Zacks Investment Research lowered shares of First Bancorp (NASDAQ:FBNC) from a hold rating to a sell rating in a report released on Thursday morning, Zacks.com reports.

According to Zacks, “First Bancorp is a one-bank holding company. The principal activity of the Company is the ownership and operation of First Bank. They also own and operate two nonbank subsidiaries, Montgomery Data Services, Inc. and First Bancorp Financial Services, Inc. “

Several other brokerages have also recently issued reports on FBNC. DA Davidson cut First Bancorp from a buy rating to a neutral rating in a research note on Friday, June 19th. ValuEngine lowered First Bancorp from a hold rating to a sell rating in a report on Friday, July 24th. Piper Sandler dropped their target price on First Bancorp from $26.00 to $25.00 and set a neutral rating on the stock in a report on Friday, July 24th. Finally, G.Research reaffirmed a buy rating on shares of First Bancorp in a report on Friday, May 1st. Two analysts have rated the stock with a sell rating, two have given a hold rating and three have given a buy rating to the company. The stock presently has an average rating of Hold and a consensus price target of $37.33.

Shares of NASDAQ:FBNC traded down $0.58 during trading on Thursday, hitting $20.66. The stock had a trading volume of 154,184 shares, compared to its average volume of 166,983. First Bancorp has a 12-month low of $17.32 and a 12-month high of $41.34. The stock has a market capitalization of $599.99 million, a price-to-earnings ratio of 7.57, a price-to-earnings-growth ratio of 2.74 and a beta of 1.29. The company has a quick ratio of 0.97, a current ratio of 0.98 and a debt-to-equity ratio of 0.47. The stock has a 50-day simple moving average of $23.04 and a two-hundred day simple moving average of $27.08.

First Bancorp (NASDAQ:FBNC) last announced its quarterly earnings data on Thursday, July 23rd. The financial services provider reported $0.56 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.16 by $0.40. First Bancorp had a return on equity of 9.46% and a net margin of 25.52%. The firm had revenue of $78.82 million during the quarter, compared to analysts’ expectations of $67.34 million. As a group, sell-side analysts forecast that First Bancorp will post 1.93 earnings per share for the current year.

The business also recently announced a quarterly dividend, which was paid on Friday, July 24th. Investors of record on Tuesday, June 30th were issued a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a yield of 3.48%. The ex-dividend date of this dividend was Monday, June 29th. First Bancorp’s dividend payout ratio (DPR) is 23.23%.

A number of institutional investors and hedge funds have recently modified their holdings of the business. Creative Planning grew its holdings in First Bancorp by 5.1% in the second quarter. Creative Planning now owns 11,397 shares of the financial services provider’s stock valued at $286,000 after purchasing an additional 552 shares during the period. Swiss National Bank grew its holdings in First Bancorp by 1.1% in the first quarter. Swiss National Bank now owns 57,400 shares of the financial services provider’s stock valued at $1,325,000 after purchasing an additional 600 shares during the period. Martingale Asset Management L P grew its holdings in First Bancorp by 0.5% in the first quarter. Martingale Asset Management L P now owns 189,546 shares of the financial services provider’s stock valued at $4,376,000 after purchasing an additional 1,010 shares during the period. AQR Capital Management LLC grew its holdings in First Bancorp by 12.8% in the first quarter. AQR Capital Management LLC now owns 12,066 shares of the financial services provider’s stock valued at $278,000 after purchasing an additional 1,369 shares during the period. Finally, Dalton Greiner Hartman Maher & Co. grew its holdings in First Bancorp by 2.0% in the second quarter. Dalton Greiner Hartman Maher & Co. now owns 107,219 shares of the financial services provider’s stock valued at $2,689,000 after purchasing an additional 2,112 shares during the period. 67.74% 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 primarily in North Carolina and northeastern South Carolina. It accepts deposit products, such as checking, savings, and money market accounts, as well as time deposits, including certificates of deposit and individual retirement accounts.

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