First Bancorp (NASDAQ:FBNC) Hits New 52-Week High – Time to Buy?

First Bancorp (NASDAQ:FBNC)’s stock price hit a new 52-week high during trading on Friday . The stock traded as high as $66.54 and last traded at $66.23, with a volume of 882618 shares trading hands. The stock had previously closed at $64.44.

Analyst Ratings Changes

FBNC has been the topic of a number of analyst reports. Weiss Ratings raised shares of First Bancorp from a “buy (b-)” rating to a “buy (b)” rating in a report on Monday, May 18th. Brean Capital assumed coverage on shares of First Bancorp in a report on Monday, June 8th. They issued a “neutral” rating and a $65.75 price target for the company. Keefe, Bruyette & Woods boosted their price target on shares of First Bancorp from $65.00 to $66.00 and gave the company an “outperform” rating in a research report on Thursday, April 23rd. Finally, Raymond James Financial upped their price target on shares of First Bancorp from $68.00 to $75.00 and gave the stock a “strong-buy” rating in a report on Thursday. One equities research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $65.55.

First Bancorp Trading Up 2.8%

The stock has a market cap of $2.74 billion, a PE ratio of 22.60 and a beta of 0.80. The company has a current ratio of 0.85, a quick ratio of 0.84 and a debt-to-equity ratio of 0.04. The firm has a fifty day simple moving average of $60.89 and a two-hundred day simple moving average of $58.45.

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, equities analysts expect that First Bancorp will post 4.67 earnings per share for the current fiscal year.

First Bancorp Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, July 24th. Shareholders of record on Tuesday, June 30th will be paid a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a yield of 1.4%. The ex-dividend date of this dividend is Tuesday, June 30th. First Bancorp’s payout ratio is currently 32.76%.

Insider Activity at First Bancorp

In other news, Director Michael Goodwin Mayer sold 44,324 shares of the stock in a transaction on Wednesday, May 20th. The shares were sold at an average price of $58.58, for a total value of $2,596,499.92. Following the transaction, 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 2.04% of the stock is owned by insiders.

Institutional Trading of First Bancorp

A number of hedge funds have recently made changes to their positions in the stock. Ameriprise Financial Inc. grew its position in First Bancorp by 48.6% in the third 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 in the last quarter. Segall Bryant & Hamill LLC raised its position in First Bancorp by 176.4% during the first quarter. Segall Bryant & Hamill LLC now owns 429,818 shares of the financial services provider’s stock valued at $24,220,000 after purchasing an additional 274,289 shares in the last quarter. Jennison Associates LLC lifted its stake in First Bancorp by 34.1% during the first quarter. Jennison Associates LLC now owns 974,221 shares of the financial services provider’s stock worth $54,897,000 after purchasing an additional 247,859 shares during the last quarter. State Street Corp lifted its stake in First Bancorp by 9.2% during the fourth quarter. State Street Corp now owns 2,012,273 shares of the financial services provider’s stock worth $102,661,000 after purchasing an additional 169,363 shares during the last quarter. Finally, UBS Group AG lifted its stake in First Bancorp by 236.4% during the third quarter. UBS Group AG now owns 233,237 shares of the financial services provider’s stock worth $12,336,000 after purchasing an additional 163,906 shares during the last quarter. 68.36% of the stock is owned by institutional investors.

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.