First Bancorp Surpasses 200-Day Moving Average Following Analyst Upgrades

First Bancorp (NASDAQ: FBNC) crossed above its 200-day moving average during trading on Friday, following an upgrade from Zacks Research. The stock, which has a 200-day moving average of $50.35, reached a high of $51.22 before closing at $50.91. Trading activity was robust, with a volume of 197,142 shares exchanged.

Several equity research analysts have recently provided updates on First Bancorp. On September 2, 2023, Keefe, Bruyette & Woods raised their price target for the bank from $53.00 to $62.00 while assigning an “outperform” rating. Similarly, on July 28, 2023, Stephens adjusted their price objective from $53.00 to $57.00, giving the stock an “overweight” rating. Piper Sandler also increased their target price from $48.00 to $51.00 with a “neutral” rating on August 1, 2023. Conversely, Weiss Ratings maintained a “hold (c)” rating on October 8, 2023.

Currently, two analysts rate First Bancorp as a “Buy,” while four maintain a “Hold” rating. According to MarketBeat.com, the stock holds a consensus rating of “Hold” with an average price target of $56.67.

Stock Performance and Financial Highlights

First Bancorp boasts a market capitalization of $2.11 billion, a price-to-earnings ratio of 21.39, and a beta of 0.89. The company’s 50-day simple moving average stands at $51.03, while its 200-day average is $50.42. With a debt-to-equity ratio of 0.06, and both a quick and current ratio of 0.82, the firm appears to maintain a solid balance sheet.

The company reported its quarterly earnings on October 22, 2023, revealing earnings per share of $1.01, surpassing analysts’ expectations of $0.93 by $0.08. Revenue for the quarter reached $89.61 million, though it fell short of the projected $113.47 million. The bank’s net margin was reported at 17.50%, and the return on equity stood at 9.61%. Sell-side analysts forecast that First Bancorp will achieve earnings per share of $3.27 for the current fiscal year.

Dividend Announcement and Business Overview

First Bancorp also announced a quarterly dividend, which is set to be paid on January 25, 2024. Shareholders of record as of December 31, 2023, will receive a dividend of $0.23 per share, translating to an annualized dividend of $0.92 and a yield of 1.8%. The dividend payout ratio currently stands at 38.66%.

As the bank holding company for First Bank, First Bancorp offers a diverse range of commercial and consumer banking services. Its core offerings include business lending, treasury and cash management, residential and commercial mortgage financing, and various consumer deposit products. First Bank operates both online and through branch-based banking solutions, catering to the needs of individuals and small to mid-sized businesses across North Carolina and South Carolina. The company maintains a network of full-service banking centers and loan production offices, focusing on the Piedmont, Sandhills, and coastal regions.

Investors and stakeholders will continue to monitor First Bancorp’s performance and strategic developments as the company navigates a competitive financial landscape.