First Bancorp (FBNC) Coverage Initiated at Piper Jaffray Cos.
Analysts at Piper Jaffray Cos. began coverage on shares of First Bancorp (NASDAQ:FBNC) in a report issued on Wednesday. The brokerage set an “overweight” rating on the financial services provider’s stock.
A number of other equities research analysts have also recently commented on the stock. Gabelli cut shares of First Bancorp from a “buy” rating to a “hold” rating in a research note on Monday. Zacks Investment Research raised shares of First Bancorp from a “sell” rating to a “hold” rating in a report on Monday, October 10th. Finally, Keefe, Bruyette & Woods reaffirmed a “buy” rating and set a $24.00 price objective on shares of First Bancorp in a report on Tuesday, August 23rd. Three investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus price target of $22.17.
Shares of First Bancorp (NASDAQ:FBNC) opened at 22.61 on Wednesday. The company has a market capitalization of $454.89 million, a price-to-earnings ratio of 17.97 and a beta of 0.99. The company’s 50-day moving average is $20.29 and its 200-day moving average is $19.43. First Bancorp has a 12-month low of $17.15 and a 12-month high of $22.34.
The business also recently disclosed a quarterly dividend, which was paid on Tuesday, October 25th. Shareholders of record on Friday, September 30th were issued a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a yield of 1.42%. The ex-dividend date was Wednesday, September 28th. First Bancorp’s dividend payout ratio (DPR) is currently 25.40%.
In related news, Director O. Temple Sloan III acquired 2,550 shares of the business’s stock in a transaction on Wednesday, November 2nd. The stock was acquired at an average cost of $19.70 per share, with a total value of $50,235.00. Following the acquisition, the director now directly owns 7,549 shares in the company, valued at approximately $148,715.30. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Company insiders own 2.37% of the company’s stock.
Large investors have recently made changes to their positions in the stock. BlackRock Group LTD raised 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 period. Panagora Asset Management Inc. raised 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 period. Morgan Stanley raised its stake in shares of First Bancorp by 344.2% in the third quarter. Morgan Stanley now owns 7,552 shares of the financial services provider’s stock worth $150,000 after buying an additional 5,852 shares during the period. BlackRock Advisors LLC raised 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 period. Finally, GSA Capital Partners LLP bought a new stake in shares of First Bancorp during the second quarter worth about $199,000. 54.17% of the stock is owned by institutional investors and hedge funds.
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.
Receive News & Stock 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 stocks with our FREE daily email newsletter.