First Bancorp (NASDAQ:FBNC) Rating Increased to Strong-Buy at Stephens

Stephens upgraded shares of First Bancorp (NASDAQ:FBNC - Free Report) to a strong-buy rating in a research note published on Tuesday morning, MarketBeat reports.

A number of other brokerages have also issued reports on FBNC. Keefe, Bruyette & Woods boosted their price target on shares of First Bancorp from $49.00 to $56.00 and gave the stock an "outperform" rating in a research note on Wednesday, December 4th. Janney Montgomery Scott downgraded shares of First Bancorp from a "buy" rating to a "neutral" rating in a report on Friday, February 7th.

First Bancorp Trading Down 0.3 %

NASDAQ:FBNC traded down $0.14 during mid-day trading on Tuesday, hitting $39.98. 25,332 shares of the stock traded hands, compared to its average volume of 174,643. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 0.06. The stock has a market capitalization of $1.65 billion, a price-to-earnings ratio of 21.73 and a beta of 1.04. The firm's 50 day moving average is $42.17 and its two-hundred day moving average is $43.45. First Bancorp has a 52 week low of $29.53 and a 52 week high of $50.34.

First Bancorp (NASDAQ:FBNC - Get Free Report) last issued its quarterly earnings results on Wednesday, January 29th. The financial services provider reported $0.76 earnings per share for the quarter, topping 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%. On average, equities research analysts predict that First Bancorp will post 3.27 earnings per share for the current year.

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First Bancorp Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, April 25th. Stockholders of record on Monday, March 31st will be paid a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.20%. The ex-dividend date of this dividend is Monday, March 31st. First Bancorp's dividend payout ratio (DPR) is presently 47.83%.

Institutional Trading of First Bancorp

Institutional investors and hedge funds have recently modified their holdings of the company. Connor Clark & Lunn Investment Management Ltd. acquired a new position in First Bancorp in the third quarter valued at about $659,000. Intech Investment Management LLC bought a new position in First Bancorp in the 3rd quarter valued at approximately $384,000. Charles Schwab Investment Management Inc. raised its position in shares of First Bancorp by 3.1% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 493,847 shares of the financial services provider's stock worth $20,539,000 after acquiring an additional 14,737 shares in the last quarter. BNP Paribas Financial Markets lifted its stake in shares of First Bancorp by 59.6% in the third quarter. BNP Paribas Financial Markets now owns 12,956 shares of the financial services provider's stock valued at $539,000 after buying an additional 4,838 shares in the last quarter. Finally, CreativeOne Wealth LLC purchased a new position in shares of First Bancorp in the 3rd quarter worth approximately $211,000. 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.