StockNews.com Lowers First Bancorp (NASDAQ:FBNC) to Sell

StockNews.com downgraded shares of First Bancorp (NASDAQ:FBNC - Free Report) from a hold rating to a sell rating in a research report report published on Saturday.

Separately, Keefe, Bruyette & Woods upped their price objective on First Bancorp from $40.00 to $45.00 and gave the company an outperform rating in a report on Thursday, July 25th.

First Bancorp Stock Performance

FBNC stock traded down $0.55 during midday trading on Friday, reaching $40.92. 144,729 shares of the company were exchanged, compared to its average volume of 160,509. First Bancorp has a one year low of $26.00 and a one year high of $45.41. The firm has a market capitalization of $1.68 billion, a price-to-earnings ratio of 14.77 and a beta of 1.03. The business has a 50-day moving average price of $38.92 and a two-hundred day moving average price of $34.81. The company has a debt-to-equity ratio of 0.07, a current ratio of 0.82 and a quick ratio of 0.82.

First Bancorp (NASDAQ:FBNC - Get Free Report) last issued its quarterly earnings data on Wednesday, July 24th. The financial services provider reported $0.70 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.59 by $0.11. First Bancorp had a net margin of 20.17% and a return on equity of 8.39%. The firm had revenue of $143.42 million during the quarter, compared to the consensus estimate of $94.00 million. Equities research analysts forecast that First Bancorp will post 2.68 EPS for the current year.

First Bancorp Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, July 25th. Stockholders of record on Sunday, June 30th were given a dividend of $0.22 per share. The ex-dividend date of this dividend was Friday, June 28th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.15%. First Bancorp's payout ratio is 31.77%.

Insider Buying and Selling

In related news, Director Mary Clara Capel sold 1,015 shares of First Bancorp stock in a transaction that occurred on Wednesday, June 26th. The shares were sold at an average price of $30.05, for a total value of $30,500.75. Following the transaction, the director now directly owns 11,569 shares of the company's stock, valued at $347,648.45. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, Director Mary Clara Capel sold 1,015 shares of the firm's stock in a transaction that occurred on Wednesday, June 26th. The shares were sold at an average price of $30.05, for a total value of $30,500.75. Following the sale, the director now directly owns 11,569 shares in the company, valued at approximately $347,648.45. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Mason Y. Garrett sold 22,800 shares of the company's stock in a transaction that occurred on Friday, July 26th. The stock was sold at an average price of $43.41, for a total transaction of $989,748.00. Following the transaction, the director now owns 196,416 shares of the company's stock, valued at $8,526,418.56. The disclosure for this sale can be found here. 3.65% of the stock is owned by company insiders.

Institutional Investors Weigh In On First Bancorp

Several hedge funds have recently modified their holdings of FBNC. Innealta Capital LLC bought a new stake in shares of First Bancorp during the second quarter worth about $44,000. TFO Wealth Partners LLC increased its position in First Bancorp by 17,233.3% in the 4th quarter. TFO Wealth Partners LLC now owns 1,560 shares of the financial services provider's stock valued at $58,000 after acquiring an additional 1,551 shares during the period. SG Americas Securities LLC acquired a new position in First Bancorp in the 1st quarter valued at approximately $185,000. PNC Financial Services Group Inc. raised its stake in shares of First Bancorp by 5.4% during the fourth quarter. PNC Financial Services Group Inc. now owns 5,562 shares of the financial services provider's stock valued at $206,000 after acquiring an additional 283 shares during the last quarter. Finally, Novare Capital Management LLC acquired a new position in shares of First Bancorp during the second quarter worth $216,000. Institutional investors and hedge funds own 68.36% of the company's stock.

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.