First Bancorp’s (FBNC) “Buy” Rating Reaffirmed at Piper Jaffray Companies

Piper Jaffray Companies reiterated their buy rating on shares of First Bancorp (NASDAQ:FBNC) in a report published on Tuesday morning. Piper Jaffray Companies currently has a $42.00 target price on the financial services provider’s stock.

FBNC has been the topic of a number of other reports. BidaskClub lowered First Bancorp from a buy rating to a hold rating in a research note on Thursday, December 21st. Zacks Investment Research downgraded First Bancorp from a buy rating to a hold rating in a research report on Tuesday, December 26th. Brean Capital restated a buy rating on shares of First Bancorp in a research report on Tuesday, January 2nd. Keefe, Bruyette & Woods restated a buy rating and set a $41.00 price objective on shares of First Bancorp in a research report on Friday, December 22nd. Finally, Stephens began coverage on First Bancorp in a research report on Monday, December 4th. They set an equal weight rating for the company. Two research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. The company currently has an average rating of Buy and a consensus price target of $39.50.

Shares of First Bancorp (NASDAQ:FBNC) traded up $0.17 during mid-day trading on Tuesday, hitting $36.97. The stock had a trading volume of 75,770 shares, compared to its average volume of 130,344. First Bancorp has a 12-month low of $26.47 and a 12-month high of $41.76. The firm has a market capitalization of $1,090.90, a price-to-earnings ratio of 21.49, a price-to-earnings-growth ratio of 1.19 and a beta of 1.10. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.78.

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, January 25th. Stockholders of record on Sunday, December 31st will be given a dividend of $0.08 per share. The ex-dividend date of this dividend is Thursday, December 28th. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.87%. First Bancorp’s dividend payout ratio (DPR) is 18.60%.

In other news, insider Suzanne S. Deferie sold 12,001 shares of the firm’s stock in a transaction dated Wednesday, December 27th. The stock was sold at an average price of $35.67, for a total transaction of $428,075.67. Following the completion of the transaction, the insider now directly owns 113,408 shares in the company, valued at $4,045,263.36. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Richard H. Moore acquired 2,755 shares of the stock in a transaction dated Wednesday, December 20th. The shares were bought at an average price of $36.00 per share, with a total value of $99,180.00. Following the completion of the transaction, the chief executive officer now directly owns 121,741 shares of the company’s stock, valued at $4,382,676. The disclosure for this purchase can be found here. 1.89% of the stock is owned by company insiders.

Institutional investors and hedge funds have recently modified their holdings of the company. JPMorgan Chase & Co. increased its holdings in First Bancorp by 2.0% in the second quarter. JPMorgan Chase & Co. now owns 53,009 shares of the financial services provider’s stock worth $1,657,000 after purchasing an additional 1,041 shares in the last quarter. Legal & General Group Plc increased its holdings in First Bancorp by 23.1% in the second quarter. Legal & General Group Plc now owns 5,790 shares of the financial services provider’s stock worth $180,000 after purchasing an additional 1,085 shares in the last quarter. Voya Investment Management LLC increased its holdings in First Bancorp by 7.7% in the second quarter. Voya Investment Management LLC now owns 15,488 shares of the financial services provider’s stock worth $484,000 after purchasing an additional 1,113 shares in the last quarter. First Trust Advisors LP increased its holdings in First Bancorp by 2.6% in the second quarter. First Trust Advisors LP now owns 58,291 shares of the financial services provider’s stock worth $1,822,000 after purchasing an additional 1,466 shares in the last quarter. Finally, Parametric Portfolio Associates LLC increased its holdings in First Bancorp by 7.9% in the second quarter. Parametric Portfolio Associates LLC now owns 36,254 shares of the financial services provider’s stock worth $1,133,000 after purchasing an additional 2,660 shares in the last quarter. Institutional investors own 56.51% of the company’s stock.

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First Bancorp Company Profile

First Bancorp is the bank holding company for First Bank (the Bank). The Company’s principal activity is the ownership and operation of First Bank. The Bank engages in a range of banking activities, including the acceptance of deposits and the making of loans. The Bank offers credit cards, debit cards, letters of credit, safe deposit box rentals and electronic funds transfer services, including wire transfers.

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