First Bancorp (NASDAQ:FBNC) Hits New 12-Month High on Analyst Upgrade

Key Points

• First Bancorp reached a new 52-week high after Stephens upgraded its price target from $53.00 to $57.00, trading at $51.01.
• The company has a consensus rating of "Hold" with an average target price of $52.67, with various analysts providing mixed ratings.
• First Bancorp will pay a $0.18 quarterly dividend to shareholders, indicating a 1.41% yield and a payout ratio of 39.32%.

First Bancorp (NASDAQ:FBNC - Get Free Report)'s share price reached a new 52-week high during mid-day trading on Monday after Keefe, Bruyette & Woods raised their price target on the stock from $50.00 to $53.00. Keefe, Bruyette & Woods currently has an outperform rating on the stock. First Bancorp traded as high as $51.58 and last traded at $51.01, with a volume of 93699 shares traded. The stock had previously closed at $50.13.

A number of other research analysts also recently issued reports on the stock. Wall Street Zen upgraded shares of First Bancorp from a "sell" rating to a "hold" rating in a research report on Monday, April 28th. Piper Sandler assumed coverage on First Bancorp in a report on Tuesday, May 13th. They set a "neutral" rating and a $48.00 target price for the company. Finally, Stephens upped their target price on First Bancorp from $48.00 to $50.00 and gave the company an "overweight" rating in a report on Monday, April 28th. Three investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and an average target price of $52.67.

Institutional Trading of First Bancorp

Large investors have recently added to or reduced their stakes in the company. Quantbot Technologies LP purchased a new position in First Bancorp during the first quarter valued at approximately $25,000. Northwestern Mutual Wealth Management Co. grew its position in First Bancorp by 1,412.9% during the first quarter. Northwestern Mutual Wealth Management Co. now owns 938 shares of the financial services provider's stock valued at $38,000 after purchasing an additional 876 shares in the last quarter. Sterling Capital Management LLC grew its position in First Bancorp by 807.9% during the fourth quarter. Sterling Capital Management LLC now owns 1,262 shares of the financial services provider's stock valued at $55,000 after purchasing an additional 1,123 shares in the last quarter. GAMMA Investing LLC grew its position in First Bancorp by 33.5% during the second quarter. GAMMA Investing LLC now owns 1,895 shares of the financial services provider's stock valued at $84,000 after purchasing an additional 475 shares in the last quarter. Finally, Blue Trust Inc. purchased a new position in First Bancorp during the first quarter valued at approximately $128,000. 68.36% of the stock is owned by institutional investors and hedge funds.

First Bancorp Price Performance

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 has a market capitalization of $2.10 billion, a PE ratio of 21.77 and a beta of 0.87. The stock's 50-day moving average is $43.90 and its 200 day moving average is $42.08.

First Bancorp (NASDAQ:FBNC - Get Free Report) last released its earnings results on Wednesday, July 23rd. The financial services provider reported $0.93 earnings per share for the quarter, beating the consensus estimate 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 analysts' expectations of $109.22 million. As a group, equities analysts predict that First Bancorp will post 3.27 earnings per share for the current 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 issued a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a yield of 1.42%. First Bancorp's dividend payout ratio is presently 39.32%.

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.