First Bancorp (NASDAQ:FBNC) Receives $41.33 Average Price Target from Brokerages

Shares of First Bancorp (NASDAQ:FBNC) have been given an average recommendation of “Buy” by the eight research firms that are presently covering the stock, Marketbeat Ratings reports. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and five have assigned a buy rating to the company. The average 1-year price target among brokerages that have covered the stock in the last year is $39.67.

A number of brokerages have commented on FBNC. ValuEngine lowered shares of First Bancorp from a “hold” rating to a “sell” rating in a research note on Tuesday, July 2nd. Gabelli upgraded shares of First Bancorp from a “hold” rating to a “buy” rating and set a $44.00 target price for the company in a research note on Thursday, April 25th. BidaskClub upgraded shares of First Bancorp from a “sell” rating to a “hold” rating in a research note on Saturday, July 27th. Finally, Zacks Investment Research upgraded shares of First Bancorp from a “hold” rating to a “buy” rating and set a $41.00 target price for the company in a research note on Tuesday.

FBNC stock traded down $0.45 during midday trading on Friday, reaching $35.73. 58,429 shares of the company’s stock traded hands, compared to its average volume of 68,318. The firm has a market capitalization of $1.06 billion, a P/E ratio of 11.87, a price-to-earnings-growth ratio of 2.52 and a beta of 1.16. The firm has a fifty day simple moving average of $36.13. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.99 and a current ratio of 0.99. First Bancorp has a 52 week low of $30.50 and a 52 week high of $43.14.

First Bancorp (NASDAQ:FBNC) last announced its quarterly earnings results on Wednesday, July 24th. The financial services provider reported $0.80 EPS for the quarter, beating the Zacks’ consensus estimate of $0.77 by $0.03. The business had revenue of $70.40 million during the quarter, compared to analyst estimates of $69.62 million. First Bancorp had a net margin of 30.19% and a return on equity of 12.03%. On average, equities research analysts anticipate that First Bancorp will post 3.12 earnings per share for the current year.

The company also recently announced a quarterly dividend, which was paid on Thursday, July 25th. Stockholders of record on Sunday, June 30th were paid a $0.12 dividend. The ex-dividend date was Thursday, June 27th. This represents a $0.48 annualized dividend and a dividend yield of 1.34%. First Bancorp’s payout ratio is 15.95%.

In other news, Director Thomas F. Phillips sold 2,250 shares of the company’s stock in a transaction on Tuesday, May 28th. The shares were sold at an average price of $35.58, for a total value of $80,055.00. Following the completion of the sale, the director now owns 84,212 shares in the company, valued at approximately $2,996,262.96. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Mary Clara Capel sold 900 shares of the company’s stock in a transaction on Thursday, August 1st. The stock was sold at an average price of $36.25, for a total transaction of $32,625.00. Following the completion of the sale, the director now owns 14,012 shares of the company’s stock, valued at approximately $507,935. The disclosure for this sale can be found here. In the last quarter, insiders sold 5,150 shares of company stock valued at $184,480. Company insiders own 2.37% of the company’s stock.

A number of institutional investors and hedge funds have recently bought and sold shares of FBNC. Vaughan Nelson Investment Management L.P. grew its position in First Bancorp by 22.7% during the first quarter. Vaughan Nelson Investment Management L.P. now owns 1,296,300 shares of the financial services provider’s stock valued at $45,059,000 after buying an additional 239,475 shares during the period. Macquarie Group Ltd. grew its position in First Bancorp by 17.2% during the fourth quarter. Macquarie Group Ltd. now owns 1,036,529 shares of the financial services provider’s stock valued at $33,853,000 after buying an additional 152,422 shares during the period. Federated Investors Inc. PA grew its position in First Bancorp by 38.7% during the first quarter. Federated Investors Inc. PA now owns 317,549 shares of the financial services provider’s stock valued at $11,038,000 after buying an additional 88,582 shares during the period. Jennison Associates LLC grew its position in First Bancorp by 15.3% during the first quarter. Jennison Associates LLC now owns 600,557 shares of the financial services provider’s stock valued at $20,875,000 after buying an additional 79,910 shares during the period. Finally, Marshall Wace LLP grew its position in First Bancorp by 1,440.2% during the first quarter. Marshall Wace LLP now owns 84,603 shares of the financial services provider’s stock valued at $2,941,000 after buying an additional 79,110 shares during the period. Institutional investors own 66.08% of the company’s stock.

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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