First Bancorp (NASDAQ:FBNC) Upgraded at StockNews.com

by · The Markets Daily

StockNews.com upgraded shares of First Bancorp (NASDAQ:FBNC – Free Report) from a sell rating to a hold rating in a research note published on Wednesday.

Separately, Keefe, Bruyette & Woods increased their price objective on First Bancorp from $40.00 to $45.00 and gave the stock an outperform rating in a research note on Thursday, July 25th.

Read Our Latest Report on FBNC

First Bancorp Stock Up 2.9 %

NASDAQ:FBNC opened at $42.56 on Wednesday. The company has a market cap of $1.75 billion, a price-to-earnings ratio of 15.36 and a beta of 1.03. First Bancorp has a twelve month low of $26.00 and a twelve month high of $45.41. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 0.07. The stock has a fifty day simple moving average of $41.32 and a 200-day simple moving average of $36.13.

First Bancorp (NASDAQ:FBNC – Get Free Report) last announced its quarterly earnings data on Wednesday, July 24th. The financial services provider reported $0.70 earnings per share for the quarter, beating analysts’ consensus estimates of $0.59 by $0.11. The company had revenue of $143.42 million during the quarter, compared to analyst estimates of $94.00 million. First Bancorp had a net margin of 20.17% and a return on equity of 8.39%. Analysts anticipate that First Bancorp will post 2.72 EPS for the current year.

First Bancorp Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 25th. Shareholders of record on Monday, September 30th will be issued a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a yield of 2.07%. The ex-dividend date of this dividend is Monday, September 30th. First Bancorp’s payout ratio is 31.77%.

Insider Buying and Selling at First Bancorp

In other news, Director Suzanne S. Deferie sold 17,750 shares of the company’s stock in a transaction that occurred on Friday, September 20th. The shares were sold at an average price of $43.96, for a total value of $780,290.00. Following the completion of the sale, the director now owns 67,654 shares of the company’s stock, valued at approximately $2,974,069.84. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other news, Director Suzanne S. Deferie sold 2,036 shares of First Bancorp stock in a transaction on Monday, September 23rd. The stock was sold at an average price of $43.77, for a total value of $89,115.72. Following the transaction, the director now directly owns 65,618 shares in the company, valued at approximately $2,872,099.86. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Suzanne S. Deferie sold 17,750 shares of the business’s stock in a transaction on Friday, September 20th. The stock was sold at an average price of $43.96, for a total value of $780,290.00. Following the completion of the transaction, the director now directly owns 67,654 shares of the company’s stock, valued at approximately $2,974,069.84. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 42,586 shares of company stock valued at $1,859,154. Company insiders own 3.65% of the company’s stock.

Hedge Funds Weigh In On First Bancorp

Several institutional investors and hedge funds have recently added to or reduced their stakes in FBNC. Innealta Capital LLC bought a new stake in shares of First Bancorp in the 2nd quarter valued at about $44,000. SG Americas Securities LLC acquired a new stake in First Bancorp in the first quarter valued at approximately $185,000. PNC Financial Services Group Inc. grew its holdings in First Bancorp by 5.4% in the fourth quarter. PNC Financial Services Group Inc. now owns 5,562 shares of the financial services provider’s stock worth $206,000 after purchasing an additional 283 shares during the last quarter. Novare Capital Management LLC acquired a new position in shares of First Bancorp during the second quarter worth $216,000. Finally, Diversified Trust Co lifted its holdings in shares of First Bancorp by 6.2% during the 2nd quarter. Diversified Trust Co now owns 8,006 shares of the financial services provider’s stock valued at $256,000 after purchasing an additional 466 shares during the last quarter. Hedge funds and other institutional investors own 68.36% of the company’s stock.

First Bancorp Company Profile

(Get Free Report)

First Bancorp operates as the bank holding company for First Bank that provides banking products and services for individuals and small to medium-sized businesses. The company accepts deposit products, such as checking, savings, and money market accounts, as well as time deposits, including certificate of deposits and individual retirement accounts.

See Also