Brokerages Set First Bancorp (FBNC) Price Target at $36.67
First Bancorp (NASDAQ:FBNC) has been given a consensus rating of “Buy” by the six research firms that are covering the stock, Marketbeat Ratings reports. One investment analyst has rated the stock with a hold rating and five have issued a buy rating on the company. The average twelve-month price target among brokerages that have issued a report on the stock in the last year is $36.67.
FBNC has been the topic of several recent analyst reports. Keefe, Bruyette & Woods reiterated a “buy” rating and issued a $34.00 price target on shares of First Bancorp in a research note on Monday, June 26th. Zacks Investment Research upgraded First Bancorp from a “hold” rating to a “buy” rating and set a $39.00 price objective on the stock in a research report on Thursday, October 5th. Brean Capital restated a “buy” rating on shares of First Bancorp in a research report on Wednesday, August 2nd. ValuEngine upgraded First Bancorp from a “hold” rating to a “buy” rating in a research report on Friday, July 28th. Finally, Piper Jaffray Companies restated an “overweight” rating and set a $37.00 price objective on shares of First Bancorp in a research report on Thursday, October 5th.
Shares of First Bancorp (FBNC) traded up 0.08% during trading on Thursday, hitting $35.45. The stock had a trading volume of 83,881 shares. The stock has a 50 day moving average price of $32.85 and a 200-day moving average price of $30.80. First Bancorp has a one year low of $19.18 and a one year high of $35.90. The stock has a market capitalization of $874.84 million, a price-to-earnings ratio of 24.70 and a beta of 1.13.
First Bancorp (NASDAQ:FBNC) last issued its quarterly earnings results on Tuesday, July 25th. The financial services provider reported $0.45 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.43 by $0.02. First Bancorp had a return on equity of 7.77% and a net margin of 17.52%. The company had revenue of $51.79 million for the quarter, compared to analyst estimates of $49.49 million. On average, equities research analysts predict that First Bancorp will post $1.86 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 25th. Investors of record on Friday, September 29th will be given a dividend of $0.08 per share. The ex-dividend date of this dividend is Thursday, September 28th. This represents a $0.32 dividend on an annualized basis and a yield of 0.90%. First Bancorp’s dividend payout ratio is currently 22.54%.
A number of hedge funds have recently modified their holdings of FBNC. Vanguard Group Inc. grew its position in First Bancorp by 24.8% during the 2nd quarter. Vanguard Group Inc. now owns 1,000,939 shares of the financial services provider’s stock worth $31,290,000 after acquiring an additional 198,866 shares during the last quarter. JCSD Capital LLC bought a new stake in First Bancorp during the 2nd quarter worth $6,174,000. Investment Counselors of Maryland LLC grew its position in First Bancorp by 139.8% during the 2nd quarter. Investment Counselors of Maryland LLC now owns 302,585 shares of the financial services provider’s stock worth $9,459,000 after acquiring an additional 176,386 shares during the last quarter. RMB Capital Management LLC bought a new stake in First Bancorp during the 1st quarter worth $4,586,000. Finally, Smith Salley & Associates bought a new stake in First Bancorp during the 2nd quarter worth $3,528,000. Institutional investors and hedge funds own 66.03% of the company’s stock.
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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