First Bancorp (NASDAQ:FBNC) Hits New 12-Month High – Should You Buy?

First Bancorp (NASDAQ:FBNC) shares reached a new 52-week high on Wednesday . The company traded as high as $62.93 and last traded at $62.5550, with a volume of 24367 shares traded. The stock had previously closed at $62.03.

Wall Street Analyst Weigh In

FBNC has been the subject of a number of analyst reports. Wall Street Zen upgraded First Bancorp from a “sell” rating to a “hold” rating in a research note on Saturday, February 28th. Zacks Research upgraded First Bancorp from a “strong sell” rating to a “hold” rating in a report on Monday, March 9th. Keefe, Bruyette & Woods lifted their target price on First Bancorp from $65.00 to $66.00 and gave the company an “outperform” rating in a research report on Thursday, April 23rd. Brean Capital assumed coverage on First Bancorp in a report on Monday, June 8th. They set a “neutral” rating and a $65.75 price target for the company. Finally, Weiss Ratings raised First Bancorp from a “buy (b-)” rating to a “buy (b)” rating in a research report on Monday, May 18th. One equities research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and three have given a Hold rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $62.95.

First Bancorp Stock Performance

The company’s 50 day simple moving average is $59.32 and its 200 day simple moving average is $57.25. The company has a debt-to-equity ratio of 0.04, a quick ratio of 0.84 and a current ratio of 0.85. The stock has a market cap of $2.59 billion, a PE ratio of 21.38 and a beta of 0.81.

First Bancorp (NASDAQ:FBNC) last announced its earnings results on Wednesday, April 22nd. The financial services provider reported $1.13 earnings per share for the quarter, topping analysts’ consensus estimates of $1.09 by $0.04. The firm had revenue of $122.29 million for the quarter, compared to the consensus estimate of $123.20 million. First Bancorp had a return on equity of 10.86% and a net margin of 20.59%. Analysts expect that First Bancorp will post 4.67 earnings per share for the current year.

First Bancorp Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, July 24th. Shareholders of record on Tuesday, June 30th will be given a $0.24 dividend. The ex-dividend date of this dividend is Tuesday, June 30th. This represents a $0.96 annualized dividend and a yield of 1.5%. First Bancorp’s payout ratio is currently 32.76%.

Insider Transactions at First Bancorp

In other First Bancorp news, Director Michael Goodwin Mayer sold 44,324 shares of the company’s stock in a transaction on Wednesday, May 20th. The stock was sold at an average price of $58.58, for a total value of $2,596,499.92. Following the completion of the transaction, the director owned 41,491 shares in the company, valued at $2,430,542.78. This represents a 51.65% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 2.04% of the stock is owned by company insiders.

Hedge Funds Weigh In On First Bancorp

Several institutional investors have recently added to or reduced their stakes in the stock. Summit Securities Group LLC purchased a new stake in First Bancorp during the first quarter worth about $34,000. EverSource Wealth Advisors LLC grew its holdings 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 period. First Horizon Corp grew its stake in shares of First Bancorp by 83.7% during the 4th quarter. First Horizon Corp now owns 777 shares of the financial services provider’s stock worth $39,000 after acquiring an additional 354 shares during the period. Torren Management LLC bought a new position in shares of First Bancorp during the 4th quarter worth $41,000. Finally, Steward Partners Investment Advisory LLC increased its holdings in First Bancorp by 87.0% in the 4th quarter. Steward Partners Investment Advisory LLC now owns 819 shares of the financial services provider’s stock worth $42,000 after acquiring an additional 381 shares during the last quarter. 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, 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.