Brokerages Set First Bancorp (FBNC) Price Target at $41.50

First Bancorp (NASDAQ:FBNC) has received an average rating of “Buy” from the seven analysts that are currently covering the firm, MarketBeat reports. Three investment analysts have rated the stock with a hold recommendation and four have assigned a buy recommendation to the company. The average 1 year target price among brokers that have issued ratings on the stock in the last year is $41.50.

A number of research firms recently weighed in on FBNC. Zacks Investment Research downgraded shares of First Bancorp from a “buy” rating to a “hold” rating in a research note on Tuesday, February 13th. Brean Capital reaffirmed a “buy” rating on shares of First Bancorp in a research note on Monday, February 5th. Piper Jaffray Companies reaffirmed a “buy” rating and issued a $42.00 target price on shares of First Bancorp in a research note on Tuesday, January 9th. ValuEngine raised shares of First Bancorp from a “hold” rating to a “buy” rating in a research note on Sunday, December 31st. Finally, Keefe, Bruyette & Woods reaffirmed a “buy” rating and issued a $41.00 target price on shares of First Bancorp in a research note on Friday, December 22nd.

In related news, CEO Richard H. Moore acquired 2,755 shares of the stock in a transaction dated Wednesday, December 20th. The stock was bought at an average price of $36.00 per share, with a total value of $99,180.00. Following the completion of the transaction, the chief executive officer now directly owns 121,741 shares of the company’s stock, valued at $4,382,676. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Suzanne S. Deferie sold 12,001 shares of the stock in a transaction on Wednesday, December 27th. The stock was sold at an average price of $35.67, for a total transaction of $428,075.67. Following 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. 2.37% of the stock is owned by corporate insiders.

Several hedge funds have recently modified their holdings of FBNC. SG Americas Securities LLC bought a new stake in shares of First Bancorp during the third quarter worth $107,000. Acadian Asset Management LLC bought a new stake in shares of First Bancorp during the fourth quarter worth $125,000. Advisor Group Inc. increased its position in shares of First Bancorp by 145.8% during the fourth quarter. Advisor Group Inc. now owns 4,056 shares of the financial services provider’s stock worth $143,000 after acquiring an additional 2,406 shares in the last quarter. Pitcairn Co. bought a new stake in shares of First Bancorp during the fourth quarter worth $207,000. Finally, Meeder Asset Management Inc. increased its position in shares of First Bancorp by 516.0% during the fourth quarter. Meeder Asset Management Inc. now owns 6,074 shares of the financial services provider’s stock worth $214,000 after acquiring an additional 5,088 shares in the last quarter. 56.68% of the stock is owned by institutional investors.

First Bancorp (NASDAQ FBNC) traded up $0.50 on Friday, hitting $36.02. 58,200 shares of the company were exchanged, compared to its average volume of 94,911. The company has a debt-to-equity ratio of 0.78, a quick ratio of 1.05 and a current ratio of 1.05. The company has a market capitalization of $1,067.61, a P/E ratio of 20.01, a price-to-earnings-growth ratio of 1.03 and a beta of 1.12. First Bancorp has a twelve month low of $27.50 and a twelve month high of $41.76.

The business also recently disclosed a quarterly dividend, which was paid on Thursday, January 25th. Stockholders of record on Sunday, December 31st were given a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a dividend yield of 0.89%. The ex-dividend date was Thursday, December 28th. First Bancorp’s dividend payout ratio is 17.78%.

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About First Bancorp

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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