First Bancorp (NASDAQ:FBNC) Shares Pass Above Two Hundred Day Moving Average - Here's Why

Key Points

• First Bancorp's shares have recently crossed above their two hundred-day moving average of $45.15, reaching a high of $53.52 during trading.
• Analysts have a mixed outlook on the stock, with Keefe, Bruyette & Woods raising their price target to $62.00 and Zacks Research upgrading it to a "strong-buy" rating.
• The company announced an increase in its quarterly dividend from $0.18 to $0.23 per share, reflecting a commitment to returning value to shareholders.

Shares of First Bancorp (NASDAQ:FBNC - Get Free Report) crossed above its two hundred day moving average during trading on Friday . The stock has a two hundred day moving average of $45.15 and traded as high as $53.52. First Bancorp shares last traded at $53.19, with a volume of 114,961 shares traded.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the company. Keefe, Bruyette & Woods boosted their price target on First Bancorp from $53.00 to $62.00 and gave the stock an "outperform" rating in a research report on Tuesday, September 2nd. Piper Sandler boosted their price objective on First Bancorp from $48.00 to $51.00 and gave the stock a "neutral" rating in a research note on Friday, August 1st. Zacks Research upgraded First Bancorp to a "strong-buy" rating in a report on Tuesday, August 12th. Finally, Stephens upped their price objective on First Bancorp from $53.00 to $57.00 and gave the company an "overweight" rating in a report on Monday, July 28th. One analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat, First Bancorp has an average rating of "Moderate Buy" and an average target price of $56.67.

First Bancorp Stock Performance

The company has a market cap of $2.21 billion, a P/E ratio of 22.73 and a beta of 1.00. The firm has a 50 day moving average price of $52.39 and a 200-day moving average price of $45.15. The company has a debt-to-equity ratio of 0.06, a quick ratio of 0.82 and a current ratio of 0.82.

First Bancorp (NASDAQ:FBNC - Get Free Report) last released its quarterly earnings results on Wednesday, July 23rd. The financial services provider reported $0.93 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.88 by $0.05. The company had revenue of $111.02 million during the quarter, compared to the consensus estimate of $109.22 million. First Bancorp had a return on equity of 8.96% and a net margin of 17.65%. On average, research analysts predict that First Bancorp will post 3.27 EPS for the current year.

First Bancorp Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Saturday, October 25th. Stockholders of record on Tuesday, September 30th will be paid a dividend of $0.23 per share. This is a boost from First Bancorp's previous quarterly dividend of $0.18. The ex-dividend date is Tuesday, September 30th. This represents a $0.92 annualized dividend and a dividend yield of 1.7%. First Bancorp's dividend payout ratio is currently 39.32%.

Institutional Trading of First Bancorp

Several large investors have recently made changes to their positions in FBNC. Schroder Investment Management Group bought a new stake in shares of First Bancorp during the 2nd quarter worth about $17,999,000. Jennison Associates LLC boosted its stake in First Bancorp by 32.1% during the 2nd quarter. Jennison Associates LLC now owns 587,061 shares of the financial services provider's stock valued at $25,884,000 after purchasing an additional 142,765 shares during the period. Ameriprise Financial Inc. boosted its stake in First Bancorp by 13.0% during the 2nd quarter. Ameriprise Financial Inc. now owns 884,572 shares of the financial services provider's stock valued at $39,001,000 after purchasing an additional 101,529 shares during the period. Millennium Management LLC bought a new stake in First Bancorp during the 1st quarter valued at approximately $4,046,000. Finally, Nuveen LLC bought a new stake in First Bancorp during the 1st quarter valued at approximately $3,846,000. Institutional investors own 68.36% of the company's stock.

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.

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