First Bancorp (NASDAQ:FBNC) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued to investors on Monday.
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 raised shares of First Bancorp from a “market perform” rating to an “outperform” rating and increased their price target for the stock from $22.00 to $24.00 in a research report on Monday, August 22nd. Two equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus target price of $22.17.
Shares of First Bancorp (NASDAQ:FBNC) opened at 20.06 on Monday. The stock has a market cap of $402.95 million, a P/E ratio of 14.62 and a beta of 1.24. First Bancorp has a 12-month low of $17.15 and a 12-month high of $21.94. The company’s 50-day moving average is $19.87 and its 200-day moving average is $19.26.
First Bancorp (NASDAQ:FBNC) last posted its quarterly earnings results on Tuesday, July 26th. The financial services provider reported $0.37 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.35 by $0.03. First Bancorp had a net margin of 18.91% and a return on equity of 8.29%. On average, analysts expect that First Bancorp will post $1.30 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 25th. Investors of record on Friday, September 30th will be given a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a yield of 1.60%. The ex-dividend date is Wednesday, September 28th. First Bancorp’s payout ratio is presently 23.36%.
In other First Bancorp news, Director James C. Crawford III acquired 2,000 shares of the business’s stock in a transaction that occurred on Monday, August 15th. The shares were purchased at an average price of $18.63 per share, with a total value of $37,260.00. Following the completion of the transaction, the director now owns 59,777 shares in the company, valued at $1,113,645.51. The acquisition was disclosed in a document filed with the SEC, which is available at this link. Corporate insiders own 2.37% of the company’s stock.
A number of institutional investors have recently modified their holdings of the stock. Stieven Capital Advisors L.P. raised its position in shares of First Bancorp by 304.1% in the second quarter. Stieven Capital Advisors L.P. now owns 499,448 shares of the financial services provider’s stock valued at $8,780,000 after buying an additional 375,848 shares during the last quarter. Dalton Greiner Hartman Maher & Co. acquired a new position in shares of First Bancorp during the second quarter valued at $1,165,000. Bridgeway Capital Management Inc. raised its position in shares of First Bancorp by 35.4% in the second quarter. Bridgeway Capital Management Inc. now owns 249,627 shares of the financial services provider’s stock valued at $4,388,000 after buying an additional 65,256 shares during the last quarter. Emerald Acquisition Ltd. acquired a new position in shares of First Bancorp during the second quarter valued at $1,037,000. Finally, Dimensional Fund Advisors LP raised its position in shares of First Bancorp by 6.2% in the second quarter. Dimensional Fund Advisors LP now owns 966,720 shares of the financial services provider’s stock valued at $16,995,000 after buying an additional 56,653 shares during the last quarter. 53.16% of the stock is currently owned by hedge funds and other institutional investors.
About First Bancorp
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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