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

Key Points

• First Bancorp shares hit a new 52-week high of $55.34, with an average trading volume of 190,502 shares.
• Several analysts have upgraded their price targets for First Bancorp, with a consensus price target of $53.67 and a current average rating of "Moderate Buy".
• The company announced a quarterly dividend of $0.18 per share, representing a 1.3% yield and an annualized payout of $0.72.

First Bancorp (NASDAQ:FBNC - Get Free Report) shares reached a new 52-week high on Thursday . The stock traded as high as $55.34 and last traded at $55.30, with a volume of 190502 shares. The stock had previously closed at $54.87.

Wall Street Analyst Weigh In

Several research analysts have weighed in on the stock. Keefe, Bruyette & Woods upped their price objective on shares of First Bancorp from $50.00 to $53.00 and gave the stock an "outperform" rating in a report on Thursday, July 24th. Zacks Research upgraded shares of First Bancorp to a "strong-buy" rating in a report on Tuesday, August 12th. Piper Sandler increased their target price 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. Finally, Stephens increased their target price on shares of First Bancorp from $53.00 to $57.00 and gave the company an "overweight" rating in a report on Monday, July 28th. One investment analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat.com, First Bancorp currently has an average rating of "Moderate Buy" and a consensus price target of $53.67.

First Bancorp Stock Performance

The company's fifty day moving average price is $48.40 and its 200 day moving average price is $43.25. The company has a market cap of $2.29 billion, a PE ratio of 23.63 and a beta of 0.96. The company has a debt-to-equity ratio of 0.06, a current ratio of 0.82 and a quick ratio of 0.82.

First Bancorp (NASDAQ:FBNC - Get Free Report) last posted its quarterly earnings data on Wednesday, July 23rd. The financial services provider reported $0.93 earnings per share (EPS) for the quarter, topping 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 the consensus estimate of $109.22 million. On average, equities research analysts predict that First Bancorp will post 3.27 earnings per share for the current year.

First Bancorp Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 12th. Investors 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 1.3%. First Bancorp's dividend payout ratio (DPR) is presently 39.32%.

Institutional Trading of First Bancorp

A number of large investors have recently added to or reduced their stakes in FBNC. Raymond James Financial Inc. purchased a new stake in First Bancorp during the fourth quarter worth about $2,434,000. MetLife Investment Management LLC increased its holdings in First Bancorp by 6.3% during the fourth quarter. MetLife Investment Management LLC now owns 24,194 shares of the financial services provider's stock worth $1,064,000 after buying an additional 1,425 shares during the last quarter. State of Tennessee Department of Treasury increased its holdings in First Bancorp by 74.7% during the fourth quarter. State of Tennessee Department of Treasury now owns 18,240 shares of the financial services provider's stock worth $802,000 after buying an additional 7,801 shares during the last quarter. Hsbc Holdings PLC increased its holdings in First Bancorp by 294.3% during the fourth quarter. Hsbc Holdings PLC now owns 19,958 shares of the financial services provider's stock worth $878,000 after buying an additional 14,896 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD increased its holdings in First Bancorp by 7.8% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 36,708 shares of the financial services provider's stock worth $1,615,000 after buying an additional 2,649 shares during the last quarter. Hedge funds and other institutional investors own 68.36% of the company's stock.

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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