First Bancorp (NASDAQ:FBNC) Upgraded to “Hold” by StockNews.com

StockNews.com upgraded shares of First Bancorp (NASDAQ:FBNC) from a sell rating to a hold rating in a report issued on Tuesday.

Separately, Keefe, Bruyette & Woods upped their price objective on shares of First Bancorp from $40.00 to $45.00 and gave the company an outperform rating in a research report on Thursday, July 25th.

First Bancorp Stock Up 1.7 %

Shares of First Bancorp stock traded up $0.68 on Tuesday, hitting $40.63. 17,211 shares of the company traded hands, compared to its average volume of 160,404. The company has a 50-day moving average price of $35.17 and a 200 day moving average price of $34.03. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 0.07. First Bancorp has a 12-month low of $26.00 and a 12-month high of $45.41. The company has a market cap of $1.67 billion, a PE ratio of 14.42 and a beta of 1.03.

First Bancorp (NASDAQ:FBNC) last issued its quarterly earnings data on Wednesday, July 24th. The financial services provider reported $0.70 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.59 by $0.11. The firm had revenue of $143.42 million during the quarter, compared to analysts’ expectations of $94.00 million. First Bancorp had a net margin of 20.17% and a return on equity of 8.39%. Sell-side analysts predict that First Bancorp will post 2.66 earnings per share for the current year.

First Bancorp Dividend Announcement

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 $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.17%. The ex-dividend date was Friday, June 28th. First Bancorp’s dividend payout ratio is currently 31.77%.

Insider Activity at First Bancorp

In other First Bancorp news, Director Mary Clara Capel sold 1,015 shares of First Bancorp stock in a transaction on Wednesday, June 26th. The shares were sold at an average price of $30.05, for a total transaction of $30,500.75. Following the completion of the sale, the director now owns 11,569 shares of the company’s stock, valued at approximately $347,648.45. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other news, Director Mary Clara Capel sold 1,015 shares of First Bancorp stock in a transaction on Wednesday, June 26th. The shares were sold at an average price of $30.05, for a total transaction of $30,500.75. Following the transaction, the director now directly owns 11,569 shares of the company’s stock, valued at $347,648.45. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Mason Y. Garrett sold 22,800 shares of First Bancorp stock in a transaction on Friday, July 26th. The stock was sold at an average price of $43.41, for a total transaction of $989,748.00. Following the transaction, the director now directly owns 196,416 shares in the company, valued at $8,526,418.56. The disclosure for this sale can be found here. 3.65% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On First Bancorp

Several institutional investors have recently added to or reduced their stakes in FBNC. Mirae Asset Global Investments Co. Ltd. lifted its position in First Bancorp by 8.4% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 18,476 shares of the financial services provider’s stock worth $684,000 after buying an additional 1,438 shares in the last quarter. Louisiana State Employees Retirement System bought a new stake in First Bancorp in the 4th quarter valued at about $762,000. Everence Capital Management Inc. bought a new stake in shares of First Bancorp during the 4th quarter worth approximately $213,000. Handelsbanken Fonder AB bought a new stake in shares of First Bancorp during the 4th quarter worth approximately $253,000. Finally, Jennison Associates LLC lifted its stake in First Bancorp by 14.3% in the 4th quarter. Jennison Associates LLC now owns 585,926 shares of the financial services provider’s stock valued at $21,685,000 after purchasing an additional 73,508 shares during the last quarter. 68.36% of the stock is owned by institutional investors.

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. The company accepts deposit products, such as checking, savings, and money market accounts, as well as time deposits, including certificate of deposits and individual retirement accounts.