Brean Capital Reiterates “Buy” Rating for First Bancorp (NASDAQ:FBNC)

Brean Capital reissued their buy rating on shares of First Bancorp (NASDAQ:FBNC) in a research report sent to investors on Tuesday, January 2nd.

Several other equities analysts also recently commented on FBNC. Zacks Investment Research downgraded shares of First Bancorp from a buy rating to a hold rating in a research report on Tuesday, December 26th. Keefe, Bruyette & Woods reissued a buy rating and set a $41.00 target price on shares of First Bancorp in a research report on Friday, December 22nd. BidaskClub cut shares of First Bancorp from a buy rating to a hold rating in a research note on Thursday, December 21st. ValuEngine upgraded shares of First Bancorp from a hold rating to a buy rating in a research note on Sunday, December 31st. Finally, Stephens initiated coverage on shares of First Bancorp in a research report on Monday, December 4th. They issued an equal weight rating for the company. Two analysts have rated the stock with a hold rating and five have issued a buy rating to the company. First Bancorp has an average rating of Buy and an average target price of $39.50.

Shares of First Bancorp (NASDAQ FBNC) traded down $0.29 during trading hours on Tuesday, hitting $36.23. The company had a trading volume of 85,427 shares, compared to its average volume of 126,149. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.78. First Bancorp has a twelve month low of $27.50 and a twelve month high of $41.76. The stock has a market capitalization of $1,070.00, a price-to-earnings ratio of 21.06, a price-to-earnings-growth ratio of 1.15 and a beta of 1.10.

The business also recently declared a quarterly dividend, which was paid on Thursday, January 25th. Investors of record on Sunday, December 31st were paid a $0.08 dividend. The ex-dividend date of this dividend was Thursday, December 28th. This represents a $0.32 dividend on an annualized basis and a yield of 0.88%. First Bancorp’s dividend payout ratio (DPR) is currently 18.60%.

In related news, insider Suzanne S. Deferie sold 12,001 shares of the stock in a transaction that occurred on Wednesday, December 27th. The shares were sold at an average price of $35.67, for a total transaction of $428,075.67. Following the sale, the insider now owns 113,408 shares in the company, valued at approximately $4,045,263.36. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Richard H. Moore purchased 2,755 shares of First Bancorp stock in a transaction that occurred on Wednesday, December 20th. The shares were purchased at an average price of $36.00 per share, for a total transaction of $99,180.00. Following the transaction, the chief executive officer now directly owns 121,741 shares in the company, valued at approximately $4,382,676. The disclosure for this purchase can be found here. 1.89% of the stock is currently owned by corporate insiders.

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Dimensional Fund Advisors LP lifted its stake in First Bancorp by 4.8% in the 3rd quarter. Dimensional Fund Advisors LP now owns 1,294,316 shares of the financial services provider’s stock valued at $44,537,000 after purchasing an additional 59,041 shares during the last quarter. Vanguard Group Inc. lifted its stake in First Bancorp by 24.8% in the 2nd quarter. Vanguard Group Inc. now owns 1,000,939 shares of the financial services provider’s stock valued at $31,290,000 after purchasing an additional 198,866 shares during the last quarter. Macquarie Group Ltd. lifted its stake in First Bancorp by 30.4% in the 3rd quarter. Macquarie Group Ltd. now owns 619,044 shares of the financial services provider’s stock valued at $21,301,000 after purchasing an additional 144,201 shares during the last quarter. Banc Funds Co. LLC lifted its stake in First Bancorp by 18.5% in the 2nd quarter. Banc Funds Co. LLC now owns 592,556 shares of the financial services provider’s stock valued at $18,523,000 after purchasing an additional 92,392 shares during the last quarter. Finally, State Street Corp lifted its stake in First Bancorp by 27.9% in the 2nd quarter. State Street Corp now owns 461,813 shares of the financial services provider’s stock valued at $14,436,000 after purchasing an additional 100,632 shares during the last quarter. Institutional investors and hedge funds own 56.58% 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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