First Bancorp (FBNC) Given Buy Rating at Brean Capital

Brean Capital reiterated their buy rating on shares of First Bancorp (NASDAQ:FBNC) in a research report released on Monday morning.

Other research analysts also recently issued reports about the stock. Piper Jaffray Companies increased their target price on shares of First Bancorp from $44.00 to $46.00 and gave the company a buy rating in a research report on Friday, July 27th. BidaskClub raised shares of First Bancorp from a hold rating to a buy rating in a research report on Thursday, October 11th. Zacks Investment Research raised shares of First Bancorp from a hold rating to a buy rating and set a $45.00 target price for the company in a research report on Tuesday, September 25th. ValuEngine lowered First Bancorp from a buy rating to a hold rating in a report on Monday, July 2nd. Finally, Sandler O’Neill lowered First Bancorp from a buy rating to a hold rating in a report on Thursday, July 26th. Six equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company. The stock currently has an average rating of Hold and an average price target of $44.00.

FBNC opened at $35.55 on Monday. The stock has a market cap of $1.12 billion, a P/E ratio of 19.22, a P/E/G ratio of 1.06 and a beta of 0.96. The company has a debt-to-equity ratio of 0.56, a current ratio of 1.03 and a quick ratio of 1.03. First Bancorp has a fifty-two week low of $33.88 and a fifty-two week high of $43.14.



First Bancorp (NASDAQ:FBNC) last posted its quarterly earnings results on Tuesday, October 23rd. The financial services provider reported $0.74 earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.74. The company had revenue of $67.22 million during the quarter, compared to analyst estimates of $67.43 million. First Bancorp had a net margin of 26.25% and a return on equity of 10.53%. Analysts predict that First Bancorp will post 3.02 earnings per share for the current year.

The company also recently declared a quarterly dividend, which was paid on Thursday, October 25th. Stockholders of record on Sunday, September 30th were paid a dividend of $0.10 per share. The ex-dividend date of this dividend was Thursday, September 27th. This represents a $0.40 annualized dividend and a dividend yield of 1.13%. First Bancorp’s payout ratio is 21.62%.

In other First Bancorp news, insider Suzanne S. Deferie bought 5,000 shares of the business’s stock in a transaction on Wednesday, September 19th. The stock was purchased at an average price of $39.80 per share, for a total transaction of $199,000.00. Following the completion of the transaction, the insider now directly owns 132,545 shares of the company’s stock, valued at $5,275,291. The acquisition was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Mary Clara Capel sold 750 shares of the stock in a transaction dated Monday, August 20th. The stock was sold at an average price of $42.39, for a total transaction of $31,792.50. Following the transaction, the director now owns 13,759 shares of the company’s stock, valued at approximately $583,244.01. The disclosure for this sale can be found here. 2.30% of the stock is currently owned by corporate insiders.

A number of large investors have recently modified their holdings of FBNC. Parkside Financial Bank & Trust bought a new position in First Bancorp in the 2nd quarter worth approximately $123,000. Mount Yale Investment Advisors LLC bought a new position in First Bancorp in the 1st quarter worth approximately $115,000. Sei Investments Co. boosted its holdings in First Bancorp by 60.0% in the 1st quarter. Sei Investments Co. now owns 3,517 shares of the financial services provider’s stock worth $126,000 after buying an additional 1,319 shares during the period. Citigroup Inc. boosted its holdings in First Bancorp by 46.3% in the 1st quarter. Citigroup Inc. now owns 6,596 shares of the financial services provider’s stock worth $236,000 after buying an additional 2,087 shares during the period. Finally, Brown Advisory Inc. bought a new position in First Bancorp in the 1st quarter worth approximately $238,000. Hedge funds and other institutional investors own 64.99% of the company’s stock.

About First Bancorp

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 primarily in North Carolina and northeastern South Carolina. It accepts deposit products, such as checking, savings, and money market accounts, as well as time deposits, including certificates of deposits and individual retirement accounts.

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Analyst Recommendations for First Bancorp (NASDAQ:FBNC)

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