First Bancorp (NASDAQ:FBNC) Given Consensus Rating of “Moderate Buy” by Brokerages

First Bancorp (NASDAQ:FBNC) has been assigned a consensus rating of “Moderate Buy” from the seven research firms that are covering the stock, Marketbeat Ratings reports. Four research analysts have rated the stock with a hold recommendation, two have assigned a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1-year price objective among brokers that have issued ratings on the stock in the last year is $58.00.

FBNC has been the subject of a number of research analyst reports. Zacks Research downgraded shares of First Bancorp from a “strong-buy” rating to a “hold” rating in a report on Thursday, January 1st. Weiss Ratings reiterated a “hold (c)” rating on shares of First Bancorp in a research note on Wednesday, October 8th. Wall Street Zen downgraded First Bancorp from a “hold” rating to a “sell” rating in a research report on Saturday, November 15th. Finally, Raymond James Financial raised First Bancorp from a “market perform” rating to a “strong-buy” rating and set a $62.00 price target on the stock in a research report on Wednesday, January 7th.

First Bancorp Price Performance

Shares of NASDAQ FBNC opened at $57.92 on Monday. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 0.06. The firm’s 50-day moving average price is $51.96 and its 200-day moving average price is $51.21. The firm has a market capitalization of $2.40 billion, a P/E ratio of 24.34 and a beta of 0.89. First Bancorp has a 1-year low of $34.50 and a 1-year high of $58.79.

First Bancorp (NASDAQ:FBNC) last posted its earnings results on Wednesday, October 22nd. The financial services provider reported $1.01 EPS for the quarter, topping the consensus estimate of $0.93 by $0.08. The company had revenue of $89.61 million during the quarter, compared to the consensus estimate of $113.47 million. First Bancorp had a net margin of 17.50% and a return on equity of 9.61%. Equities research analysts anticipate that First Bancorp will post 3.27 earnings per share for the current fiscal year.

First Bancorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Sunday, January 25th. Investors of record on Wednesday, December 31st will be paid a dividend of $0.23 per share. The ex-dividend date of this dividend is Wednesday, December 31st. This represents a $0.92 annualized dividend and a yield of 1.6%. First Bancorp’s payout ratio is currently 38.66%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. Smartleaf Asset Management LLC raised its holdings in First Bancorp by 183.6% in the 3rd quarter. Smartleaf Asset Management LLC now owns 553 shares of the financial services provider’s stock valued at $29,000 after buying an additional 358 shares during the last quarter. Quest 10 Wealth Builders Inc. acquired a new position in First Bancorp in the 3rd quarter valued at approximately $34,000. EverSource Wealth Advisors LLC raised its stake in shares of First Bancorp by 2,222.6% during the second quarter. EverSource Wealth Advisors LLC now owns 720 shares of the financial services provider’s stock valued at $32,000 after acquiring an additional 689 shares during the last quarter. GAMMA Investing LLC lifted its holdings in shares of First Bancorp by 33.5% during the second quarter. GAMMA Investing LLC now owns 1,895 shares of the financial services provider’s stock worth $84,000 after purchasing an additional 475 shares during the period. Finally, Atlantic Union Bankshares Corp bought a new stake in shares of First Bancorp in the third quarter worth $115,000. 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, offering a broad range of commercial and consumer banking services. Its core offerings include business lending, treasury and cash management, residential and commercial mortgage financing, and consumer deposit products. Through its subsidiary, First Bank provides online and branch-based banking solutions, including checking and savings accounts, certificate of deposits, and digital banking tools designed to meet the needs of individuals, small- to mid-sized businesses, and professional institutions.

The company maintains a network of full-service banking centers and loan production offices across North Carolina and South Carolina, with a focus on markets in the Piedmont, Sandhills and coastal regions.