First Bancorp (FBNC) Downgraded by BidaskClub to “Hold”

BidaskClub lowered shares of First Bancorp (NASDAQ:FBNC) from a buy rating to a hold rating in a research note published on Wednesday.

Other analysts also recently issued research reports about the stock. Zacks Investment Research raised shares of First Bancorp from a sell rating to a hold rating in a research report on Thursday, January 24th. ValuEngine cut First Bancorp from a hold rating to a sell rating in a research note on Wednesday, December 5th. Stephens reiterated a hold rating and issued a $34.00 target price on shares of First Bancorp in a research note on Wednesday, December 19th. Brean Capital set a $42.00 target price on First Bancorp and gave the company a buy rating in a research note on Friday, January 25th. Finally, FIG Partners raised First Bancorp from a market perform rating to an outperform rating in a report on Thursday, January 24th. Five investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. First Bancorp has an average rating of Hold and an average target price of $41.25.

NASDAQ:FBNC traded down $0.41 during trading hours on Wednesday, hitting $37.37. The stock had a trading volume of 4,327 shares, compared to its average volume of 120,056. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 0.55. First Bancorp has a 1-year low of $30.50 and a 1-year high of $43.14. The company has a market capitalization of $1.17 billion, a price-to-earnings ratio of 12.42, a price-to-earnings-growth ratio of 2.65 and a beta of 1.26.

First Bancorp (NASDAQ:FBNC) last issued its quarterly earnings data on Wednesday, January 23rd. The financial services provider reported $0.77 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.73 by $0.04. First Bancorp had a net margin of 30.47% and a return on equity of 12.32%. The company had revenue of $68.25 million during the quarter, compared to the consensus estimate of $68.41 million. On average, equities analysts anticipate that First Bancorp will post 3.02 earnings per share for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, April 25th. Investors of record on Sunday, March 31st will be issued a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a yield of 1.28%. The ex-dividend date is Thursday, March 28th. This is an increase from First Bancorp’s previous quarterly dividend of $0.10. First Bancorp’s dividend payout ratio is currently 13.29%.

In other news, CEO Richard H. Moore acquired 3,200 shares of the firm’s stock in a transaction that occurred on Wednesday, December 26th. The stock was acquired at an average cost of $31.35 per share, for a total transaction of $100,320.00. Following the completion of the acquisition, the chief executive officer now owns 143,135 shares in the company, valued at $4,487,282.25. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 2.30% of the stock is owned by corporate insiders.

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Quantamental Technologies LLC acquired a new stake in shares of First Bancorp in the fourth quarter valued at approximately $33,000. Private Capital Group LLC lifted its position in shares of First Bancorp by 174.0% in the fourth quarter. Private Capital Group LLC now owns 1,277 shares of the financial services provider’s stock valued at $42,000 after buying an additional 811 shares during the last quarter. Semmax Financial Advisors Inc. acquired a new stake in shares of First Bancorp in the fourth quarter valued at approximately $149,000. Legal & General Group Plc lifted its position in shares of First Bancorp by 23.9% in the fourth quarter. Legal & General Group Plc now owns 5,705 shares of the financial services provider’s stock valued at $186,000 after buying an additional 1,102 shares during the last quarter. Finally, Squarepoint Ops LLC lifted its position in shares of First Bancorp by 26.8% in the fourth quarter. Squarepoint Ops LLC now owns 6,276 shares of the financial services provider’s stock valued at $205,000 after buying an additional 1,325 shares during the last quarter. 69.24% of the stock is owned by hedge funds and other institutional investors.

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 primarily in North Carolina and northeastern South Carolina. It accepts deposit products, such as checking, savings, and money market accounts, as well as time deposits, including certificates of deposits and individual retirement accounts.

Further Reading: Marijuana Stocks Future Looks Bright

Analyst Recommendations for First Bancorp (NASDAQ:FBNC)

Receive News & Ratings for First Bancorp Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for First Bancorp and related companies with MarketBeat.com's FREE daily email newsletter.