First Bancorp (NASDAQ:FBNC) Share Price Passes Above 200-Day Moving Average After Analyst Downgrade

Shares of First Bancorp (NASDAQ:FBNC) crossed above its 200-day moving average during trading on Friday after Zacks Research upgraded the stock from a hold rating to a strong-buy rating. The stock has a 200-day moving average of $50.35 and traded as high as $51.22. First Bancorp shares last traded at $50.91, with a volume of 197,142 shares traded.

A number of other analysts have also commented on the company. Stephens lifted their price target on First Bancorp from $53.00 to $57.00 and gave the stock an “overweight” rating in a report on Monday, July 28th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of First Bancorp in a report on Wednesday, October 8th. Keefe, Bruyette & Woods increased their target price on shares of First Bancorp from $53.00 to $62.00 and gave the stock an “outperform” rating in a research report on Tuesday, September 2nd. Finally, Piper Sandler lifted their target price on shares of First Bancorp from $48.00 to $51.00 and gave the stock a “neutral” rating in a research note on Friday, August 1st. Two research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $56.67.

Institutional Trading of First Bancorp

Several institutional investors and hedge funds have recently modified their holdings of the business. Smartleaf Asset Management LLC boosted its position in shares of First Bancorp by 183.6% during the 3rd quarter. Smartleaf Asset Management LLC now owns 553 shares of the financial services provider’s stock valued at $29,000 after acquiring an additional 358 shares during the last quarter. Quest 10 Wealth Builders Inc. purchased a new stake in First Bancorp in the third quarter valued at approximately $34,000. EverSource Wealth Advisors LLC lifted its position in First Bancorp by 2,222.6% during the second quarter. EverSource Wealth Advisors LLC now owns 720 shares of the financial services provider’s stock valued at $32,000 after purchasing an additional 689 shares during the last quarter. Northwestern Mutual Wealth Management Co. grew its stake in First Bancorp by 1,412.9% in the 1st quarter. Northwestern Mutual Wealth Management Co. now owns 938 shares of the financial services provider’s stock worth $38,000 after buying an additional 876 shares in the last quarter. Finally, GAMMA Investing LLC increased its holdings in shares of First Bancorp by 33.5% in the 2nd quarter. GAMMA Investing LLC now owns 1,895 shares of the financial services provider’s stock worth $84,000 after buying an additional 475 shares during the last quarter. Hedge funds and other institutional investors own 68.36% of the company’s stock.

First Bancorp Stock Performance

The company has a debt-to-equity ratio of 0.06, a quick ratio of 0.82 and a current ratio of 0.82. The stock has a market cap of $2.11 billion, a PE ratio of 21.39 and a beta of 0.89. The company’s 50-day moving average price is $51.03 and its two-hundred day moving average price is $50.42.

First Bancorp (NASDAQ:FBNC) last released its earnings results on Wednesday, October 22nd. The financial services provider reported $1.01 EPS for the quarter, beating analysts’ consensus estimates of $0.93 by $0.08. First Bancorp had a return on equity of 9.61% and a net margin of 17.50%.The business had revenue of $89.61 million for the quarter, compared to analysts’ expectations of $113.47 million. On average, equities research analysts forecast that First Bancorp will post 3.27 EPS for the current year.

First Bancorp Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Sunday, January 25th. Investors of record on Wednesday, December 31st will be issued a dividend of $0.23 per share. This represents a $0.92 dividend on an annualized basis and a dividend yield of 1.8%. The ex-dividend date of this dividend is Wednesday, December 31st. First Bancorp’s dividend payout ratio (DPR) is currently 38.66%.

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.