First Bancorp (NASDAQ:FBNC) Downgraded by StockNews.com

StockNews.com downgraded shares of First Bancorp (NASDAQ:FBNC) from a hold rating to a sell rating in a research report report published on Saturday.

Separately, Keefe, Bruyette & Woods boosted their target price on First Bancorp from $40.00 to $45.00 and gave the stock an outperform rating in a research note on Thursday, July 25th.

First Bancorp Trading Up 0.8 %

NASDAQ FBNC opened at $41.26 on Friday. The company has a debt-to-equity ratio of 0.07, a quick ratio of 0.82 and a current ratio of 0.82. The firm has a market cap of $1.70 billion, a price-to-earnings ratio of 14.90 and a beta of 1.03. The firm has a 50 day simple moving average of $39.11 and a 200-day simple moving average of $34.86. First Bancorp has a one year low of $26.00 and a one year high of $45.41.

First Bancorp (NASDAQ:FBNC) last issued its quarterly earnings results on Wednesday, July 24th. The financial services provider reported $0.70 EPS for the quarter, beating the consensus estimate of $0.59 by $0.11. The company had revenue of $143.42 million during the quarter, compared to analysts’ expectations of $94.00 million. First Bancorp had a net margin of 20.17% and a return on equity of 8.39%. Equities research analysts anticipate that First Bancorp will post 2.68 EPS for the current fiscal year.

First Bancorp Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, July 25th. Shareholders of record on Sunday, June 30th were issued a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a yield of 2.13%. The ex-dividend date was Friday, June 28th. First Bancorp’s dividend payout ratio (DPR) is presently 31.77%.

Insider Activity

In related news, Director Mary Clara Capel sold 1,015 shares of the business’s stock in a transaction on Wednesday, June 26th. The shares were sold at an average price of $30.05, for a total transaction of $30,500.75. Following the completion of the transaction, the director now owns 11,569 shares in the company, valued at $347,648.45. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In related news, Director Mason Y. Garrett sold 22,800 shares of the company’s stock in a transaction that occurred on Friday, July 26th. The stock was sold at an average price of $43.41, for a total value of $989,748.00. Following the completion of the transaction, the director now directly owns 196,416 shares of the company’s stock, valued at $8,526,418.56. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Mary Clara Capel sold 1,015 shares of the firm’s stock in a transaction that occurred on Wednesday, June 26th. The stock was sold at an average price of $30.05, for a total transaction of $30,500.75. Following the sale, the director now directly owns 11,569 shares in the company, valued at approximately $347,648.45. The disclosure for this sale can be found here. Company insiders own 3.65% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of FBNC. Innealta Capital LLC purchased a new stake in First Bancorp in the second quarter valued at $44,000. TFO Wealth Partners LLC increased its position in shares of First Bancorp by 17,233.3% during the fourth quarter. TFO Wealth Partners LLC now owns 1,560 shares of the financial services provider’s stock worth $58,000 after purchasing an additional 1,551 shares in the last quarter. SG Americas Securities LLC acquired a new stake in shares of First Bancorp during the first quarter worth about $185,000. PNC Financial Services Group Inc. lifted its holdings in shares of First Bancorp by 5.4% in the 4th quarter. PNC Financial Services Group Inc. now owns 5,562 shares of the financial services provider’s stock valued at $206,000 after purchasing an additional 283 shares during the last quarter. Finally, Novare Capital Management LLC acquired a new stake in shares of First Bancorp in the 2nd quarter valued at about $216,000. Institutional investors and hedge funds 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.