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 note issued to investors on Saturday, BidAskClub reports.

FBNC has been the topic of several other research reports. Gabelli upgraded shares of First Bancorp from a hold rating to a buy rating and set a $44.00 price target on the stock in a research report on Thursday, April 25th. ValuEngine downgraded shares of First Bancorp from a hold rating to a sell rating in a research report on Tuesday, July 2nd. Finally, Zacks Investment Research downgraded shares of First Bancorp from a buy rating to a hold rating in a research report on Monday, August 5th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and six have given a buy rating to the company’s stock. The stock has an average rating of Buy and a consensus price target of $40.25.

Shares of NASDAQ:FBNC opened at $36.80 on Friday. First Bancorp has a 52 week low of $30.50 and a 52 week high of $43.14. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.99 and a current ratio of 0.97. The company’s fifty day moving average is $36.00 and its 200-day moving average is $36.67. The company has a market capitalization of $1.05 billion, a PE ratio of 12.23, a P/E/G ratio of 2.41 and a beta of 1.16.

First Bancorp (NASDAQ:FBNC) last issued its earnings results on Wednesday, July 24th. The financial services provider reported $0.80 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.77 by $0.03. The company had revenue of $70.40 million for the quarter, compared to the consensus estimate of $69.62 million. First Bancorp had a net margin of 30.19% and a return on equity of 11.83%. On average, analysts forecast that First Bancorp will post 3.13 EPS 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 given a dividend of $0.12 per share. The ex-dividend date was Thursday, June 27th. This represents a $0.48 annualized dividend and a yield of 1.30%. First Bancorp’s dividend payout ratio (DPR) is 15.95%.

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

A number of large investors have recently made changes to their positions in the business. Advisory Services Network LLC bought a new stake in shares of First Bancorp in the 2nd quarter valued at about $77,000. Meeder Asset Management Inc. increased its stake in shares of First Bancorp by 22.7% in the 2nd 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 increased its stake in shares of First Bancorp by 23.9% in the 4th 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 bought a new stake in shares of First Bancorp in the 2nd quarter valued at about $200,000. Finally, Cubist Systematic Strategies LLC bought a new stake in shares of First Bancorp in the 2nd quarter valued at about $200,000. 65.86% of the stock is owned by hedge funds and other institutional investors.

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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Analyst Recommendations for First Bancorp (NASDAQ:FBNC)

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