First Bancorp (NASDAQ:FBNC) Coverage Initiated at Stephens

Stephens assumed coverage on shares of First Bancorp (NASDAQ:FBNC) in a report issued on Wednesday morning, MarketBeat Ratings reports. The brokerage issued an overweight rating and a $48.00 target price on the financial services provider’s stock.

A number of other equities research analysts have also recently issued reports on FBNC. Keefe, Bruyette & Woods upped their target price on shares of First Bancorp from $49.00 to $56.00 and gave the company an “outperform” rating in a report on Wednesday, December 4th. Janney Montgomery Scott lowered First Bancorp from a “buy” rating to a “neutral” rating in a research note on Friday, February 7th.

First Bancorp Trading Up 0.2 %

Shares of First Bancorp stock opened at $41.21 on Wednesday. The stock has a market cap of $1.70 billion, a P/E ratio of 22.40 and a beta of 1.04. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 0.06. First Bancorp has a 12-month low of $29.53 and a 12-month high of $50.34. The business’s 50 day moving average is $42.29 and its 200-day moving average is $43.44.

First Bancorp (NASDAQ:FBNC) last posted its quarterly earnings results on Wednesday, January 29th. The financial services provider reported $0.76 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.72 by $0.04. First Bancorp had a net margin of 14.19% and a return on equity of 8.04%. Equities research analysts predict that First Bancorp will post 3.27 earnings per share for the current fiscal year.

First Bancorp Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, April 25th. Stockholders of record on Monday, March 31st will be given a $0.22 dividend. This represents a $0.88 annualized dividend and a dividend yield of 2.14%. The ex-dividend date of this dividend is Monday, March 31st. First Bancorp’s payout ratio is presently 47.83%.

Institutional Trading of First Bancorp

Several hedge funds and other institutional investors have recently modified their holdings of FBNC. Versant Capital Management Inc raised its holdings in First Bancorp by 82.3% in the 4th quarter. Versant Capital Management Inc now owns 587 shares of the financial services provider’s stock valued at $26,000 after acquiring an additional 265 shares during the period. Sterling Capital Management LLC grew its position in shares of First Bancorp by 807.9% in the fourth quarter. Sterling Capital Management LLC now owns 1,262 shares of the financial services provider’s stock valued at $55,000 after purchasing an additional 1,123 shares during the last quarter. GAMMA Investing LLC increased its stake in shares of First Bancorp by 22.3% during the fourth quarter. GAMMA Investing LLC now owns 1,386 shares of the financial services provider’s stock worth $61,000 after purchasing an additional 253 shares during the period. KBC Group NV lifted its holdings in First Bancorp by 76.0% during the 4th quarter. KBC Group NV now owns 2,592 shares of the financial services provider’s stock worth $114,000 after purchasing an additional 1,119 shares during the last quarter. Finally, Salem Investment Counselors Inc. boosted its stake in First Bancorp by 157.3% in the 4th quarter. Salem Investment Counselors Inc. now owns 3,551 shares of the financial services provider’s stock valued at $157,000 after purchasing an additional 2,171 shares during the period. 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.