First Bancorp (FBNC) Earns “Buy” Rating from Brean Capital

Brean Capital reaffirmed their buy rating on shares of First Bancorp (NASDAQ:FBNC) in a research report sent to investors on Thursday.

Several other research firms have also recently issued reports on FBNC. BidaskClub upgraded First Bancorp from a hold rating to a buy rating in a research report on Thursday, March 15th. Keefe, Bruyette & Woods reiterated a buy rating and set a $41.00 target price on shares of First Bancorp in a research report on Friday, December 22nd. Zacks Investment Research cut First Bancorp from a buy rating to a hold rating in a research report on Tuesday, December 26th. Piper Jaffray reiterated a buy rating and set a $42.00 target price on shares of First Bancorp in a research report on Tuesday, January 9th. Finally, ValuEngine raised First Bancorp from a hold rating to a buy rating in a research note on Sunday, December 31st. Two equities research analysts have rated the stock with a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company. The stock has a consensus rating of Buy and an average target price of $39.50.

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NASDAQ FBNC opened at $35.62 on Thursday. The company has a debt-to-equity ratio of 0.59, a quick ratio of 1.03 and a current ratio of 1.03. First Bancorp has a 12-month low of $27.50 and a 12-month high of $41.76. The company has a market cap of $1,055.90, a price-to-earnings ratio of 19.46, a price-to-earnings-growth ratio of 0.99 and a beta of 1.11.

First Bancorp (NASDAQ:FBNC) last released its earnings results on Monday, January 29th. The financial services provider reported $0.44 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.53 by ($0.09). First Bancorp had a return on equity of 8.43% and a net margin of 20.32%. The business had revenue of $63.72 million for the quarter, compared to analyst estimates of $64.12 million. equities research analysts forecast that First Bancorp will post 2.7 EPS for the current year.

The company also recently declared a quarterly dividend, which will be paid on Wednesday, April 25th. Stockholders of record on Friday, March 30th will be paid a dividend of $0.10 per share. This is a positive change from First Bancorp’s previous quarterly dividend of $0.08. The ex-dividend date is Wednesday, March 28th. This represents a $0.40 annualized dividend and a dividend yield of 1.12%. First Bancorp’s payout ratio is 21.62%.

In other news, Director Mary Clara Capel sold 2,250 shares of the business’s stock in a transaction that occurred on Wednesday, March 21st. The stock was sold at an average price of $37.05, for a total transaction of $83,362.50. Following the sale, the director now owns 13,746 shares of the company’s stock, valued at approximately $509,289.30. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 2.30% of the stock is owned by insiders.

Large investors have recently made changes to their positions in the company. SG Americas Securities LLC purchased a new stake in shares of First Bancorp during the 3rd quarter worth approximately $107,000. Acadian Asset Management LLC purchased a new stake in shares of First Bancorp during the 4th quarter worth approximately $125,000. Advisor Group Inc. boosted its stake in shares of First Bancorp by 145.8% during the 4th quarter. Advisor Group Inc. now owns 4,056 shares of the financial services provider’s stock worth $143,000 after acquiring an additional 2,406 shares in the last quarter. Pitcairn Co. purchased a new stake in shares of First Bancorp during the 4th quarter worth approximately $207,000. Finally, Meeder Asset Management Inc. boosted its stake in shares of First Bancorp by 516.0% during the 4th quarter. Meeder Asset Management Inc. now owns 6,074 shares of the financial services provider’s stock worth $214,000 after acquiring an additional 5,088 shares in the last quarter. 61.59% of the stock is currently owned by institutional investors and hedge funds.

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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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