First Bancorp (NASDAQ:FBNC) Upgraded at Stephens

Stephens upgraded shares of First Bancorp (NASDAQ:FBNC) to a strong-buy rating in a research note issued to investors on Tuesday,Zacks.com reports.

FBNC has been the subject of a number of other research reports. Keefe, Bruyette & Woods upped their target price on shares of First Bancorp from $49.00 to $56.00 and gave the stock an “outperform” rating in a research report on Wednesday, December 4th. Janney Montgomery Scott downgraded First Bancorp from a “buy” rating to a “neutral” rating in a research report on Friday, February 7th.

First Bancorp Price Performance

NASDAQ:FBNC opened at $41.29 on Tuesday. The stock has a market cap of $1.71 billion, a PE ratio of 22.44 and a beta of 1.04. 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 business’s 50-day simple moving average is $42.25 and its two-hundred day simple moving average is $43.43. First Bancorp has a 52 week low of $29.53 and a 52 week high of $50.34.

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

First Bancorp Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, April 25th. Shareholders of record on Monday, March 31st will be paid a $0.22 dividend. The ex-dividend date of this dividend is Monday, March 31st. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.13%. First Bancorp’s payout ratio is currently 47.83%.

Institutional Trading of First Bancorp

Several hedge funds have recently made changes to their positions in the business. Wealth Enhancement Advisory Services LLC increased its stake in First Bancorp by 33.6% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 26,703 shares of the financial services provider’s stock worth $1,174,000 after acquiring an additional 6,709 shares during the last quarter. Old North State Trust LLC purchased a new stake in First Bancorp during the 4th quarter valued at $3,206,000. ProShare Advisors LLC raised its holdings in First Bancorp by 44.3% during the 4th quarter. ProShare Advisors LLC now owns 12,093 shares of the financial services provider’s stock valued at $532,000 after buying an additional 3,715 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in First Bancorp by 3.5% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 22,775 shares of the financial services provider’s stock worth $1,001,000 after buying an additional 778 shares during the last quarter. Finally, Deutsche Bank AG boosted its stake in shares of First Bancorp by 52.2% during the 4th quarter. Deutsche Bank AG now owns 35,579 shares of the financial services provider’s stock worth $1,564,000 after purchasing an additional 12,202 shares during the period. 68.36% of the stock is currently owned by hedge funds and other 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.