Procore signs multi-year strategic collaboration agreement with AWS
First Bancorp (NASDAQ:FBNC) stock reached an all-time high of $53.26, marking a significant milestone for the $2.19 billion market cap company. According to InvestingPro data, the stock appears slightly undervalued based on its Fair Value analysis. This achievement comes as the stock has experienced a notable 1-year return of 29.19%. The surge reflects investor confidence and positive market sentiment surrounding First Bancorp’s performance and prospects, with the company maintaining dividend payments for an impressive 39 consecutive years and offering a current dividend yield of 1.77%. This upward trajectory demonstrates the company’s strong financial health and strategic initiatives that have resonated well with investors, propelling the stock to this new peak. InvestingPro subscribers can access 8 additional key insights about First Bancorp’s financial health and growth prospects.
In other recent news, First Bancorp has reported strong quarterly results, with core pre-provision net revenue reaching $52.3 million, surpassing consensus estimates. This performance was attributed to increased net interest income, higher fees, and reduced expenses. Stephens responded by raising its price target for First Bancorp to $57 while maintaining an Overweight rating. Similarly, Keefe, Bruyette & Woods increased its price target to $53, citing better-than-expected net interest income and provisioning, along with an improved net interest margin of 3.33%.
Additionally, First Bancorp announced a quarterly dividend increase to $0.23 per share, payable on July 25, 2025, to shareholders of record as of June 30, 2025. In terms of growth prospects, Keefe, Bruyette & Woods projects First Bancorp to achieve an organic growth rate of 5-6% in 2025, with expectations of accelerating growth to 8% in 2026. The bank has also made a significant leadership change by appointing Larry Jackson as the new Chief Credit Officer. Jackson brings over two decades of experience in credit risk management to the role, having previously served as Market Credit Executive at PNC.
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