First Bancorp (NASDAQ:FBNC) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued to investors on Tuesday.
According to Zacks, “First Bancorp is a one-bank holding company. The principal activity of the Company is the ownership and operation of First Bank. They also own and operate two nonbank subsidiaries, Montgomery Data Services, Inc. and First Bancorp Financial Services, Inc. “
Separately, Keefe, Bruyette & Woods upgraded First Bancorp from a “market perform” rating to an “outperform” rating and lifted their target price for the stock from $22.00 to $24.00 in a research note on Tuesday, August 23rd. One investment analyst has rated the stock with a sell rating, one has given a hold rating and three have given a buy rating to the company’s stock. First Bancorp currently has a consensus rating of “Hold” and a consensus price target of $22.17.
Shares of First Bancorp (NASDAQ:FBNC) opened at 19.84 on Tuesday. The stock has a 50 day moving average price of $19.57 and a 200 day moving average price of $19.19. First Bancorp has a 52-week low of $16.01 and a 52-week high of $21.94. The company has a market capitalization of $398.53 million, a PE ratio of 14.46 and a beta of 1.09.
First Bancorp (NASDAQ:FBNC) last issued its earnings results on Tuesday, July 26th. The financial services provider reported $0.37 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.35 by $0.03. First Bancorp had a return on equity of 8.29% and a net margin of 18.91%. On average, analysts predict that First Bancorp will post $1.30 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 25th. Investors of record on Friday, September 30th will be paid a $0.08 dividend. The ex-dividend date of this dividend is Wednesday, September 28th. This represents a $0.32 annualized dividend and a yield of 1.61%. First Bancorp’s dividend payout ratio (DPR) is presently 23.36%.
In other news, Director James C. Crawford III purchased 2,000 shares of First Bancorp stock in a transaction that occurred on Monday, August 15th. The stock was acquired at an average cost of $18.63 per share, for a total transaction of $37,260.00. Following the purchase, the director now directly owns 59,777 shares of the company’s stock, valued at approximately $1,113,645.51. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 2.37% of the stock is owned by corporate insiders.
A number of hedge funds have recently added to or reduced their stakes in FBNC. BlackRock Advisors LLC increased its stake in First Bancorp by 1.4% in the second quarter. BlackRock Advisors LLC now owns 9,491 shares of the financial services provider’s stock valued at $167,000 after buying an additional 130 shares during the period. First Trust Advisors LP boosted its position in shares of First Bancorp by 0.5% in the second quarter. First Trust Advisors LP now owns 29,262 shares of the financial services provider’s stock valued at $514,000 after buying an additional 147 shares in the last quarter. Parametric Portfolio Associates LLC boosted its position in shares of First Bancorp by 0.6% in the second quarter. Parametric Portfolio Associates LLC now owns 48,154 shares of the financial services provider’s stock valued at $847,000 after buying an additional 299 shares in the last quarter. Oak Associates Ltd. OH boosted its position in shares of First Bancorp by 0.9% in the first quarter. Oak Associates Ltd. OH now owns 57,275 shares of the financial services provider’s stock valued at $1,080,000 after buying an additional 530 shares in the last quarter. Finally, Royal Bank of Canada boosted its position in shares of First Bancorp by 1.1% in the second quarter. Royal Bank of Canada now owns 70,154 shares of the financial services provider’s stock valued at $1,234,000 after buying an additional 730 shares in the last quarter. Institutional investors and hedge funds own 53.16% of the company’s stock.
First Bancorp Company Profile
First Bancorp is the bank holding company for First Bank (the Bank). The Company’s principal activity is the ownership and operation of First Bank. The Company engages in a range of banking activities, including the acceptance of deposits and the making of loans. The Company offers credit cards, debit cards, letters of credit, safe deposit box rentals and electronic funds transfer services, including wire transfers.
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