First Bancorp (NASDAQ:FBNC) Reaches New 52-Week High – Should You Buy?

First Bancorp (NASDAQ:FBNC) reached a new 52-week high during trading on Friday . The company traded as high as $62.64 and last traded at $62.27, with a volume of 76865 shares trading hands. The stock had previously closed at $61.19.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on FBNC shares. Wall Street Zen downgraded First Bancorp from a “hold” rating to a “sell” rating in a research report on Saturday, November 15th. Piper Sandler lowered First Bancorp from an “overweight” rating to a “neutral” rating and lifted their target price for the stock from $58.00 to $64.00 in a report on Saturday, February 7th. Weiss Ratings reissued a “hold (c)” rating on shares of First Bancorp in a report on Thursday, January 22nd. Zacks Research lowered shares of First Bancorp from a “hold” rating to a “strong sell” rating in a research report on Friday, February 6th. Finally, Raymond James Financial raised shares of First Bancorp from a “market perform” rating to a “strong-buy” rating and set a $62.00 price objective on the stock in a research note on Wednesday, January 7th. One equities research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, two have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, First Bancorp has an average rating of “Moderate Buy” and a consensus price target of $61.25.

First Bancorp Price Performance

The stock has a 50 day moving average of $56.22 and a two-hundred day moving average of $53.17. 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 stock has a market cap of $2.58 billion, a PE ratio of 23.22 and a beta of 0.90.

First Bancorp (NASDAQ:FBNC) last announced its earnings results on Wednesday, January 21st. The financial services provider reported $1.19 EPS for the quarter, topping the consensus estimate of $1.03 by $0.16. The company had revenue of $83.90 million during the quarter, compared to analysts’ expectations of $123.43 million. First Bancorp had a net margin of 19.24% and a return on equity of 10.57%. Equities analysts anticipate that First Bancorp will post 3.27 EPS for the current year.

First Bancorp Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, April 24th. Shareholders of record on Tuesday, March 31st will be paid a dividend of $0.24 per share. This is an increase from First Bancorp’s previous quarterly dividend of $0.23. The ex-dividend date of this dividend is Tuesday, March 31st. This represents a $0.96 annualized dividend and a yield of 1.5%. First Bancorp’s dividend payout ratio (DPR) is presently 34.33%.

Insider Activity

In related news, insider Mary Clara Capel sold 5,000 shares of the company’s stock in a transaction on Tuesday, February 3rd. The stock was sold at an average price of $59.31, for a total transaction of $296,550.00. Following the transaction, the insider directly owned 20,400 shares of the company’s stock, valued at approximately $1,209,924. The trade was a 19.69% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders sold a total of 10,142 shares of company stock valued at $592,276 in the last ninety days. 3.65% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. Smartleaf Asset Management LLC lifted its holdings in shares of First Bancorp by 183.6% during the 3rd quarter. Smartleaf Asset Management LLC now owns 553 shares of the financial services provider’s stock valued at $29,000 after buying an additional 358 shares during the last quarter. EverSource Wealth Advisors LLC raised its position in First Bancorp by 2,222.6% during the second quarter. EverSource Wealth Advisors LLC now owns 720 shares of the financial services provider’s stock valued at $32,000 after acquiring an additional 689 shares in the last quarter. Quest 10 Wealth Builders Inc. bought a new position in First Bancorp during the third quarter valued at approximately $34,000. First Horizon Corp lifted its stake in First Bancorp by 83.7% in the fourth quarter. First Horizon Corp now owns 777 shares of the financial services provider’s stock valued at $39,000 after acquiring an additional 354 shares during the last quarter. Finally, Torren Management LLC acquired a new position in shares of First Bancorp during the 4th quarter worth $41,000. Hedge funds and other 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.