First Bancorp (NASDAQ:FBNC) Lifted to Buy at DA Davidson

DA Davidson upgraded shares of First Bancorp (NASDAQ:FBNC) from a neutral rating to a buy rating in a research report sent to investors on Thursday, Marketbeat.com reports. They currently have $34.00 price target on the financial services provider’s stock, down from their previous price target of $36.50. The analysts noted that the move was a valuation call.

Several other research firms have also weighed in on FBNC. StockNews.com upgraded shares of First Bancorp to a sell rating in a research report on Saturday, August 26th. Raymond James lowered shares of First Bancorp from an outperform rating to a market perform rating in a research report on Monday, July 31st.

First Bancorp Stock Performance

Shares of FBNC stock opened at $28.66 on Thursday. The firm has a market capitalization of $1.18 billion, a PE ratio of 8.90 and a beta of 1.08. The firm has a fifty day simple moving average of $31.27 and a two-hundred day simple moving average of $32.45. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 0.37. First Bancorp has a 12 month low of $26.25 and a 12 month high of $49.00.

First Bancorp (NASDAQ:FBNC) last posted its earnings results on Wednesday, July 26th. The financial services provider reported $0.71 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.74 by ($0.03). First Bancorp had a return on equity of 10.49% and a net margin of 25.25%. The firm had revenue of $101.22 million during the quarter, compared to the consensus estimate of $105.50 million. Analysts forecast that First Bancorp will post 2.47 EPS for the current fiscal year.

First Bancorp Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 25th. Shareholders of record on Saturday, September 30th will be issued a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a yield of 3.07%. The ex-dividend date of this dividend is Friday, September 29th. First Bancorp’s dividend payout ratio (DPR) is presently 27.33%.

Insider Buying and Selling at First Bancorp

In other news, Director Mason Y. Garrett sold 61,215 shares of the stock in a transaction dated Tuesday, August 29th. The shares were sold at an average price of $29.88, for a total value of $1,829,104.20. Following the sale, the director now directly owns 267,975 shares of the company’s stock, valued at $8,007,093. The sale was disclosed in a legal filing with the SEC, which is available at this link. In other news, Director Mary Clara Capel sold 903 shares of the stock in a transaction dated Thursday, September 7th. The shares were sold at an average price of $27.97, for a total value of $25,256.91. Following the sale, the director now directly owns 11,895 shares of the company’s stock, valued at $332,703.15. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Mason Y. Garrett sold 61,215 shares of the stock in a transaction dated Tuesday, August 29th. The stock was sold at an average price of $29.88, for a total transaction of $1,829,104.20. Following the completion of the sale, the director now directly owns 267,975 shares in the company, valued at $8,007,093. The disclosure for this sale can be found here. Insiders own 3.65% of the company’s stock.

Institutional Investors Weigh In On First Bancorp

A number of institutional investors and hedge funds have recently modified their holdings of FBNC. First Personal Financial Services bought a new position in shares of First Bancorp in the first quarter worth approximately $48,000. Swiss National Bank increased its position in shares of First Bancorp by 2.3% in the fourth quarter. Swiss National Bank now owns 86,100 shares of the financial services provider’s stock worth $3,689,000 after purchasing an additional 1,900 shares during the last quarter. HRT Financial LP bought a new position in shares of First Bancorp in the fourth quarter worth approximately $937,000. Raymond James Financial Services Advisors Inc. increased its position in shares of First Bancorp by 2.8% in the first quarter. Raymond James Financial Services Advisors Inc. now owns 33,524 shares of the financial services provider’s stock worth $1,191,000 after purchasing an additional 927 shares during the last quarter. Finally, Milestone Advisory Partners increased its position in shares of First Bancorp by 25.4% in the first quarter. Milestone Advisory Partners now owns 16,096 shares of the financial services provider’s stock worth $572,000 after purchasing an additional 3,265 shares during the last quarter. 66.17% of the stock is owned by hedge funds and other institutional investors.

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. It accepts deposit products, such as checking, savings, and money market accounts, as well as time deposits, including certificate of deposits and individual retirement accounts.