First Bancorp (NASDAQ:FBNC) Earns Overweight Rating from Analysts at Stephens

Stephens assumed coverage on shares of First Bancorp (NASDAQ:FBNC - Free Report) in a research note published on Wednesday, MarketBeat.com reports. The firm issued an overweight rating and a $48.00 price objective on the financial services provider's stock.

Several other research analysts have also weighed in on the company. Janney Montgomery Scott lowered First Bancorp from a "buy" rating to a "neutral" rating in a report on Friday, February 7th. Keefe, Bruyette & Woods lifted their price objective on First Bancorp from $49.00 to $56.00 and gave the company an "outperform" rating in a report on Wednesday, December 4th.

First Bancorp Trading Down 2.3 %

Shares of First Bancorp stock traded down $0.96 during trading on Wednesday, hitting $40.33. 165,361 shares of the company were exchanged, compared to its average volume of 175,231. The company has a debt-to-equity ratio of 0.06, a current ratio of 0.81 and a quick ratio of 0.81. The firm has a market capitalization of $1.67 billion, a P/E ratio of 21.92 and a beta of 1.04. The firm's fifty day moving average price is $42.17 and its 200 day moving average price is $43.43. First Bancorp has a 1-year low of $29.53 and a 1-year high of $50.34.

First Bancorp (NASDAQ:FBNC - Get Free Report) last issued its earnings results on Wednesday, January 29th. The financial services provider reported $0.76 EPS for the quarter, beating the consensus estimate of $0.72 by $0.04. First Bancorp had a net margin of 14.19% and a return on equity of 8.04%. As a group, sell-side analysts expect that First Bancorp will post 3.27 earnings per share for the current fiscal year.

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First Bancorp Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, April 25th. Shareholders of record on Monday, March 31st will be issued a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a yield of 2.18%. The ex-dividend date is Monday, March 31st. First Bancorp's dividend payout ratio (DPR) is presently 47.83%.

Institutional Trading of First Bancorp

Institutional investors have recently modified their holdings of the company. Franklin Resources Inc. grew its holdings in shares of First Bancorp by 20.0% during the third quarter. Franklin Resources Inc. now owns 1,784,208 shares of the financial services provider's stock worth $77,649,000 after buying an additional 297,144 shares in the last quarter. Charles Schwab Investment Management Inc. grew its stake in shares of First Bancorp by 2.7% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 507,297 shares of the financial services provider's stock worth $22,306,000 after acquiring an additional 13,450 shares in the last quarter. Systematic Financial Management LP acquired a new stake in shares of First Bancorp in the third quarter valued at approximately $562,000. Geode Capital Management LLC lifted its position in shares of First Bancorp by 1.3% in the third quarter. Geode Capital Management LLC now owns 976,680 shares of the financial services provider's stock worth $40,628,000 after purchasing an additional 12,922 shares in the last quarter. Finally, JPMorgan Chase & Co. boosted its holdings in First Bancorp by 220.6% during the third quarter. JPMorgan Chase & Co. now owns 104,609 shares of the financial services provider's stock worth $4,351,000 after purchasing an additional 71,977 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 that provides banking products and services for individuals and small to medium-sized businesses. The company accepts deposit products, such as checking, savings, and money market accounts, as well as time deposits, including certificate of deposits and individual retirement accounts.