Zacks Investment Research Downgrades First Bancorp (FBNC) to Sell
First Bancorp (NASDAQ:FBNC) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Tuesday.
According to Zacks, “First Bancorp is a one-bank holding company. The principal activity of the Company is the ownership and operation of First Bank. They also own and operate two nonbank subsidiaries, Montgomery Data Services, Inc. and First Bancorp Financial Services, Inc. “
Separately, Keefe, Bruyette & Woods reissued a “buy” rating and issued a $24.00 price target on shares of First Bancorp in a research note on Tuesday, August 23rd. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and three have given a buy rating to the company. First Bancorp presently has a consensus rating of “Hold” and a consensus price target of $22.17.
Shares of First Bancorp (NASDAQ:FBNC) opened at 19.84 on Tuesday. First Bancorp has a 52-week low of $16.01 and a 52-week high of $21.94. The company has a 50 day moving average of $19.57 and a 200 day moving average of $19.19. The firm has a market capitalization of $398.53 million, a PE ratio of 14.46 and a beta of 1.09.
First Bancorp (NASDAQ:FBNC) last issued its earnings results on Tuesday, July 26th. The financial services provider reported $0.37 earnings per share for the quarter, beating analysts’ consensus estimates of $0.35 by $0.03. First Bancorp had a return on equity of 8.29% and a net margin of 18.91%. On average, analysts anticipate that First Bancorp will post $1.30 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 25th. Investors of record on Friday, September 30th will be paid a $0.08 dividend. The ex-dividend date of this dividend is Wednesday, September 28th. This represents a $0.32 annualized dividend and a dividend yield of 1.61%. First Bancorp’s payout ratio is 23.36%.
In related news, Director James C. Crawford III bought 2,000 shares of the firm’s stock in a transaction on Monday, August 15th. The stock was purchased at an average price of $18.63 per share, with a total value of $37,260.00. Following the completion of the transaction, the director now directly owns 59,777 shares of the company’s stock, valued at $1,113,645.51. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. 2.37% of the stock is owned by corporate insiders.
A number of large investors have recently made changes to their positions in the company. BlackRock Group LTD boosted its stake in shares of First Bancorp by 57.7% in the second quarter. BlackRock Group LTD now owns 6,935 shares of the financial services provider’s stock worth $122,000 after buying an additional 2,537 shares during the last quarter. Panagora Asset Management Inc. boosted its stake in shares of First Bancorp by 61.2% in the second quarter. Panagora Asset Management Inc. now owns 8,320 shares of the financial services provider’s stock worth $146,000 after buying an additional 3,159 shares during the last quarter. BlackRock Advisors LLC boosted its stake in shares of First Bancorp by 1.4% in the second quarter. BlackRock Advisors LLC now owns 9,491 shares of the financial services provider’s stock worth $167,000 after buying an additional 130 shares during the last quarter. GSA Capital Partners LLP bought a new stake in shares of First Bancorp during the second quarter worth about $199,000. Finally, UBS Asset Management Americas Inc. boosted its stake in shares of First Bancorp by 7.7% in the first quarter. UBS Asset Management Americas Inc. now owns 13,458 shares of the financial services provider’s stock worth $254,000 after buying an additional 958 shares during the last quarter. 53.16% of the stock is owned by hedge funds and other institutional investors.
About First Bancorp
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 Company engages in a range of banking activities, including the acceptance of deposits and the making of loans. The Company offers credit cards, debit cards, letters of credit, safe deposit box rentals and electronic funds transfer services, including wire transfers.
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