First Bancorp (NASDAQ:FBNC) Share Price Passes Above 200 Day Moving Average - Here's Why

Key Points

• First Bancorp shares rose above their 200-day moving average on Monday, trading as high as $64.37 and last changing hands at $64.22. The 200-day average was $58.18, signaling recent upward momentum in the stock.
• Analyst sentiment remains generally positive, with an average rating of “Moderate Buy” and a consensus price target of $62.95. Recent firms have raised targets or reiterated constructive views, including Keefe, Bruyette & Woods lifting its target to $66.
• The bank reported better-than-expected quarterly earnings of $1.13 per share versus estimates of $1.09, and it recently declared a $0.24 quarterly dividend. The dividend implies a 1.5% annual yield and will be paid on July 24 to shareholders of record on June 30.

First Bancorp (NASDAQ:FBNC - Get Free Report)'s share price passed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $58.18 and traded as high as $64.37. First Bancorp shares last traded at $64.22, with a volume of 115,359 shares traded.

Analyst Ratings Changes

A number of research firms recently weighed in on FBNC. Keefe, Bruyette & Woods raised their price objective on First Bancorp from $65.00 to $66.00 and gave the company an "outperform" rating in a research report on Thursday, April 23rd. Brean Capital initiated coverage on First Bancorp in a report on Monday, June 8th. They issued a "neutral" rating and a $65.75 target price on the stock. Finally, Weiss Ratings raised First Bancorp from a "buy (b-)" rating to a "buy (b)" rating in a research note on Monday, May 18th. One investment analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and three have given a Hold rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $62.95.

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 firm has a market capitalization of $2.66 billion, a PE ratio of 21.92 and a beta of 0.80. The firm's fifty day simple moving average is $60.52 and its 200-day simple moving average is $58.18.

First Bancorp (NASDAQ:FBNC - Get Free Report) last issued its earnings results on Wednesday, April 22nd. The financial services provider reported $1.13 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.09 by $0.04. The firm had revenue of $122.29 million for the quarter, compared to the consensus estimate of $123.20 million. First Bancorp had a net margin of 20.59% and a return on equity of 10.86%. On average, research analysts forecast that First Bancorp will post 4.67 earnings per share for the current fiscal 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 given a $0.24 dividend. The ex-dividend date of this dividend is Tuesday, June 30th. This represents a $0.96 annualized dividend and a yield of 1.5%. First Bancorp's dividend payout ratio is 32.76%.

Insider Buying and Selling

In other First Bancorp news, Director Michael Goodwin Mayer sold 44,324 shares of the stock in a transaction on Wednesday, May 20th. The stock was sold at an average price of $58.58, for a total transaction of $2,596,499.92. Following the sale, the director directly owned 41,491 shares in the company, valued at approximately $2,430,542.78. This trade represents a 51.65% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 2.04% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of FBNC. Jennison Associates LLC lifted its stake in First Bancorp by 20.4% during the 4th quarter. Jennison Associates LLC now owns 726,362 shares of the financial services provider's stock valued at $36,892,000 after acquiring an additional 123,283 shares during the period. Pinnacle Wealth Management Advisory Group LLC bought a new stake in shares of First Bancorp in the fourth quarter worth approximately $518,000. Louisiana State Employees Retirement System bought a new stake in shares of First Bancorp in the first quarter worth approximately $1,037,000. CrossGen Wealth LLC purchased a new position in shares of First Bancorp during the fourth quarter valued at approximately $990,000. Finally, Vanguard Group Inc. raised its holdings in shares of First Bancorp by 0.4% during the fourth quarter. Vanguard Group Inc. now owns 2,849,425 shares of the financial services provider's stock valued at $144,722,000 after purchasing an additional 11,439 shares during the last quarter. 68.36% of the stock is owned by institutional investors.

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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