First Bancorp (NASDAQ:FBNC) Given Average Recommendation 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.

First Bancorp (NASDAQ:FBNC - Get Free Report) has received an average recommendation of "Moderate Buy" from the five analysts that are covering the company, MarketBeat.com reports. Two 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 1-year price objective among brokerages that have covered the stock in the last year is $56.6667.

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

First Bancorp Trading Down 0.0%

First Bancorp stock opened at $55.38 on Tuesday. The company has a debt-to-equity ratio of 0.06, a current ratio of 0.82 and a quick ratio of 0.82. First Bancorp has a one year low of $34.50 and a one year high of $56.45. The stock has a market capitalization of $2.30 billion, a PE ratio of 23.67 and a beta of 1.00. The business's fifty day moving average is $50.41 and its 200 day moving average is $43.91.

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

First Bancorp Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 12th. Shareholders of record on Thursday, August 28th will be given a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a yield of 1.3%. First Bancorp's dividend payout ratio is currently 39.32%.

Institutional Investors Weigh In On First Bancorp

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Ameriprise Financial Inc. increased its stake in First Bancorp by 13.0% during the second quarter. Ameriprise Financial Inc. now owns 884,572 shares of the financial services provider's stock worth $39,001,000 after acquiring an additional 101,529 shares during the last quarter. Alliancebernstein L.P. lifted its holdings in First Bancorp by 1.0% during the 1st quarter. Alliancebernstein L.P. now owns 836,879 shares of the financial services provider's stock worth $33,592,000 after buying an additional 8,510 shares during the last quarter. Jennison Associates LLC lifted its holdings in First Bancorp by 32.1% during the 2nd quarter. Jennison Associates LLC now owns 587,061 shares of the financial services provider's stock worth $25,884,000 after buying an additional 142,765 shares during the last quarter. Northern Trust Corp boosted its position in shares of First Bancorp by 6.9% in the 4th quarter. Northern Trust Corp now owns 443,923 shares of the financial services provider's stock valued at $19,519,000 after purchasing an additional 28,686 shares during the period. Finally, Schroder Investment Management Group purchased a new stake in First Bancorp during the 2nd quarter valued at approximately $17,999,000. Institutional investors and hedge funds own 68.36% of the company's stock.

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. 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.

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