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

First Bancorp (NASDAQ:FBNC) shares hit a new 52-week high during mid-day trading on Tuesday . The company traded as high as $64.21 and last traded at $64.05, with a volume of 342971 shares traded. The stock had previously closed at $63.53.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on FBNC shares. Brean Capital started coverage on shares of First Bancorp in a research report on Monday, June 8th. They issued a “neutral” rating and a $65.75 price target on the stock. Weiss Ratings raised shares of First Bancorp from a “buy (b-)” rating to a “buy (b)” rating in a research note on Monday, May 18th. Zacks Research upgraded shares of First Bancorp from a “strong sell” rating to a “hold” rating in a report on Monday, March 9th. Finally, Keefe, Bruyette & Woods increased their target price on shares of First Bancorp from $65.00 to $66.00 and gave the stock an “outperform” rating in a report on Thursday, April 23rd. One investment analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and three have given a Hold rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $62.95.

First Bancorp Stock Up 2.2%

The firm has a fifty day simple moving average of $59.75 and a 200-day simple moving average of $57.59. The company has a market capitalization of $2.70 billion, a P/E ratio of 22.30 and a beta of 0.80. The company has a quick ratio of 0.84, a current ratio of 0.85 and a debt-to-equity ratio of 0.04.

First Bancorp (NASDAQ:FBNC) last released its quarterly earnings data on Wednesday, April 22nd. The financial services provider reported $1.13 earnings per share for the quarter, beating the consensus estimate of $1.09 by $0.04. First Bancorp had a return on equity of 10.86% and a net margin of 20.59%.The business had revenue of $122.29 million for the quarter, compared to analysts’ expectations of $123.20 million. On average, equities research analysts expect that First Bancorp will post 4.67 EPS 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. The ex-dividend date of this dividend is Tuesday, June 30th. This represents a $0.96 dividend on an annualized basis and a yield of 1.5%. First Bancorp’s payout ratio is presently 32.76%.

Insider Buying and Selling at First Bancorp

In other news, Director Michael Goodwin Mayer sold 44,324 shares of the company’s stock in a transaction that occurred 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 completion of the transaction, the director owned 41,491 shares in the company, valued at $2,430,542.78. This represents a 51.65% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 2.04% of the stock is owned by company insiders.

Institutional Trading of First Bancorp

A number of institutional investors have recently modified their holdings of FBNC. EverSource Wealth Advisors LLC grew its holdings in shares of 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 worth $32,000 after buying an additional 689 shares in the last quarter. Summit Securities Group LLC acquired a new stake in First Bancorp in the 1st quarter valued at approximately $34,000. First Horizon Corp lifted its stake in First Bancorp by 83.7% in the 4th 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 in the last quarter. Torren Management LLC bought a new stake in First Bancorp in the 4th quarter valued at approximately $41,000. Finally, Steward Partners Investment Advisory LLC boosted its position in First Bancorp by 87.0% during the 4th quarter. Steward Partners Investment Advisory LLC now owns 819 shares of the financial services provider’s stock worth $42,000 after acquiring an additional 381 shares during the last quarter. 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.