Brokerages Set First Bancorp (NASDAQ:FBNC) Target Price at $39.00

Shares of First Bancorp (NASDAQ:FBNC) have earned an average rating of “Buy” from the eight analysts that are presently covering the firm, Marketbeat reports. Three analysts have rated the stock with a hold recommendation and five have issued a buy recommendation on the company. The average 12-month target price among brokerages that have issued ratings on the stock in the last year is $39.00.

A number of analysts have commented on the company. BidaskClub raised First Bancorp from a “hold” rating to a “buy” rating in a research report on Wednesday, September 18th. Zacks Investment Research downgraded First Bancorp from a “buy” rating to a “hold” rating in a research note on Thursday, November 14th. Finally, ValuEngine raised First Bancorp from a “sell” rating to a “hold” rating in a report on Friday, November 1st.

NASDAQ:FBNC traded up $0.38 during mid-day trading on Friday, hitting $39.04. 49,071 shares of the stock traded hands, compared to its average volume of 67,917. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.36. First Bancorp has a 52 week low of $30.50 and a 52 week high of $39.82. The stock has a market capitalization of $1.16 billion, a price-to-earnings ratio of 12.97, a PEG ratio of 3.73 and a beta of 1.12. The firm’s 50 day moving average is $38.03 and its two-hundred day moving average is $36.46.

First Bancorp (NASDAQ:FBNC) last released its earnings results on Wednesday, October 23rd. The financial services provider reported $0.84 earnings per share for the quarter, topping analysts’ consensus estimates of $0.80 by $0.04. The business had revenue of $69.41 million for the quarter, compared to analyst estimates of $71.49 million. First Bancorp had a return on equity of 11.87% and a net margin of 30.74%. As a group, research analysts predict that First Bancorp will post 3.17 EPS for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, January 24th. Stockholders of record on Tuesday, December 31st will be issued a $0.18 dividend. This is an increase from First Bancorp’s previous quarterly dividend of $0.12. This represents a $0.72 annualized dividend and a dividend yield of 1.84%. The ex-dividend date is Monday, December 30th. First Bancorp’s dividend payout ratio is 15.95%.

In other news, Director Dennis A. Wicker sold 11,758 shares of the business’s stock in a transaction dated Thursday, November 21st. The stock was sold at an average price of $38.34, for a total value of $450,801.72. Following the completion of the transaction, the director now owns 20,842 shares of the company’s stock, valued at approximately $799,082.28. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Mary Clara Capel sold 1,000 shares of the business’s stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $39.25, for a total value of $39,250.00. Following the completion of the transaction, the director now directly owns 13,012 shares of the company’s stock, valued at approximately $510,721. The disclosure for this sale can be found here. 2.37% of the stock is owned by corporate insiders.

A number of hedge funds have recently made changes to their positions in FBNC. Bessemer Group Inc. lifted its stake in First Bancorp by 124.3% during the 2nd quarter. Bessemer Group Inc. now owns 71,900 shares of the financial services provider’s stock worth $2,619,000 after acquiring an additional 39,849 shares in the last quarter. Bowling Portfolio Management LLC boosted its stake in shares of First Bancorp by 48.0% during 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 during the last quarter. Creative Planning grew its holdings in shares of 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. Aperio Group LLC purchased a new position in shares of First Bancorp during the second quarter valued at approximately $204,000. Finally, Advisor Group Inc. lifted its stake in shares of First Bancorp by 9.4% during the second quarter. Advisor Group Inc. now owns 6,394 shares of the financial services provider’s stock valued at $233,000 after buying an additional 550 shares during the period. Institutional investors own 66.17% 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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