about $380,347,000. Jennison Associates LLC grew its holdings in shares of First Bancorp by 34.1% during the first quarter. Jennison Associates LLC now owns 974,221 shares of the financial services provider’s stock valued at $54,897,000 after buying an additional 247,859 shares during the last quarter. Bank of New York Mellon Corp acquired a new position in shares of First Bancorp in the 2nd quarter valued at $45,055,000. First Bancorp Inc ME acquired a new position in shares of First Bancorp in the 2nd quarter valued at $25,711,000. Finally, Segall Bryant & Hamill LLC raised its stake in First Bancorp by 176.4% in 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 during the last quarter. 68.36% of the stock is currently owned by hedge funds and other institutional investors.

First Bancorp Trading Down 1.3%

Shares of NASDAQ:FBNC opened at $62.22 on Friday. First Bancorp has a 12-month low of $45.96 and a 12-month high of $66.78. The business’s fifty day simple moving average is $64.17 and its 200-day simple moving average is $60.72. The company has a market capitalization of $2.57 billion, a PE ratio of 19.32 and a beta of 0.80. 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 issued its quarterly earnings data on Wednesday, July 22nd. The financial services provider reported $1.22 earnings per share for the quarter, topping 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 firm had revenue of $127.30 million during the quarter, compared to analysts’ expectations of $126.07 million. As a group, equities research analysts predict that First Bancorp will post 4.69 earnings per share for the current fiscal year.

First Bancorp Dividend Announcement

The firm also recently disclosed 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 1.5%. The ex-dividend date is Wednesday, September 30th. First Bancorp’s dividend payout ratio is currently 29.81%.

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 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.