First Bancorp (NASDAQ:FBNC) Hits New 12-Month High – Should You Buy?

First Bancorp (NASDAQ:FBNC) shares reached a new 52-week high during trading on Wednesday . The stock traded as high as $60.25 and last traded at $59.9760, with a volume of 52873 shares changing hands. The stock had previously closed at $57.75.

Wall Street Analyst Weigh In

FBNC has been the topic of several research reports. Raymond James Financial raised First Bancorp from a “market perform” rating to a “strong-buy” rating and set a $62.00 price objective on the stock in a report on Wednesday, January 7th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of First Bancorp in a research note on Wednesday, October 8th. Zacks Research cut First Bancorp from a “strong-buy” rating to a “hold” rating in a report on Thursday, January 1st. Finally, Wall Street Zen lowered First Bancorp from a “hold” rating to a “sell” rating in a research report on Saturday, November 15th. One research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $58.00.

First Bancorp Price Performance

The company has a debt-to-equity ratio of 0.06, a quick ratio of 0.82 and a current ratio of 0.82. The company has a 50-day moving average price of $52.23 and a 200-day moving average price of $51.43. The firm has a market capitalization of $2.48 billion, a P/E ratio of 25.20 and a beta of 0.89.

First Bancorp (NASDAQ:FBNC) last released its earnings results on Wednesday, October 22nd. The financial services provider reported $1.01 earnings per share for the quarter, beating the consensus estimate of $0.93 by $0.08. The firm had revenue of $89.61 million for the quarter, compared to analyst estimates of $113.47 million. First Bancorp had a return on equity of 9.61% and a net margin of 17.50%. On average, sell-side analysts predict that First Bancorp will post 3.27 earnings per share for the current year.

First Bancorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Sunday, January 25th. Investors of record on Wednesday, December 31st will be paid a dividend of $0.23 per share. The ex-dividend date of this dividend is Wednesday, December 31st. This represents a $0.92 annualized dividend and a yield of 1.5%. First Bancorp’s dividend payout ratio (DPR) is presently 38.66%.

Institutional Investors Weigh In On First Bancorp

Large investors have recently bought and sold shares of the company. Amalgamated Bank boosted its position in shares of First Bancorp by 1.8% during the third quarter. Amalgamated Bank now owns 11,950 shares of the financial services provider’s stock worth $632,000 after purchasing an additional 207 shares in the last quarter. Martin & Co. Inc. TN lifted its holdings in First Bancorp by 0.3% during the third quarter. Martin & Co. Inc. TN now owns 64,808 shares of the financial services provider’s stock worth $3,428,000 after acquiring an additional 224 shares in the last quarter. Teacher Retirement System of Texas lifted its holdings in First Bancorp by 3.9% during the second quarter. Teacher Retirement System of Texas now owns 6,277 shares of the financial services provider’s stock worth $277,000 after acquiring an additional 234 shares in the last quarter. First Citizens Bank & Trust Co. grew its stake in First Bancorp by 3.2% in the second quarter. First Citizens Bank & Trust Co. now owns 8,357 shares of the financial services provider’s stock valued at $368,000 after acquiring an additional 257 shares during the period. Finally, Amundi increased its holdings in shares of First Bancorp by 5.1% in the third quarter. Amundi now owns 7,154 shares of the financial services provider’s stock worth $371,000 after acquiring an additional 345 shares in the last quarter. Institutional investors own 68.36% of the company’s stock.

About First Bancorp

First Bancorp operates as the bank holding company for First Bank, offering a broad range of commercial and consumer banking services. Its core offerings include business lending, treasury and cash management, residential and commercial mortgage financing, and consumer deposit products. Through its subsidiary, First Bank provides online and branch-based banking solutions, including checking and savings accounts, certificate of deposits, and digital banking tools designed to meet the needs of individuals, small- to mid-sized businesses, and professional institutions.

The company maintains a network of full-service banking centers and loan production offices across North Carolina and South Carolina, with a focus on markets in the Piedmont, Sandhills and coastal regions.