First Bancorp (NASDAQ:FBNC) Hits New 52-Week High - Time to Buy?

Key Points

• First Bancorp (NASDAQ:FBNC) hit a new 52-week high, trading as high as $66.54 after closing previously at $64.44. The move came on heavy volume of 882,618 shares.
• Recent analyst action has been mostly supportive, with Raymond James lifting its price target to $75 and Keefe, Bruyette & Woods raising theirs to $66. The stock currently carries a consensus Moderate Buy rating and an average target price of $65.55.
• The bank also reported solid quarterly results, posting EPS of $1.13 versus estimates of $1.09, and it announced a quarterly dividend of $0.24 per share to be paid on July 24. Despite the rally, an insider recently sold more than 44,000 shares, while institutional ownership remains high at 68.36%.

First Bancorp (NASDAQ:FBNC - Get Free Report)'s share price reached a new 52-week high on Friday . The company traded as high as $66.54 and last traded at $66.23, with a volume of 882618 shares trading hands. The stock had previously closed at $64.44.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on FBNC shares. Keefe, Bruyette & Woods raised their price target on shares of First Bancorp from $65.00 to $66.00 and gave the stock an "outperform" rating in a research note on Thursday, April 23rd. Brean Capital started coverage on First Bancorp in a research note on Monday, June 8th. They issued a "neutral" rating and a $65.75 price objective on the stock. Raymond James Financial increased their price objective on First Bancorp from $68.00 to $75.00 and gave the company a "strong-buy" rating in a report on Thursday. Finally, Weiss Ratings raised First Bancorp from a "buy (b-)" rating to a "buy (b)" rating in a research report on Monday, May 18th. One research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $65.55.

First Bancorp Price Performance

The company has a quick ratio of 0.84, a current ratio of 0.85 and a debt-to-equity ratio of 0.04. The stock has a market cap of $2.74 billion, a P/E ratio of 22.60 and a beta of 0.80. The business's 50-day simple moving average is $60.89 and its two-hundred day simple moving average is $58.45.

First Bancorp (NASDAQ:FBNC - Get Free Report) last posted its quarterly earnings results on Wednesday, April 22nd. The financial services provider reported $1.13 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.09 by $0.04. The company had revenue of $122.29 million for the quarter, compared to analyst estimates of $123.20 million. First Bancorp had a net margin of 20.59% and a return on equity of 10.86%. Sell-side analysts expect that First Bancorp will post 4.67 EPS for the current year.

First Bancorp Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, July 24th. Investors of record on Tuesday, June 30th will be paid a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a yield of 1.4%. The ex-dividend date is Tuesday, June 30th. First Bancorp's payout ratio is currently 32.76%.

Insider Transactions at First Bancorp

In other First Bancorp news, Director Michael Goodwin Mayer sold 44,324 shares of the business's stock in a transaction on Wednesday, May 20th. The shares were sold at an average price of $58.58, for a total transaction of $2,596,499.92. Following the sale, the director owned 41,491 shares of the company's stock, valued at $2,430,542.78. The trade was a 51.65% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. 2.04% of the stock is owned by insiders.

Hedge Funds Weigh In On First Bancorp

Large investors have recently made changes to their positions in the stock. Summit Securities Group LLC bought a new stake in shares of First Bancorp during the 1st quarter valued at $34,000. EverSource Wealth Advisors LLC boosted its stake in First Bancorp by 2,222.6% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 720 shares of the financial services provider's stock worth $32,000 after purchasing an additional 689 shares during the period. First Horizon Corp boosted its stake in First Bancorp by 83.7% in the 4th quarter. First Horizon Corp now owns 777 shares of the financial services provider's stock worth $39,000 after purchasing an additional 354 shares during the period. Torren Management LLC purchased a new position in First Bancorp during the 4th quarter valued at about $41,000. Finally, Steward Partners Investment Advisory LLC grew its holdings in First Bancorp by 87.0% during the 4th quarter. Steward Partners Investment Advisory LLC now owns 819 shares of the financial services provider's stock valued at $42,000 after buying an additional 381 shares in the last quarter. 68.36% of the stock is owned by institutional investors.

First Bancorp Company Profile

First Bancorp operates as the bank holding company for First Bank, offering a broad range of commercial and consumer banking services. Its core offerings include business lending, treasury and cash management, residential and commercial mortgage financing, and consumer deposit products. Through its subsidiary, First Bank provides online and branch-based banking solutions, including checking and savings accounts, certificate of deposits, and digital banking tools designed to meet the needs of individuals, small- to mid-sized businesses, and professional institutions.

The company maintains a network of full-service banking centers and loan production offices across North Carolina and South Carolina, with a focus on markets in the Piedmont, Sandhills and coastal regions.

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