First Bancorp (NASDAQ:FBNC) Lowered to Hold at BidaskClub

BidaskClub lowered shares of First Bancorp (NASDAQ:FBNC) from a buy rating to a hold rating in a research note issued to investors on Thursday, December 21st.

A number of other analysts have also commented on FBNC. Piper Jaffray Companies reiterated an overweight rating and set a $37.00 target price on shares of First Bancorp in a report on Thursday, October 5th. Stephens began coverage on First Bancorp in a report on Monday, December 4th. They set an equal weight rating on the stock. Brean Capital reissued a buy rating on shares of First Bancorp in a research report on Tuesday, October 31st. Finally, Zacks Investment Research raised First Bancorp from a hold rating to a buy rating and set a $39.00 price target on the stock in a research report on Thursday, October 5th. Two equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. The stock has a consensus rating of Buy and a consensus price target of $39.50.

First Bancorp (NASDAQ:FBNC) traded up $0.17 during trading hours on Thursday, reaching $36.97. The company’s stock had a trading volume of 75,770 shares, compared to its average volume of 101,444. The firm has a market capitalization of $1,090.00, a PE ratio of 21.49, a price-to-earnings-growth ratio of 1.22 and a beta of 1.10. First Bancorp has a 1 year low of $26.47 and a 1 year high of $41.76. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.78.

The company also recently announced a quarterly dividend, which will be paid on Thursday, January 25th. Stockholders of record on Sunday, December 31st will be given a $0.08 dividend. This represents a $0.32 annualized dividend and a dividend yield of 0.87%. The ex-dividend date is Thursday, December 28th. First Bancorp’s payout ratio is 18.60%.

In other First Bancorp news, CEO Richard H. Moore bought 2,755 shares of the business’s stock in a transaction on Wednesday, December 20th. The stock was purchased at an average cost of $36.00 per share, for a total transaction of $99,180.00. Following the completion of the purchase, the chief executive officer now directly owns 121,741 shares of the company’s stock, valued at $4,382,676. The acquisition was disclosed in a filing with the SEC, which is available at this link. Also, insider Suzanne S. Deferie sold 12,001 shares of the stock in a transaction on Wednesday, December 27th. The shares were sold at an average price of $35.67, for a total value of $428,075.67. Following the completion of the transaction, the insider now owns 113,408 shares of the company’s stock, valued at $4,045,263.36. The disclosure for this sale can be found here. Corporate insiders own 2.37% of the company’s stock.

Several institutional investors and hedge funds have recently made changes to their positions in FBNC. Teachers Advisors LLC raised its position in First Bancorp by 1.9% during the 1st quarter. Teachers Advisors LLC now owns 46,900 shares of the financial services provider’s stock worth $1,374,000 after purchasing an additional 876 shares during the last quarter. JPMorgan Chase & Co. raised its position in First Bancorp by 2.0% during the 2nd quarter. JPMorgan Chase & Co. now owns 53,009 shares of the financial services provider’s stock worth $1,657,000 after purchasing an additional 1,041 shares during the last quarter. Legal & General Group Plc raised its position in First Bancorp by 23.1% during the 2nd quarter. Legal & General Group Plc now owns 5,790 shares of the financial services provider’s stock worth $180,000 after purchasing an additional 1,085 shares during the last quarter. Voya Investment Management LLC raised its position in First Bancorp by 7.7% during the 2nd quarter. Voya Investment Management LLC now owns 15,488 shares of the financial services provider’s stock worth $484,000 after purchasing an additional 1,113 shares during the last quarter. Finally, First Trust Advisors LP raised its position in First Bancorp by 2.6% during the 2nd quarter. First Trust Advisors LP now owns 58,291 shares of the financial services provider’s stock worth $1,822,000 after purchasing an additional 1,466 shares during the last quarter. Institutional investors own 56.51% of the company’s stock.

ILLEGAL ACTIVITY WARNING: This story was first published by The Ledger Gazette and is owned by of The Ledger Gazette. If you are reading this story on another site, it was illegally copied and reposted in violation of U.S. & international copyright law. The correct version of this story can be read at https://ledgergazette.com/2018/01/13/bidaskclub-downgrades-first-bancorp-fbnc-to-hold.html.

First Bancorp Company Profile

First Bancorp is the bank holding company for First Bank (the Bank). The Company’s principal activity is the ownership and operation of First Bank. The Bank engages in a range of banking activities, including the acceptance of deposits and the making of loans. The Bank offers credit cards, debit cards, letters of credit, safe deposit box rentals and electronic funds transfer services, including wire transfers.

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.

Leave a Reply