First Bancorp (NASDAQ:FBNC) Downgraded to “Hold” at Zacks Investment Research

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

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 analysts also recently weighed in on FBNC. BidaskClub raised shares of First Bancorp from a hold rating to a buy rating in a report on Wednesday, September 18th. ValuEngine raised shares of First Bancorp from a sell rating to a hold rating in a report on Friday, November 1st. Three research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. The company has a consensus rating of Buy and an average price target of $40.50.

NASDAQ FBNC traded down $0.24 during trading on Thursday, reaching $38.03. The company’s stock had a trading volume of 47,200 shares, compared to its average volume of 86,435. The company has a debt-to-equity ratio of 0.36, a quick ratio of 0.96 and a current ratio of 0.97. The firm has a market cap of $1.14 billion, a price-to-earnings ratio of 12.63, a P/E/G ratio of 3.68 and a beta of 1.10. First Bancorp has a twelve month low of $30.50 and a twelve month high of $40.47. The business’s fifty day moving average price is $36.89 and its 200-day moving average price is $36.39.

First Bancorp (NASDAQ:FBNC) last posted its quarterly earnings data on Wednesday, October 23rd. The financial services provider reported $0.84 EPS for the quarter, beating analysts’ consensus estimates of $0.80 by $0.04. The company had revenue of $69.41 million for the quarter, compared to analyst estimates of $71.49 million. First Bancorp had a net margin of 30.74% and a return on equity of 11.87%. As a group, sell-side analysts forecast that First Bancorp will post 3.16 EPS for the current fiscal year.

The company also recently announced a quarterly dividend, which was paid on Friday, October 25th. Stockholders of record on Monday, September 30th were issued a $0.12 dividend. This represents a $0.48 annualized dividend and a dividend yield of 1.26%. The ex-dividend date of this dividend was Friday, September 27th. First Bancorp’s payout ratio is 15.95%.

Several large investors have recently modified their holdings of FBNC. Campbell & CO Investment Adviser LLC purchased a new stake in shares of First Bancorp in the second quarter valued at about $200,000. Bessemer Group Inc. boosted its holdings in shares of First Bancorp by 124.3% in the second quarter. Bessemer Group Inc. now owns 71,900 shares of the financial services provider’s stock valued at $2,619,000 after acquiring an additional 39,849 shares in the last quarter. Bowling Portfolio Management LLC boosted its holdings in shares of First Bancorp by 48.0% in the second quarter. Bowling Portfolio Management LLC now owns 39,337 shares of the financial services provider’s stock valued at $1,433,000 after acquiring an additional 12,752 shares in the last quarter. Creative Planning boosted its holdings in First Bancorp by 2.9% during the second quarter. Creative Planning now owns 14,182 shares of the financial services provider’s stock worth $517,000 after buying an additional 400 shares in the last quarter. Finally, Aperio Group LLC purchased a new stake in First Bancorp during the second quarter worth about $204,000. 66.00% of the stock is currently owned by institutional investors and hedge funds.

First Bancorp Company Profile

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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