First Bancorp (NASDAQ:FBNC – Get Free Report) shares saw an uptick in trading volume on Thursday . 170,004 shares changed hands during trading, a decline of 29% from the previous session’s volume of 238,929 shares.The stock last traded at $65.4550 and had previously closed at $64.44.
Wall Street Analyst Weigh In
A number of research firms have weighed in on FBNC. Raymond James Financial upped their price objective on shares of First Bancorp from $68.00 to $75.00 and gave the company a “strong-buy” rating in a research report on Thursday. Weiss Ratings raised First Bancorp from a “buy (b-)” rating to a “buy (b)” rating in a research report on Monday, May 18th. Keefe, Bruyette & Woods boosted their price target on First Bancorp from $65.00 to $66.00 and gave the stock an “outperform” rating in a research note on Thursday, April 23rd. Finally, Brean Capital started coverage on First Bancorp in a report on Monday, June 8th. They issued a “neutral” rating and a $65.75 price target for the company. One equities research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and three have given a Hold rating to the company’s stock. According to data from MarketBeat, First Bancorp currently has an average rating of “Moderate Buy” and a consensus target price of $65.55.
Read Our Latest Stock Analysis on First Bancorp
First Bancorp Stock Down 2.7%
First Bancorp (NASDAQ:FBNC – Get Free Report) last released its quarterly earnings results on Wednesday, April 22nd. The financial services provider reported $1.13 EPS for the quarter, topping analysts’ consensus estimates of $1.09 by $0.04. The company had revenue of $122.29 million for the quarter, compared to the consensus estimate of $123.20 million. First Bancorp had a net margin of 20.59% and a return on equity of 10.86%. Equities research analysts predict that First Bancorp will post 4.67 earnings per share for the current year.
First Bancorp Dividend Announcement
The company also recently disclosed a quarterly dividend, which will be paid on Friday, July 24th. Stockholders of record on Tuesday, June 30th will be issued a $0.24 dividend. The ex-dividend date is Tuesday, June 30th. This represents a $0.96 annualized dividend and a dividend yield of 1.5%. First Bancorp’s dividend payout ratio is 32.76%.
Insider Buying and Selling at First Bancorp
In related news, Director Michael Goodwin Mayer sold 44,324 shares of the firm’s stock in a transaction dated Wednesday, May 20th. The stock was sold at an average price of $58.58, for a total transaction of $2,596,499.92. Following the completion of the transaction, the director owned 41,491 shares of the company’s stock, valued at $2,430,542.78. This trade represents a 51.65% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 2.04% of the stock is currently owned by company insiders.
Hedge Funds Weigh In On First Bancorp
Hedge funds have recently made changes to their positions in the business. Summit Securities Group LLC acquired a new stake in First Bancorp during the first quarter valued at approximately $34,000. EverSource Wealth Advisors LLC grew its position in First Bancorp by 2,222.6% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 720 shares of the financial services provider’s stock worth $32,000 after purchasing an additional 689 shares in the last quarter. First Horizon Corp grew its holdings in shares of First Bancorp by 83.7% during the fourth quarter. First Horizon Corp now owns 777 shares of the financial services provider’s stock valued at $39,000 after buying an additional 354 shares in the last quarter. Torren Management LLC purchased a new position in First Bancorp during the 4th quarter valued at about $41,000. Finally, Steward Partners Investment Advisory LLC grew its position in First Bancorp by 87.0% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 819 shares of the financial services provider’s stock valued at $42,000 after purchasing an additional 381 shares in the last quarter. Institutional investors and hedge funds 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.
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