First Bancorp (FBNC) Coverage Initiated at Stephens

Stephens initiated coverage on shares of First Bancorp (NASDAQ:FBNC) in a research report sent to investors on Monday, December 4th, Marketbeat.com reports. The brokerage issued an equal weight rating on the financial services provider’s stock.

A number of other research analysts have also weighed in on the stock. Brean Capital boosted their target price on shares of First Bancorp from $39.00 to $35.00 and gave the stock a buy rating in a research report on Wednesday, October 25th. Zacks Investment Research upgraded shares of First Bancorp from a hold rating to a buy rating and set a $39.00 price objective on the stock in a report on Thursday, October 5th. Finally, Piper Jaffray Companies restated an overweight rating and set a $37.00 price objective on shares of First Bancorp in a report on Thursday, October 5th. Three analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. The company currently has an average rating of Buy and a consensus target price of $38.00.

First Bancorp (NASDAQ FBNC) traded down $0.37 during mid-day trading on Monday, hitting $35.31. 98,956 shares of the company traded hands, compared to its average volume of 145,070. The company has a debt-to-equity ratio of 0.78, a quick ratio of 1.05 and a current ratio of 1.05. First Bancorp has a 1-year low of $26.47 and a 1-year high of $41.76. The firm has a market cap of $1,057.70, a price-to-earnings ratio of 20.53, a PEG ratio of 1.41 and a beta of 1.09.

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, January 25th. Investors of record on Sunday, December 31st will be issued a $0.08 dividend. The ex-dividend date is Thursday, December 28th. This represents a $0.32 annualized dividend and a yield of 0.91%. First Bancorp’s dividend payout ratio is currently 18.60%.

In other news, CEO Richard H. Moore bought 2,755 shares of the stock in a transaction on Wednesday, December 20th. The stock was purchased at an average price of $36.00 per share, with a total value of $99,180.00. Following the completion of the purchase, the chief executive officer now owns 121,741 shares of the company’s stock, valued at $4,382,676. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Suzanne S. Deferie sold 12,001 shares of the company’s stock in a transaction that occurred on Wednesday, December 27th. The shares were sold at an average price of $35.67, for a total transaction of $428,075.67. Following the completion of the sale, the insider now directly owns 113,408 shares of the company’s stock, valued at approximately $4,045,263.36. The disclosure for this sale can be found here. Corporate insiders own 1.89% of the company’s stock.

Several hedge funds have recently modified their holdings of FBNC. Vanguard Group Inc. grew its position in First Bancorp by 24.8% in the second quarter. Vanguard Group Inc. now owns 1,000,939 shares of the financial services provider’s stock valued at $31,290,000 after purchasing an additional 198,866 shares in the last quarter. JCSD Capital LLC bought a new position in First Bancorp in the second quarter valued at $6,174,000. Macquarie Group Ltd. grew its position in First Bancorp by 30.4% in the third quarter. Macquarie Group Ltd. now owns 619,044 shares of the financial services provider’s stock valued at $21,301,000 after purchasing an additional 144,201 shares in the last quarter. State Street Corp grew its position in First Bancorp by 27.9% in the second quarter. State Street Corp now owns 461,813 shares of the financial services provider’s stock valued at $14,436,000 after purchasing an additional 100,632 shares in the last quarter. Finally, Banc Funds Co. LLC grew its position in First Bancorp by 18.5% in the second quarter. Banc Funds Co. LLC now owns 592,556 shares of the financial services provider’s stock valued at $18,523,000 after purchasing an additional 92,392 shares in the last quarter. 56.51% of the stock is owned by institutional investors.

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First Bancorp Company Profile

First Bancorp is the bank holding company for First Bank (the Bank). The Company’s principal activity is the ownership and operation of First Bank. The Bank engages in a range of banking activities, including the acceptance of deposits and the making of loans. The Bank offers credit cards, debit cards, letters of credit, safe deposit box rentals and electronic funds transfer services, including wire transfers.

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