First Bancorp (NASDAQ:FBNC) Shares Pass Above 200-Day Moving Average – What’s Next?

Shares of First Bancorp (NASDAQ:FBNC) passed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $52.87 and traded as high as $61.14. First Bancorp shares last traded at $60.93, with a volume of 158,358 shares traded.

Wall Street Analyst Weigh In

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

The business’s fifty day simple moving average is $55.51 and its 200-day simple moving average is $52.88. The firm has a market cap of $2.53 billion, a P/E ratio of 22.74 and a beta of 0.90. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 0.06.

First Bancorp (NASDAQ:FBNC) last posted its quarterly earnings data 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. First Bancorp had a net margin of 19.24% and a return on equity of 10.57%. The business had revenue of $83.90 million for the quarter, compared to analyst estimates of $123.43 million. As a group, sell-side analysts expect that First Bancorp will post 3.27 earnings per share for the current year.

First Bancorp Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, April 24th. Shareholders of record on Tuesday, March 31st will be issued a dividend of $0.24 per share. The ex-dividend date is Tuesday, March 31st. This represents a $0.96 annualized dividend and a yield of 1.6%. This is a boost from First Bancorp’s previous quarterly dividend of $0.23. First Bancorp’s dividend payout ratio (DPR) is 34.33%.

Insider Transactions at First Bancorp

In related news, insider Mary Clara Capel sold 5,000 shares of the firm’s stock in a transaction on Tuesday, February 3rd. The shares were sold at an average price of $59.31, for a total value of $296,550.00. Following the completion of the transaction, the insider directly owned 20,400 shares of the company’s stock, valued at approximately $1,209,924. This trade represents a 19.69% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Over the last 90 days, insiders sold 10,142 shares of company stock valued at $592,276. Insiders own 3.65% of the company’s stock.

Institutional Trading of First Bancorp

A number of large investors have recently made changes to their positions in the business. Ameriprise Financial Inc. raised its position in First Bancorp by 48.6% during the third quarter. Ameriprise Financial Inc. now owns 1,314,341 shares of the financial services provider’s stock valued at $69,516,000 after purchasing an additional 429,769 shares during the period. Schroder Investment Management Group bought a new position in shares of First Bancorp during the 2nd quarter valued at approximately $17,999,000. State Street Corp raised its holdings in 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 valued at $102,661,000 after buying an additional 169,363 shares during the period. UBS Group AG lifted its position in First Bancorp by 236.4% in the third quarter. UBS Group AG now owns 233,237 shares of the financial services provider’s stock worth $12,336,000 after buying an additional 163,906 shares during the last quarter. Finally, Invesco Ltd. lifted its position in First Bancorp by 149.1% in the third quarter. Invesco Ltd. now owns 261,163 shares of the financial services provider’s stock worth $13,813,000 after buying an additional 156,311 shares during the last quarter. 68.36% of the stock is currently 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.