First Bancorp (NASDAQ:FBNC) Stock Price Crosses Above 200 Day Moving Average Following Analyst Downgrade

First Bancorp (NASDAQ:FBNC) passed above its 200-day moving average during trading on Friday after Zacks Research upgraded the stock from a hold rating to a strong-buy rating. The stock has a 200-day moving average of $50.35 and traded as high as $51.22. First Bancorp shares last traded at $50.91, with a volume of 197,142 shares traded.

A number of other equities research analysts have also recently commented on FBNC. Keefe, Bruyette & Woods raised their price target on First Bancorp from $53.00 to $62.00 and gave the company an “outperform” rating in a report on Tuesday, September 2nd. Stephens upped their price objective on First Bancorp from $53.00 to $57.00 and gave the stock an “overweight” rating in a research note on Monday, July 28th. Piper Sandler lifted their target price on First Bancorp from $48.00 to $51.00 and gave the company a “neutral” rating in a research note on Friday, August 1st. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of First Bancorp in a report on Wednesday, October 8th. Two research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat.com, First Bancorp has a consensus rating of “Hold” and an average price target of $56.67.

Hedge Funds Weigh In On First Bancorp

Large investors have recently made changes to their positions in the company. Smartleaf Asset Management LLC increased its stake in shares of First Bancorp by 183.6% during the third 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 period. Quest 10 Wealth Builders Inc. purchased a new stake in shares of First Bancorp during the third quarter worth about $34,000. EverSource Wealth Advisors LLC increased its stake in First Bancorp by 2,222.6% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 720 shares of the financial services provider’s stock valued at $32,000 after purchasing an additional 689 shares in the last quarter. Northwestern Mutual Wealth Management Co. raised its stake in First Bancorp by 1,412.9% in the 1st quarter. Northwestern Mutual Wealth Management Co. now owns 938 shares of the financial services provider’s stock worth $38,000 after acquiring an additional 876 shares during the last quarter. Finally, GAMMA Investing LLC raised its stake in shares of First Bancorp by 33.5% in the second quarter. GAMMA Investing LLC now owns 1,895 shares of the financial services provider’s stock worth $84,000 after purchasing an additional 475 shares during the last quarter. 68.36% of the stock is owned by hedge funds and other institutional investors.

First Bancorp Stock Performance

The firm has a market capitalization of $2.11 billion, a price-to-earnings ratio of 21.39 and a beta of 0.89. The firm’s 50 day simple moving average is $51.03 and its 200 day simple moving average is $50.42. The company has a debt-to-equity ratio of 0.06, a quick ratio of 0.82 and a current ratio of 0.82.

First Bancorp (NASDAQ:FBNC) last released its quarterly earnings data on Wednesday, October 22nd. The financial services provider reported $1.01 earnings per share for the quarter, beating analysts’ consensus estimates of $0.93 by $0.08. The company had revenue of $89.61 million during the quarter, compared to analysts’ expectations of $113.47 million. First Bancorp had a net margin of 17.50% and a return on equity of 9.61%. Sell-side analysts forecast that First Bancorp will post 3.27 earnings per share for the current fiscal year.

First Bancorp Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Sunday, January 25th. Shareholders of record on Wednesday, December 31st will be issued a $0.23 dividend. The ex-dividend date is Wednesday, December 31st. This represents a $0.92 dividend on an annualized basis and a yield of 1.8%. First Bancorp’s dividend payout ratio (DPR) is presently 38.66%.

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.