A number of other analysts have also recently commented on the company. Zacks Investment Research cut First Bancorp from a buy rating to a hold rating in a research report on Thursday, October 25th. BidaskClub cut First Bancorp from a buy rating to a hold rating in a research report on Wednesday, October 24th. Piper Jaffray Companies boosted their price objective on First Bancorp from $44.00 to $46.00 and gave the company a buy rating in a research report on Friday, July 27th. Sandler O’Neill cut First Bancorp from a buy rating to a hold rating in a research report on Thursday, July 26th. Finally, Raymond James cut First Bancorp from an outperform rating to a market perform rating in a research report on Tuesday, July 10th. Five research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. The stock has an average rating of Hold and an average target price of $42.75.
FBNC stock traded down $0.02 during trading on Monday, hitting $39.15. 42,434 shares of the company traded hands, compared to its average volume of 101,124. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 0.55. The stock has a market cap of $1.16 billion, a P/E ratio of 21.16, a P/E/G ratio of 1.10 and a beta of 1.03. First Bancorp has a 1 year low of $33.88 and a 1 year high of $43.14.
First Bancorp (NASDAQ:FBNC) last announced its quarterly earnings results on Tuesday, October 23rd. The financial services provider reported $0.74 earnings per share for the quarter, meeting the consensus estimate of $0.74. The company had revenue of $67.22 million during the quarter, compared to analysts’ expectations of $67.43 million. First Bancorp had a return on equity of 10.92% and a net margin of 27.88%. On average, research analysts predict that First Bancorp will post 3.01 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Thursday, October 25th. Investors of record on Sunday, September 30th were given a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 1.02%. The ex-dividend date of this dividend was Thursday, September 27th. First Bancorp’s payout ratio is 21.62%.
In other news, insider Suzanne S. Deferie purchased 5,000 shares of the company’s stock in a transaction that occurred on Wednesday, September 19th. The stock was purchased at an average cost of $39.80 per share, for a total transaction of $199,000.00. Following the completion of the transaction, the insider now owns 132,545 shares of the company’s stock, valued at $5,275,291. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Richard H. Moore purchased 1,250 shares of the company’s stock in a transaction that occurred on Wednesday, September 19th. The shares were purchased at an average price of $39.79 per share, with a total value of $49,737.50. Following the completion of the transaction, the chief executive officer now directly owns 139,935 shares of the company’s stock, valued at approximately $5,568,013.65. The disclosure for this purchase can be found here. 1.89% of the stock is currently owned by insiders.
Several institutional investors and hedge funds have recently modified their holdings of FBNC. Northern Trust Corp increased its position in shares of First Bancorp by 62.9% during the second quarter. Northern Trust Corp now owns 556,939 shares of the financial services provider’s stock worth $22,784,000 after purchasing an additional 215,043 shares in the last quarter. Allianz Asset Management GmbH increased its position in shares of First Bancorp by 56.0% during the third quarter. Allianz Asset Management GmbH now owns 533,827 shares of the financial services provider’s stock worth $21,625,000 after purchasing an additional 191,693 shares in the last quarter. BlackRock Inc. increased its position in shares of First Bancorp by 9.7% during the third quarter. BlackRock Inc. now owns 2,112,497 shares of the financial services provider’s stock worth $85,579,000 after purchasing an additional 187,396 shares in the last quarter. Rothschild & Co. Asset Management US Inc. purchased a new stake in shares of First Bancorp during the third quarter worth approximately $6,139,000. Finally, Macquarie Group Ltd. boosted its stake in First Bancorp by 14.6% during the third quarter. Macquarie Group Ltd. now owns 884,107 shares of the financial services provider’s stock worth $35,815,000 after buying an additional 112,361 shares during the last quarter. Hedge funds and other institutional investors own 67.93% 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 deposits and individual retirement accounts.
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