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

Key Points

• First Bancorp (NASDAQ:FBNC) has received an average recommendation of "Moderate Buy" from five analysts, with target price estimates averaging $56.67.
• Despite a recent earnings report that exceeded expectations, First Bancorp declared a quarterly dividend of $0.18 per share, which is an annualized yield of 1.3% and represents a payout ratio of 39.32%.
• Institutional investors hold a significant stake in First Bancorp, owning 68.36% of the company's stock, with Ameriprise Financial increasing its position by 13.0% in the second quarter.

Shares of First Bancorp (NASDAQ:FBNC - Get Free Report) have been given an average recommendation of "Moderate Buy" by the five ratings firms that are currently covering the company, MarketBeat Ratings reports. Two investment analysts have rated the stock with a hold rating, two have issued a buy rating and one has given a strong buy rating to the company. The average 1-year price objective among brokers that have issued a report on the stock in the last year is $56.6667.

A number of equities analysts have recently issued reports on FBNC shares. Piper Sandler increased their price objective on shares of First Bancorp from $48.00 to $51.00 and gave the company a "neutral" rating in a research note on Friday, August 1st. Stephens increased their price objective on shares of First Bancorp from $53.00 to $57.00 and gave the company an "overweight" rating in a research note on Monday, July 28th. Keefe, Bruyette & Woods increased their price objective on shares of First Bancorp from $53.00 to $62.00 and gave the company an "outperform" rating in a research note on Tuesday, September 2nd. Finally, Zacks Research upgraded shares of First Bancorp to a "strong-buy" rating in a research note on Tuesday, August 12th.

First Bancorp Stock Down 0.1%

Shares of NASDAQ FBNC traded down $0.04 during midday trading on Tuesday, reaching $55.19. 138,975 shares of the company's stock traded hands, compared to its average volume of 195,480. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 0.06. The stock's 50 day simple moving average is $51.08 and its 200-day simple moving average is $44.30. First Bancorp has a one year low of $34.50 and a one year high of $56.45. The company has a market cap of $2.29 billion, a price-to-earnings ratio of 23.59 and a beta of 1.00.

First Bancorp (NASDAQ:FBNC - Get Free Report) last released its quarterly earnings data on Wednesday, July 23rd. The financial services provider reported $0.93 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.88 by $0.05. First Bancorp had a net margin of 17.65% and a return on equity of 8.96%. The firm had revenue of $111.02 million for the quarter, compared to the consensus estimate of $109.22 million. On average, analysts predict that First Bancorp will post 3.27 EPS for the current fiscal year.

First Bancorp Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Saturday, October 25th. Shareholders of record on Tuesday, September 30th will be paid a $0.23 dividend. This represents a $0.92 annualized dividend and a yield of 1.7%. This is a positive change from First Bancorp's previous quarterly dividend of $0.18. The ex-dividend date is Tuesday, September 30th. First Bancorp's payout ratio is 39.32%.

Institutional Investors Weigh In On First Bancorp

Institutional investors have recently bought and sold shares of the company. Deutsche Bank AG boosted its stake in First Bancorp by 52.2% in the fourth quarter. Deutsche Bank AG now owns 35,579 shares of the financial services provider's stock valued at $1,564,000 after acquiring an additional 12,202 shares in the last quarter. SG Americas Securities LLC acquired a new stake in First Bancorp in the first quarter valued at approximately $546,000. GAMMA Investing LLC boosted its stake in First Bancorp by 4,012.5% in the first quarter. GAMMA Investing LLC now owns 56,999 shares of the financial services provider's stock valued at $2,288,000 after acquiring an additional 55,613 shares in the last quarter. Teacher Retirement System of Texas acquired a new stake in First Bancorp in the first quarter valued at approximately $243,000. Finally, Wealth Enhancement Advisory Services LLC boosted its stake in First Bancorp by 33.6% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 26,703 shares of the financial services provider's stock valued at $1,174,000 after acquiring an additional 6,709 shares in the last quarter. 68.36% of the stock is currently owned by institutional investors and hedge funds.

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. The company accepts deposit products, such as checking, savings, and money market accounts, as well as time deposits, including certificate of deposits and individual retirement accounts.