First Bancorp (NASDAQ:FBNC) Upgraded by Stephens to Strong-Buy Rating

Stephens upgraded shares of First Bancorp (NASDAQ:FBNC) to a strong-buy rating in a research note released on Tuesday morning,Zacks.com reports.

Several other research analysts also recently weighed in on the company. Janney Montgomery Scott downgraded First Bancorp from a “buy” rating to a “neutral” rating in a research note on Friday, February 7th. Keefe, Bruyette & Woods upped their price objective 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.

First Bancorp Stock Up 0.2 %

First Bancorp stock opened at $41.29 on Tuesday. First Bancorp has a twelve month low of $29.53 and a twelve month high of $50.34. The business has a fifty day moving average of $42.25 and a two-hundred day moving average of $43.43. The firm has a market cap of $1.71 billion, a P/E ratio of 22.44 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 (NASDAQ:FBNC) last posted its earnings results on Wednesday, January 29th. The financial services provider reported $0.76 EPS for the quarter, beating analysts’ consensus estimates of $0.72 by $0.04. First Bancorp had a net margin of 14.19% and a return on equity of 8.04%. On average, analysts forecast that First Bancorp will post 3.27 earnings per share for the current fiscal year.

First Bancorp Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, April 25th. Shareholders of record on Monday, March 31st will be given a dividend of $0.22 per share. The ex-dividend date is Monday, March 31st. This represents a $0.88 dividend on an annualized basis and a yield of 2.13%. First Bancorp’s dividend payout ratio is currently 47.83%.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of FBNC. Dimensional Fund Advisors LP increased its holdings in First Bancorp by 3.5% in the 4th quarter. Dimensional Fund Advisors LP now owns 2,293,843 shares of the financial services provider’s stock worth $100,862,000 after buying an additional 77,074 shares during the period. Franklin Resources Inc. boosted its holdings in First Bancorp by 23.5% in the fourth quarter. Franklin Resources Inc. now owns 2,202,960 shares of the financial services provider’s stock valued at $96,864,000 after purchasing an additional 418,752 shares during the last quarter. Geode Capital Management LLC raised its stake in shares of First Bancorp by 1.3% during the 3rd quarter. Geode Capital Management LLC now owns 976,680 shares of the financial services provider’s stock valued at $40,628,000 after buying an additional 12,922 shares during the last quarter. Alliancebernstein L.P. lifted its holdings in shares of First Bancorp by 1.1% in the 4th quarter. Alliancebernstein L.P. now owns 828,369 shares of the financial services provider’s stock valued at $36,423,000 after buying an additional 9,140 shares during the period. Finally, William Blair Investment Management LLC boosted its stake in shares of First Bancorp by 2.4% in the fourth quarter. William Blair Investment Management LLC now owns 797,316 shares of the financial services provider’s stock worth $35,058,000 after buying an additional 18,749 shares during the last quarter. 68.36% of the stock is currently 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. 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.