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

First Bancorp (NASDAQ:FBNC) shares reached a new 52-week high during trading on Wednesday . The stock traded as high as $62.93 and last traded at $62.5550, with a volume of 24367 shares. The stock had previously closed at $62.03.

Analyst Ratings Changes

FBNC has been the topic of several recent analyst reports. Zacks Research upgraded shares of First Bancorp from a “strong sell” rating to a “hold” rating in a report on Monday, March 9th. Keefe, Bruyette & Woods upped their price target on shares of First Bancorp from $65.00 to $66.00 and gave the company an “outperform” rating in a report on Thursday, April 23rd. Wall Street Zen raised shares of First Bancorp from a “sell” rating to a “hold” rating in a research report on Saturday, February 28th. 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 on the stock. Finally, Weiss Ratings upgraded shares of First Bancorp from a “buy (b-)” rating to a “buy (b)” rating in a research report on Monday, May 18th. One 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’s stock. According to data from MarketBeat, First Bancorp currently has an average rating of “Moderate Buy” and a consensus price target of $62.95.

First Bancorp Stock Performance

The company has a 50 day moving average of $59.17 and a two-hundred day moving average of $57.09. The company has a market capitalization of $2.61 billion, a PE ratio of 21.48 and a beta of 0.81. The company has a debt-to-equity ratio of 0.04, a current ratio of 0.85 and a quick ratio of 0.84.

First Bancorp (NASDAQ:FBNC) last issued its quarterly earnings results on Wednesday, April 22nd. The financial services provider reported $1.13 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.09 by $0.04. First Bancorp had a net margin of 20.59% and a return on equity of 10.86%. The company had revenue of $122.29 million during the quarter, compared to analysts’ expectations of $123.20 million. As a group, equities research analysts predict that First Bancorp will post 4.67 earnings per share for the current year.

First Bancorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, July 24th. Shareholders of record on Tuesday, June 30th will be paid a dividend of $0.24 per share. The ex-dividend date 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

In other news, Director Michael Goodwin Mayer sold 44,324 shares of the stock in a transaction on Wednesday, May 20th. The stock was sold at an average price of $58.58, for a total value of $2,596,499.92. Following the sale, the director directly owned 41,491 shares of the company’s stock, valued at approximately $2,430,542.78. This represents a 51.65% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 2.04% of the company’s stock.

Institutional Trading of First Bancorp

Several institutional investors have recently bought and sold shares of FBNC. Summit Securities Group LLC purchased a new position in First Bancorp in the first quarter worth about $34,000. 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 valued at $32,000 after buying an additional 689 shares during the last quarter. First Horizon Corp grew its holdings in shares of First Bancorp by 83.7% during the fourth quarter. First Horizon Corp now owns 777 shares of the financial services provider’s stock valued at $39,000 after buying an additional 354 shares during the last quarter. Torren Management LLC bought a new stake in shares of First Bancorp during the fourth quarter valued at approximately $41,000. Finally, Steward Partners Investment Advisory LLC increased its position in shares of First Bancorp by 87.0% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 819 shares of the financial services provider’s stock valued at $42,000 after acquiring an additional 381 shares in the last quarter. 68.36% of the stock is owned by hedge funds and other 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.