First Bancorp (NASDAQ:FBNC) Receives Average Rating of "Moderate Buy" from Brokerages

Key Points

• Shares have an average recommendation of Moderate Buy from six analysts with a 12‑month consensus target of $61.25; notable recent moves include Raymond James upgrading to strong‑buy and Piper Sandler cutting to neutral while raising its target to $64.
• Insider Mary Clara Capel sold 5,000 shares on Feb. 3 at $59.31 (part of 10,142 insider shares sold over the last three months), leaving insiders with 2.04% ownership.
• First Bancorp beat quarterly EPS estimates ($1.19 vs. $1.03) but missed revenue expectations, raised its quarterly dividend to $0.24 (annualized $0.96, yield ~1.6%), and trades with a market cap of $2.45B and a P/E of 22.07.

Shares of First Bancorp (NASDAQ:FBNC - Get Free Report) have received an average recommendation of "Moderate Buy" from the six ratings firms that are presently covering the firm, MarketBeat reports. Two analysts have rated the stock with a hold recommendation, three have given a buy recommendation and one has given a strong buy recommendation to the company. The average 12-month target price among brokers that have covered the stock in the last year is $61.25.

A number of research analysts have issued reports on the stock. Raymond James Financial upgraded shares of First Bancorp from a "market perform" rating to a "strong-buy" rating and set a $62.00 target price on the stock in a research report on Wednesday, January 7th. Zacks Research raised First Bancorp from a "strong sell" rating to a "hold" rating in a research note on Monday, March 9th. Weiss Ratings raised First Bancorp from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Friday, March 20th. Wall Street Zen raised First Bancorp from a "sell" rating to a "hold" rating in a research note on Saturday, February 28th. Finally, Piper Sandler cut First Bancorp from an "overweight" rating to a "neutral" rating and upped their price target for the company from $58.00 to $64.00 in a research note on Saturday, February 7th.

Insider Activity at First Bancorp

In related news, insider Mary Clara Capel sold 5,000 shares of the stock in a transaction that occurred on Tuesday, February 3rd. The stock was sold at an average price of $59.31, for a total transaction of $296,550.00. Following the completion of the sale, the insider directly owned 20,400 shares of the company's stock, valued at approximately $1,209,924. This represents a 19.69% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Over the last three months, insiders sold 10,142 shares of company stock valued at $592,276. Corporate insiders own 2.04% of the company's stock.

Institutional Trading of First Bancorp

A number of large investors have recently bought and sold shares of FBNC. Oregon Public Employees Retirement Fund increased its position in shares of First Bancorp by 2.1% in the fourth quarter. Oregon Public Employees Retirement Fund now owns 9,532 shares of the financial services provider's stock worth $484,000 after purchasing an additional 200 shares during the period. SouthState Bank Corp increased its position in shares of First Bancorp by 1.5% in the fourth quarter. SouthState Bank Corp now owns 13,189 shares of the financial services provider's stock worth $670,000 after purchasing an additional 200 shares during the period. Amalgamated Bank increased its position in shares of First Bancorp by 1.8% in the third quarter. Amalgamated Bank now owns 11,950 shares of the financial services provider's stock worth $632,000 after purchasing an additional 207 shares during the period. Martin & Co. Inc. TN increased its position in shares of First Bancorp by 0.3% in the third quarter. Martin & Co. Inc. TN now owns 64,808 shares of the financial services provider's stock worth $3,428,000 after purchasing an additional 224 shares during the period. Finally, State of Alaska Department of Revenue increased its position in shares of First Bancorp by 1.1% in the fourth quarter. State of Alaska Department of Revenue now owns 22,841 shares of the financial services provider's stock worth $1,159,000 after purchasing an additional 238 shares during the period. 68.36% of the stock is owned by institutional investors.

First Bancorp Stock Performance

First Bancorp stock opened at $59.16 on Wednesday. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.05. First Bancorp has a 1 year low of $37.03 and a 1 year high of $62.64. The company has a market cap of $2.45 billion, a PE ratio of 22.07 and a beta of 0.84. The company's 50-day moving average is $57.28 and its two-hundred day moving average is $54.27.

First Bancorp (NASDAQ:FBNC - Get Free Report) last released its earnings results on Wednesday, January 21st. The financial services provider reported $1.19 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.03 by $0.16. First Bancorp had a net margin of 19.24% and a return on equity of 10.41%. The company had revenue of $83.90 million for the quarter, compared to the consensus estimate of $123.43 million. Equities analysts anticipate that First Bancorp will post 4.61 earnings per share for the current year.

First Bancorp Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, April 27th. Stockholders of record on Tuesday, March 31st will be paid a $0.24 dividend. This is a boost from First Bancorp's previous quarterly dividend of $0.23. The ex-dividend date of this dividend is Tuesday, March 31st. This represents a $0.96 dividend on an annualized basis and a dividend yield of 1.6%. First Bancorp's dividend payout ratio (DPR) is currently 35.82%.

About First Bancorp

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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