First Bancorp (NASDAQ:FBNC) Stock Rated "Hold" by Wall Street Brokerages

Key Points

• First Bancorp has a consensus “Hold” rating among six analysts, with three buys, two holds, and one sell. The average 12-month price target is $67.94, above the reported opening price of $59.85.
• The company exceeded quarterly expectations, reporting $1.22 in earnings per share versus the $1.15 consensus estimate and revenue of $127.30 million versus $126.07 million expected.
• First Bancorp declared a quarterly dividend of $0.24 per share, equivalent to $0.96 annually and a 1.6% yield; institutional investors own 68.36% of the company’s stock.

Shares of First Bancorp (NASDAQ:FBNC - Get Free Report) have earned a consensus rating of "Hold" from the six analysts that are currently covering the company, Marketbeat Ratings reports. One analyst has rated the stock with a sell recommendation, two have given a hold recommendation and three have given a buy recommendation to the company. The average 1 year price target among brokerages that have issued a report on the stock in the last year is $67.94.

Several analysts have commented on the stock. Weiss Ratings reiterated a "buy (b)" rating on shares of First Bancorp in a research report on Thursday, August 13th. Keefe, Bruyette & Woods raised their price target on First Bancorp from $67.00 to $70.00 and gave the stock an "outperform" rating in a research report on Tuesday, August 4th. Raymond James Financial lowered shares of First Bancorp from a "strong-buy" rating to an "outperform" rating and cut their target price for the stock from $72.00 to $71.00 in a report on Tuesday, October 6th. Piper Sandler lifted their price target on shares of First Bancorp from $64.00 to $65.00 and gave the stock a "neutral" rating in a research report on Wednesday, July 29th. Finally, Zacks Research lowered shares of First Bancorp from a "hold" rating to a "strong sell" rating in a report on Monday, September 21st.

First Bancorp Trading Up 0.5%

FBNC opened at $59.85 on Wednesday. The company has a debt-to-equity ratio of 0.04, a current ratio of 0.85 and a quick ratio of 0.85. The company has a market cap of $2.48 billion, a price-to-earnings ratio of 18.59 and a beta of 0.84. The firm has a 50 day simple moving average of $63.42 and a 200 day simple moving average of $61.41. First Bancorp has a fifty-two week low of $45.96 and a fifty-two week high of $66.78.

First Bancorp (NASDAQ:FBNC - Get Free Report) last announced its quarterly earnings data on Wednesday, July 22nd. The financial services provider reported $1.22 earnings per share for the quarter, beating the consensus estimate of $1.15 by $0.07. First Bancorp had a net margin of 22.12% and a return on equity of 11.31%. The business had revenue of $127.30 million for the quarter, compared to analyst estimates of $126.07 million. On average, sell-side analysts anticipate that First Bancorp will post 4.72 earnings per share for the current year.

First Bancorp Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 23rd. Investors of record on Wednesday, September 30th will be paid a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a yield of 1.6%. The ex-dividend date of this dividend is Wednesday, September 30th. First Bancorp's dividend payout ratio (DPR) is presently 29.81%.

Hedge Funds Weigh In On First Bancorp

Institutional investors have recently modified their holdings of the business. BlackRock Inc. bought a new stake in First Bancorp during the 2nd quarter worth approximately $380,347,000. Jennison Associates LLC raised its holdings in First Bancorp by 34.1% during the 1st quarter. Jennison Associates LLC now owns 974,221 shares of the financial services provider's stock worth $54,897,000 after buying an additional 247,859 shares during the period. Bank of New York Mellon Corp bought a new position in First Bancorp in the second quarter valued at approximately $45,055,000. First Bancorp Inc ME bought a new position in First Bancorp in the second quarter valued at approximately $25,711,000. Finally, Segall Bryant & Hamill LLC lifted its stake in First Bancorp by 176.4% in the first quarter. Segall Bryant & Hamill LLC now owns 429,818 shares of the financial services provider's stock valued at $24,220,000 after buying an additional 274,289 shares in the last quarter. Institutional investors own 68.36% of the company's stock.

First Bancorp Company Profile

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

First Bank offers deposit accounts, consumer and commercial loans, residential and commercial real estate financing, mortgage services, treasury and cash-management solutions, and online and mobile banking. The bank also provides wealth management and investment-related services through its financial services operations.

Founded in 1983, First Bancorp has grown from a community banking organization serving North Carolina's Sandhills region into a regional banking company with locations across North Carolina and South Carolina.

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