First Bancorp (NASDAQ:FBNC) Upgraded at StockNews.com
by Mitch Edgeman · The Markets DailyStockNews.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
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.
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