First Bancorp (NASDAQ:FBNC) Given Consensus Rating of "Moderate Buy" by Brokerages

Key Points

• First Bancorp has a “Moderate Buy” consensus rating from six analysts, with three holds, two buys and one strong buy. The average 12-month price target is $68.94, implying modest upside from the reported $63.38 share price.
• The company exceeded quarterly expectations, reporting earnings of $1.22 per share versus the $1.15 consensus estimate and revenue of $127.3 million versus $126.07 million expected.
• First Bancorp declared a quarterly dividend of $0.24 per share, or $0.96 annualized, representing a 1.5% yield; institutional investors own 68.36% of the stock.

Shares of First Bancorp (NASDAQ:FBNC - Get Free Report) have received an average recommendation of "Moderate Buy" from the six analysts that are presently covering the stock, Marketbeat.com reports. Three equities research analysts have rated the stock with a hold recommendation, two have assigned a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12 month target price among brokers that have updated their coverage on the stock in the last year is $68.9375.

A number of research analysts recently weighed in on the company. Raymond James Financial boosted their target price on First Bancorp from $68.00 to $75.00 and gave the stock a "strong-buy" rating in a report on Thursday, July 16th. Piper Sandler increased their price objective on shares of First Bancorp from $64.00 to $65.00 and gave the company a "neutral" rating in a research report on Wednesday, July 29th. Weiss Ratings reiterated a "buy (b)" rating on shares of First Bancorp in a research note on Thursday, August 13th. Keefe, Bruyette & Woods boosted their price target on First Bancorp from $67.00 to $70.00 and gave the company an "outperform" rating in a research note on Tuesday, August 4th. Finally, Brean Capital began coverage on First Bancorp in a research report on Monday, June 8th. They set a "neutral" rating and a $65.75 price objective on the stock.

First Bancorp Stock Performance

NASDAQ FBNC opened at $63.38 on Friday. The firm has a market capitalization of $2.62 billion, a P/E ratio of 19.68 and a beta of 0.80. The company has a current ratio of 0.85, a quick ratio of 0.85 and a debt-to-equity ratio of 0.04. The firm's fifty day moving average price is $64.27 and its two-hundred day moving average price is $60.60. First Bancorp has a 1 year low of $45.96 and a 1 year high of $66.78.

First Bancorp (NASDAQ:FBNC - Get Free Report) last announced its quarterly earnings results on Wednesday, July 22nd. The financial services provider reported $1.22 earnings per share for the quarter, topping analysts' consensus estimates of $1.15 by $0.07. First Bancorp had a return on equity of 11.31% and a net margin of 22.12%.The firm had revenue of $127.30 million for the quarter, compared to the consensus estimate of $126.07 million. As a group, research analysts anticipate that First Bancorp will post 4.69 EPS for the current year.

First Bancorp Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 23rd. Investors of record on Wednesday, September 30th will be given a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a yield of 1.5%. The ex-dividend date of this dividend is Wednesday, September 30th. First Bancorp's dividend payout ratio (DPR) is currently 29.81%.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. SouthState Bank Corp boosted its stake in shares of First Bancorp by 1.5% in the fourth quarter. SouthState Bank Corp now owns 13,189 shares of the financial services provider's stock valued at $670,000 after buying an additional 200 shares during the period. Illinois Municipal Retirement Fund increased its stake in First Bancorp by 1.1% during the 1st quarter. Illinois Municipal Retirement Fund now owns 22,017 shares of the financial services provider's stock worth $1,241,000 after acquiring an additional 242 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new position in First Bancorp in the 2nd quarter valued at $34,000. Summit Securities Group LLC bought a new stake in shares of First Bancorp during the 1st quarter valued at $34,000. Finally, Integrated Wealth Concepts LLC acquired a new stake in shares of First Bancorp during the 2nd quarter worth $58,000. 68.36% of the stock is owned by institutional investors.

About First Bancorp

First Bancorp is a bank holding company headquartered in Southern Pines, North Carolina. Through its principal subsidiary, First Bank, the company provides community banking services to individuals, businesses and institutions.

First Bank offers a range of financial products, including checking and savings accounts, certificates of deposit, consumer and commercial loans, residential mortgages, and agricultural lending. Its services also include online and mobile banking, treasury management, wealth management and other financial solutions for business and personal customers.

Founded in 1983, First Bancorp has expanded its banking operations across North Carolina and neighboring markets in South Carolina and Virginia.

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