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First Bancorp (NASDAQ:FBNC) stock reached a significant milestone, hitting a 52-week high of 50.39 USD. With a market capitalization of $2.08 billion, this achievement underscores a positive trajectory for the company, as the stock has experienced a notable 1-year change of 19.81%. The bank’s strong financial health score, as indicated by InvestingPro analysis, supports this upward momentum. The upward momentum reflects investor confidence and favorable market conditions, positioning First Bancorp as a strong performer in the financial sector. Trading at a P/E ratio of 19.99 and maintaining dividend payments for 39 consecutive years, the company demonstrates sustained stability. This 52-week high marks a period of growth and resilience for the company, as it continues to navigate the evolving economic landscape. InvestingPro analysis suggests the stock may be slightly undervalued, with additional insights available through their premium service.
In other recent news, First Bancorp reported robust quarterly results, with core pre-provision net revenue reaching $52.3 million, surpassing consensus estimates by $0.05 per share. This performance was driven by stronger net interest income, higher fees, and lower expenses. Following these results, Stephens raised its price target for First Bancorp to $57, maintaining an Overweight rating. Similarly, Keefe, Bruyette & Woods (KBW) increased its price target to $53, citing better-than-expected net interest income and provisioning.
KBW also projected that First Bancorp, along with other regional banks, is positioned for significant growth, forecasting an 8% growth rate in 2026. Additionally, First Bancorp announced an increase in its quarterly dividend to $0.23 per share, payable on July 25, 2025. In leadership news, First Bank (NASDAQ:FRBA) appointed Larry Jackson as Chief Credit Officer, leveraging his extensive experience in credit risk management. These developments reflect a period of strategic growth and operational strength for First Bancorp.
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