First Bancorp (FBNC) Downgraded by Zacks Investment Research

Zacks Investment Research cut shares of First Bancorp (NASDAQ:FBNC) from a buy rating to a hold rating in a research report report published on Thursday.

According to Zacks, “First Bancorp is a one-bank holding company. The principal activity of the Company is the ownership and operation of First Bank. They also own and operate two nonbank subsidiaries, Montgomery Data Services, Inc. and First Bancorp Financial Services, Inc. “

Several other research firms have also recently issued reports on FBNC. Sandler O’Neill cut First Bancorp from a buy rating to a hold rating in a research note on Thursday, July 26th. Brean Capital reissued a buy rating on shares of First Bancorp in a research note on Monday, August 27th. Piper Jaffray Companies raised their target price on First Bancorp from $44.00 to $46.00 and gave the stock a buy rating in a research note on Friday, July 27th. Raymond James cut First Bancorp from an outperform rating to a market perform rating in a research note on Tuesday, July 10th. Finally, BidaskClub raised First Bancorp from a hold rating to a buy rating in a research note on Thursday, October 11th. Six analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. The stock presently has an average rating of Hold and an average target price of $44.00.



Shares of NASDAQ FBNC traded down $0.05 during trading hours on Thursday, hitting $35.50. The company’s stock had a trading volume of 105,899 shares, compared to its average volume of 171,108. The company has a debt-to-equity ratio of 0.56, a current ratio of 1.03 and a quick ratio of 1.03. The stock has a market capitalization of $1.05 billion, a PE ratio of 19.19, a PEG ratio of 1.00 and a beta of 0.96. First Bancorp has a 12 month low of $33.88 and a 12 month high of $43.14.

First Bancorp (NASDAQ:FBNC) last posted its earnings results on Tuesday, October 23rd. The financial services provider reported $0.74 earnings per share (EPS) for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.74. The company had revenue of $67.22 million for the quarter, compared to analysts’ expectations of $67.43 million. First Bancorp had a return on equity of 11.06% and a net margin of 27.88%. As a group, equities research analysts anticipate that First Bancorp will post 3.02 earnings per share for the current year.

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

In other news, insider Suzanne S. Deferie acquired 5,000 shares of the business’s stock in a transaction on Wednesday, September 19th. The shares were acquired at an average cost of $39.80 per share, with a total value of $199,000.00. Following the transaction, the insider now owns 132,545 shares in the company, valued at approximately $5,275,291. The acquisition was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Richard H. Moore acquired 1,250 shares of the business’s stock in a transaction on Wednesday, September 19th. The shares were purchased at an average cost of $39.79 per share, for a total transaction of $49,737.50. Following the completion of the transaction, the chief executive officer now owns 139,935 shares in the company, valued at approximately $5,568,013.65. The disclosure for this purchase can be found here. Insiders own 1.89% of the company’s stock.

A number of institutional investors have recently bought and sold shares of the business. Russell Investments Group Ltd. boosted its position in First Bancorp by 3.0% during the 3rd quarter. Russell Investments Group Ltd. now owns 65,520 shares of the financial services provider’s stock valued at $2,652,000 after acquiring an additional 1,904 shares in the last quarter. First Trust Advisors LP boosted its position in First Bancorp by 100.5% during the 3rd quarter. First Trust Advisors LP now owns 150,368 shares of the financial services provider’s stock valued at $6,091,000 after acquiring an additional 75,385 shares in the last quarter. United Services Automobile Association boosted its position in First Bancorp by 32.4% during the 2nd quarter. United Services Automobile Association now owns 10,704 shares of the financial services provider’s stock valued at $438,000 after acquiring an additional 2,622 shares in the last quarter. Northern Trust Corp boosted its position in First Bancorp by 62.9% during the 2nd quarter. Northern Trust Corp now owns 556,939 shares of the financial services provider’s stock valued at $22,784,000 after acquiring an additional 215,043 shares in the last quarter. Finally, Millennium Management LLC boosted its position in First Bancorp by 20.3% during the 2nd quarter. Millennium Management LLC now owns 227,503 shares of the financial services provider’s stock valued at $9,307,000 after acquiring an additional 38,405 shares in the last quarter. 64.99% of the stock is currently owned by institutional investors and hedge funds.

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.

Further Reading: What is the Dividend Aristocrat Index?

Get a free copy of the Zacks research report on First Bancorp (FBNC)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Analyst Recommendations for First Bancorp (NASDAQ:FBNC)

Receive News & Ratings for First Bancorp Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for First Bancorp and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply