First Bancorp (NASDAQ:FBNC) Hits New 1-Year High - What's Next?

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%.

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

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on FBNC shares. Stephens upped their price objective on First Bancorp from $53.00 to $57.00 and gave the stock an "overweight" rating in a research note on Monday, July 28th. Wall Street Zen upgraded First Bancorp from a "sell" rating to a "hold" rating in a research note on Monday, April 28th. Keefe, Bruyette & Woods upped their price objective on First Bancorp from $50.00 to $53.00 and gave the stock an "outperform" rating in a research note on Thursday, July 24th. Finally, Piper Sandler increased their price target on First Bancorp from $48.00 to $51.00 and gave the company a "neutral" rating in a research note on Friday, August 1st. Three investment analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of "Hold" and a consensus price target of $53.67.

First Bancorp Stock Performance

The business has a 50 day simple moving average of $45.75 and a 200 day simple moving average of $42.57. 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 company has a market capitalization of $2.16 billion, a PE ratio of 22.26 and a beta of 0.96.

First Bancorp (NASDAQ:FBNC - Get Free Report) last released its quarterly earnings results on Wednesday, July 23rd. The financial services provider reported $0.93 EPS for the quarter, beating analysts' consensus estimates of $0.88 by $0.05. First Bancorp had a return on equity of 8.96% and a net margin of 17.65%. The company had revenue of $111.02 million during the quarter, compared to analysts' expectations of $109.22 million. Equities research analysts predict that First Bancorp will post 3.27 EPS for the current fiscal 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 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 (DPR) is presently 39.32%.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the company. Deutsche Bank AG increased its holdings in shares of 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 purchasing an additional 12,202 shares during the period. Bank of Montreal Can increased its holdings in shares of First Bancorp by 7.8% in the fourth quarter. Bank of Montreal Can now owns 6,345 shares of the financial services provider's stock valued at $279,000 after purchasing an additional 460 shares during the period. Wells Fargo & Company MN increased its holdings in shares of First Bancorp by 14.7% in the fourth quarter. Wells Fargo & Company MN now owns 37,423 shares of the financial services provider's stock valued at $1,645,000 after purchasing an additional 4,789 shares during the period. Federated Hermes Inc. increased its holdings in shares of First Bancorp by 163.2% in the fourth quarter. Federated Hermes Inc. now owns 25,510 shares of the financial services provider's stock valued at $1,122,000 after purchasing an additional 15,819 shares during the period. Finally, SG Americas Securities LLC acquired a new position in shares of First Bancorp in the first quarter valued at about $546,000. 68.36% of the stock is owned by institutional investors and hedge funds.

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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