First Bancorp (NASDAQ:FBNC) – Gabelli upped their FY2020 earnings per share (EPS) estimates for shares of First Bancorp in a research report issued to clients and investors on Wednesday, Zacks Investment Research reports. Gabelli analyst S. Comery now anticipates that the financial services provider will post earnings of $3.25 per share for the year, up from their previous forecast of $3.00.
A number of other brokerages also recently commented on FBNC. ValuEngine upgraded First Bancorp from a “hold” rating to a “buy” rating in a research note on Sunday, December 31st. BidaskClub downgraded First Bancorp from a “buy” rating to a “hold” rating in a research note on Thursday, December 21st. Brean Capital reiterated a “buy” rating on shares of First Bancorp in a research note on Tuesday, December 5th. Zacks Investment Research downgraded First Bancorp from a “buy” rating to a “hold” rating in a research note on Tuesday, December 26th. Finally, Piper Jaffray Companies reiterated a “buy” rating and set a $42.00 price target on shares of First Bancorp in a research note on Tuesday, January 9th. Two research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average target price of $39.50.
Shares of First Bancorp (NASDAQ:FBNC) traded up $0.44 during midday trading on Friday, reaching $34.78. The company’s stock had a trading volume of 146,524 shares, compared to its average volume of 93,606. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.78. First Bancorp has a 1 year low of $27.50 and a 1 year high of $41.76. The stock has a market capitalization of $1,030.84, a P/E ratio of 19.32, a P/E/G ratio of 0.99 and a beta of 1.12.
Institutional investors and hedge funds have recently modified their holdings of the company. SG Americas Securities LLC acquired a new position in shares of First Bancorp in the 3rd quarter worth approximately $107,000. Acadian Asset Management LLC acquired a new position in shares of First Bancorp in the 4th quarter worth approximately $125,000. Legal & General Group Plc raised its holdings in shares of First Bancorp by 23.1% in the 2nd quarter. Legal & General Group Plc now owns 5,790 shares of the financial services provider’s stock worth $180,000 after buying an additional 1,085 shares in the last quarter. Meeder Asset Management Inc. raised its holdings in shares of First Bancorp by 516.0% in the 4th quarter. Meeder Asset Management Inc. now owns 6,074 shares of the financial services provider’s stock worth $214,000 after buying an additional 5,088 shares in the last quarter. Finally, Teacher Retirement System of Texas acquired a new position in shares of First Bancorp in the 4th quarter worth approximately $320,000. 56.97% of the stock is owned by institutional investors and hedge funds.
In other news, CEO Richard H. Moore purchased 2,755 shares of the business’s stock in a transaction on Wednesday, December 20th. The stock was purchased at an average price of $36.00 per share, with a total value of $99,180.00. Following the acquisition, the chief executive officer now directly owns 121,741 shares in the company, valued at approximately $4,382,676. The purchase was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Suzanne S. Deferie sold 12,001 shares of the company’s stock in a transaction that occurred 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 directly owns 113,408 shares of the company’s stock, valued at approximately $4,045,263.36. The disclosure for this sale can be found here. 1.89% of the stock is currently owned by insiders.
The firm also recently disclosed a quarterly dividend, which was paid on Thursday, January 25th. Investors of record on Sunday, December 31st were given a dividend of $0.08 per share. The ex-dividend date was Thursday, December 28th. This represents a $0.32 annualized dividend and a dividend yield of 0.92%. First Bancorp’s dividend payout ratio is presently 17.78%.
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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.
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