First Bancorp (NASDAQ:FBNC) Sets New 12-Month High - Time to Buy?

Key Points

• First Bancorp's stock reached a new 52-week high at $52.23, closing slightly lower at $52.12 with a trading volume of 15,007 shares.
• Equity research analysts have upgraded First Bancorp's price targets, with Stephens setting a new target of $57.00 while maintaining an "overweight" rating.
• The company recently declared a quarterly dividend of $0.18, translating to an annual yield of 1.4%, with a payout ratio of 39.32%.

First Bancorp (NASDAQ:FBNC - Get Free Report) shares hit a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $52.23 and last traded at $52.12, with a volume of 15007 shares changing hands. The stock had previously closed at $51.82.

Analyst Ratings Changes

Several analysts have recently weighed in on the stock. Keefe, Bruyette & Woods boosted their target price on shares of First Bancorp from $50.00 to $53.00 and gave the company an "outperform" rating in a research report on Thursday, July 24th. Stephens raised their price target on shares of First Bancorp from $53.00 to $57.00 and gave the stock an "overweight" rating in a report on Monday, July 28th. Piper Sandler upped their price objective on shares of First Bancorp from $48.00 to $51.00 and gave the company a "neutral" rating in a report on Friday, August 1st. Wall Street Zen raised shares of First Bancorp from a "sell" rating to a "hold" rating in a research report on Monday, April 28th. Finally, Zacks Research raised First Bancorp to a "strong-buy" rating in a research report on Tuesday, August 12th. Three research analysts have rated the stock with a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $53.67.

First Bancorp Price Performance

The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 0.06. The stock has a market cap of $2.17 billion, a PE ratio of 22.37 and a beta of 0.96. The business has a 50-day moving average price of $46.44 and a 200 day moving average price of $42.74.

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 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 business had revenue of $111.02 million during the quarter, compared to analyst estimates of $109.22 million. As a group, research analysts forecast that First Bancorp will post 3.27 earnings per share for the current fiscal year.

First Bancorp Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 12th. Shareholders of record on Thursday, August 28th will be paid a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a yield of 1.4%. First Bancorp's dividend payout ratio is currently 39.32%.

Hedge Funds Weigh In On First Bancorp

A number of institutional investors have recently made changes to their positions in the stock. Public Sector Pension Investment Board raised its holdings in shares of First Bancorp by 7.7% during the 2nd quarter. Public Sector Pension Investment Board now owns 141,199 shares of the financial services provider's stock valued at $6,225,000 after buying an additional 10,078 shares in the last quarter. Tower Research Capital LLC TRC raised its stake in shares of First Bancorp by 157.4% during the second quarter. Tower Research Capital LLC TRC now owns 4,481 shares of the financial services provider's stock worth $198,000 after acquiring an additional 2,740 shares in the last quarter. State of Tennessee Department of Treasury lifted its holdings in shares of First Bancorp by 23.8% in the 2nd quarter. State of Tennessee Department of Treasury now owns 22,590 shares of the financial services provider's stock worth $996,000 after acquiring an additional 4,350 shares during the last quarter. Captrust Financial Advisors boosted its stake in shares of First Bancorp by 17.9% in the 2nd quarter. Captrust Financial Advisors now owns 77,871 shares of the financial services provider's stock valued at $3,433,000 after purchasing an additional 11,848 shares in the last quarter. Finally, BNP Paribas Financial Markets grew its holdings in shares of First Bancorp by 47.6% during the 2nd quarter. BNP Paribas Financial Markets now owns 4,321 shares of the financial services provider's stock valued at $191,000 after purchasing an additional 1,393 shares during the last quarter. Institutional investors own 68.36% 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. 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.