First Bancorp (NASDAQ:FBNC) Sets New 52-Week High – Here’s What Happened

First Bancorp (NASDAQ:FBNC) reached a new 52-week high during mid-day trading on Thursday . The company traded as high as $56.72 and last traded at $57.04, with a volume of 24120 shares. The stock had previously closed at $55.42.

Wall Street Analysts Forecast Growth

Several analysts have commented on FBNC shares. Zacks Research downgraded First Bancorp from a “strong-buy” rating to a “hold” rating in a research note on Thursday, January 1st. Wall Street Zen lowered First Bancorp from a “hold” rating to a “sell” rating in a report on Saturday, November 15th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of First Bancorp in a report on Wednesday, October 8th. 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 research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and four have issued a Hold rating to the company’s stock. According to MarketBeat.com, First Bancorp presently has an average rating of “Moderate Buy” and a consensus price target of $58.00.

First Bancorp Stock Performance

The stock’s 50-day moving average price is $51.68 and its 200-day moving average price is $51.07. 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 company has a market capitalization of $2.37 billion, a price-to-earnings ratio of 23.99 and a beta of 0.89.

First Bancorp (NASDAQ:FBNC) last announced its quarterly earnings results 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 business had revenue of $89.61 million during the quarter, compared to analysts’ expectations of $113.47 million. First Bancorp had a return on equity of 9.61% and a net margin of 17.50%. As a group, equities research analysts expect that First Bancorp will post 3.27 earnings per share for the current year.

First Bancorp Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Sunday, January 25th. Stockholders of record on Wednesday, December 31st will be issued a $0.23 dividend. This represents a $0.92 dividend on an annualized basis and a dividend yield of 1.6%. The ex-dividend date of this dividend is Wednesday, December 31st. First Bancorp’s payout ratio is 38.66%.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the business. Chatham Capital Group Inc. grew its holdings in First Bancorp by 1.9% in the fourth quarter. Chatham Capital Group Inc. now owns 79,897 shares of the financial services provider’s stock valued at $4,058,000 after purchasing an additional 1,495 shares during the period. Moody National Bank Trust Division purchased a new stake in shares of First Bancorp during the 4th quarter worth about $281,000. SG Americas Securities LLC increased its position in First Bancorp by 94.3% during the 4th quarter. SG Americas Securities LLC now owns 15,399 shares of the financial services provider’s stock worth $782,000 after purchasing an additional 7,472 shares in the last quarter. Diversified Trust Co. increased its position in First Bancorp by 4.0% during the 4th quarter. Diversified Trust Co. now owns 12,585 shares of the financial services provider’s stock worth $639,000 after purchasing an additional 483 shares in the last quarter. Finally, CIBC Bancorp USA Inc. purchased a new position in First Bancorp in the third quarter valued at approximately $228,000. 68.36% of the stock is currently owned by institutional investors and hedge funds.

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.