First Bancorp (NASDAQ:FBNC) Sets New 1-Year High – Should You Buy?

First Bancorp (NASDAQ:FBNC)’s share price reached a new 52-week high during trading on Wednesday . The company traded as high as $62.93 and last traded at $62.5550, with a volume of 24367 shares. The stock had previously closed at $62.03.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on FBNC. Keefe, Bruyette & Woods boosted their price target on First Bancorp from $65.00 to $66.00 and gave the stock an “outperform” rating in a research note on Thursday, April 23rd. Zacks Research upgraded First Bancorp from a “strong sell” rating to a “hold” rating in a report on Monday, March 9th. Weiss Ratings raised First Bancorp from a “buy (b-)” rating to a “buy (b)” rating in a research report on Monday, May 18th. Wall Street Zen raised First Bancorp from a “sell” rating to a “hold” rating in a research report on Saturday, February 28th. Finally, Brean Capital initiated coverage on shares of First Bancorp in a research note on Monday, June 8th. They set a “neutral” rating and a $65.75 target price on the stock. One analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and three have given a Hold rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $62.95.

First Bancorp Price Performance

The stock has a market capitalization of $2.61 billion, a P/E ratio of 21.48 and a beta of 0.81. The company has a debt-to-equity ratio of 0.04, a quick ratio of 0.84 and a current ratio of 0.85. The firm has a fifty day moving average price of $59.17 and a two-hundred day moving average price of $57.09.

First Bancorp (NASDAQ:FBNC) last issued its quarterly earnings data on Wednesday, April 22nd. The financial services provider reported $1.13 EPS for the quarter, topping the consensus estimate of $1.09 by $0.04. The company had revenue of $122.29 million during the quarter, compared to analyst estimates of $123.20 million. First Bancorp had a return on equity of 10.86% and a net margin of 20.59%. As a group, analysts expect that First Bancorp will post 4.67 EPS for the current fiscal year.

First Bancorp Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, July 24th. Shareholders of record on Tuesday, June 30th will be given a $0.24 dividend. This represents a $0.96 annualized dividend and a yield of 1.5%. The ex-dividend date of this dividend is Tuesday, June 30th. First Bancorp’s dividend payout ratio (DPR) is presently 32.76%.

Insider Activity

In other news, Director Michael Goodwin Mayer sold 44,324 shares of the company’s stock in a transaction dated Wednesday, May 20th. The shares were sold at an average price of $58.58, for a total transaction of $2,596,499.92. Following the completion of the sale, the director owned 41,491 shares of the company’s stock, valued at $2,430,542.78. This represents a 51.65% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 2.04% of the stock is currently owned by corporate insiders.

Institutional Trading of First Bancorp

Several large investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. increased its holdings in First Bancorp by 0.4% during the fourth quarter. Vanguard Group Inc. now owns 2,849,425 shares of the financial services provider’s stock valued at $144,722,000 after buying an additional 11,439 shares during the last quarter. State Street Corp boosted its stake in shares of First Bancorp by 9.2% during the 4th quarter. State Street Corp now owns 2,012,273 shares of the financial services provider’s stock worth $102,661,000 after acquiring an additional 169,363 shares during the last quarter. Ameriprise Financial Inc. boosted its stake in shares of First Bancorp by 48.6% during the 3rd quarter. Ameriprise Financial Inc. now owns 1,314,341 shares of the financial services provider’s stock worth $69,516,000 after acquiring an additional 429,769 shares during the last quarter. Jennison Associates LLC grew its position in shares of First Bancorp by 34.1% during the 1st quarter. Jennison Associates LLC now owns 974,221 shares of the financial services provider’s stock valued at $54,897,000 after acquiring an additional 247,859 shares during the period. Finally, Schroder Investment Management Group grew its position in shares of First Bancorp by 39.4% during the 3rd quarter. Schroder Investment Management Group now owns 576,596 shares of the financial services provider’s stock valued at $30,502,000 after acquiring an additional 163,026 shares during the period. 68.36% of the stock is currently owned by institutional investors.

First Bancorp Company Profile

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.