First Bancorp (FBNC) Rating Lowered to Hold at Gabelli
First Bancorp (NASDAQ:FBNC) was downgraded by investment analysts at Gabelli from a “buy” rating to a “hold” rating in a note issued to investors on Monday.
FBNC has been the subject of several other research reports. Keefe, Bruyette & Woods reaffirmed a “buy” rating and issued a $24.00 target price on shares of First Bancorp in a research report on Tuesday, August 23rd. Zacks Investment Research raised First Bancorp from a “sell” rating to a “hold” rating in a research report on Monday, October 10th. Three research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. The stock has an average rating of “Hold” and an average target price of $22.17.
Shares of First Bancorp (NASDAQ:FBNC) opened at 22.01 on Monday. The stock has a 50 day moving average price of $20.21 and a 200-day moving average price of $19.41. The firm has a market cap of $442.82 million, a price-to-earnings ratio of 17.50 and a beta of 0.99. First Bancorp has a 1-year low of $17.15 and a 1-year high of $22.11.
The company also recently disclosed a quarterly dividend, which was paid on Tuesday, October 25th. Investors of record on Friday, September 30th were given a dividend of $0.08 per share. The ex-dividend date of this dividend was Wednesday, September 28th. This represents a $0.32 dividend on an annualized basis and a yield of 1.45%. First Bancorp’s payout ratio is 25.40%.
In other news, Director O. Temple Sloan III acquired 2,550 shares of First Bancorp stock in a transaction that occurred on Wednesday, November 2nd. The stock was purchased at an average price of $19.70 per share, with a total value of $50,235.00. Following the completion of the transaction, the director now owns 7,549 shares in the company, valued at $148,715.30. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Corporate insiders own 2.37% of the company’s stock.
A number of hedge funds have recently added to or reduced their stakes in the stock. BlackRock Advisors LLC boosted its stake in 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. First Trust Advisors LP boosted its stake in First Bancorp by 0.5% in the second quarter. First Trust Advisors LP now owns 29,262 shares of the financial services provider’s stock worth $514,000 after buying an additional 147 shares during the last quarter. Rhumbline Advisers boosted its stake in First Bancorp by 1.0% in the third quarter. Rhumbline Advisers now owns 26,942 shares of the financial services provider’s stock worth $533,000 after buying an additional 260 shares during the last quarter. Parametric Portfolio Associates LLC boosted its stake in First Bancorp by 0.6% in the second quarter. Parametric Portfolio Associates LLC now owns 48,154 shares of the financial services provider’s stock worth $847,000 after buying an additional 299 shares during the last quarter. Finally, California State Teachers Retirement System boosted its stake in First Bancorp by 0.7% in the third quarter. California State Teachers Retirement System now owns 41,648 shares of the financial services provider’s stock worth $824,000 after buying an additional 300 shares during the last quarter. 54.17% of the stock is owned by hedge funds and other institutional investors.
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 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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