First Bancorp (NASDAQ:FBNC) Lifted to Buy at BidaskClub

BidaskClub upgraded shares of First Bancorp (NASDAQ:FBNC) from a hold rating to a buy rating in a research report report published on Saturday morning, BidAskClub reports.

Several other research analysts have also recently commented on the stock. Zacks Investment Research cut shares of First Bancorp from a buy rating to a hold rating in a report on Monday, August 5th. ValuEngine cut shares of First Bancorp from a hold rating to a sell rating in a report on Tuesday, July 2nd. Finally, Gabelli upgraded shares of First Bancorp from a hold rating to a buy rating and set a $44.00 price target for the company in a report on Thursday, April 25th. One research analyst has rated the stock with a sell rating, one has issued a hold rating and six have given a buy rating to the company’s stock. The stock currently has a consensus rating of Buy and a consensus target price of $40.25.

Shares of FBNC opened at $36.80 on Friday. First Bancorp has a one year low of $30.50 and a one year high of $43.14. The company has a 50-day moving average of $36.00 and a two-hundred day moving average of $36.67. The stock has a market cap of $1.05 billion, a price-to-earnings ratio of 12.23, a PEG ratio of 2.41 and a beta of 1.16. The company has a debt-to-equity ratio of 0.37, a current ratio of 0.97 and a quick ratio of 0.99.



First Bancorp (NASDAQ:FBNC) last announced its earnings results on Wednesday, July 24th. The financial services provider reported $0.80 EPS for the quarter, topping the consensus estimate of $0.77 by $0.03. First Bancorp had a net margin of 30.19% and a return on equity of 11.83%. The company had revenue of $70.40 million during the quarter, compared to analysts’ expectations of $69.62 million. Analysts anticipate that First Bancorp will post 3.13 earnings per share for the current year.

The business also recently declared a quarterly dividend, which was paid on Thursday, July 25th. Investors of record on Sunday, June 30th were issued a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a dividend yield of 1.30%. The ex-dividend date was Thursday, June 27th. First Bancorp’s dividend payout ratio is currently 15.95%.

In related news, Director Thomas F. Phillips sold 2,250 shares of the firm’s stock in a transaction that occurred on Tuesday, May 28th. The shares were sold at an average price of $35.58, for a total transaction of $80,055.00. Following the completion of the sale, the director now directly owns 84,212 shares in the company, valued at $2,996,262.96. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Mary Clara Capel sold 1,000 shares of the firm’s stock in a transaction that occurred on Friday, May 31st. The stock was sold at an average price of $35.50, for a total transaction of $35,500.00. Following the sale, the director now owns 15,009 shares of the company’s stock, valued at $532,819.50. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 5,150 shares of company stock valued at $184,480. 2.37% of the stock is currently owned by corporate insiders.

A number of hedge funds and other institutional investors have recently bought and sold shares of FBNC. Advisory Services Network LLC acquired a new stake in First Bancorp in the second quarter valued at approximately $77,000. Meeder Asset Management Inc. lifted its stake in First Bancorp by 22.7% in the second quarter. Meeder Asset Management Inc. now owns 4,488 shares of the financial services provider’s stock valued at $163,000 after acquiring an additional 830 shares during the last quarter. Legal & General Group Plc lifted its stake in First Bancorp by 23.9% in the fourth quarter. Legal & General Group Plc now owns 5,705 shares of the financial services provider’s stock valued at $186,000 after acquiring an additional 1,102 shares during the last quarter. Campbell & CO Investment Adviser LLC acquired a new stake in First Bancorp in the second quarter valued at approximately $200,000. Finally, Cubist Systematic Strategies LLC acquired a new stake in First Bancorp in the second quarter valued at approximately $200,000. Hedge funds and other institutional investors own 65.86% 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 deposit and individual retirement accounts.

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Analyst Recommendations for First Bancorp (NASDAQ:FBNC)

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