First Bancorp (FBNC) Receives Overweight Rating from Piper Jaffray Companies
First Bancorp (NASDAQ:FBNC)‘s stock had its “overweight” rating reiterated by equities researchers at Piper Jaffray Companies in a research note issued on Thursday. They presently have a $37.00 price objective on the financial services provider’s stock. Piper Jaffray Companies’ target price points to a potential upside of 5.68% from the company’s previous close.
FBNC has been the topic of a number of other research reports. Brean Capital reaffirmed a “buy” rating on shares of First Bancorp in a research report on Wednesday, August 2nd. Zacks Investment Research lowered First Bancorp from a “strong-buy” rating to a “hold” rating in a research report on Monday, July 3rd. Keefe, Bruyette & Woods reaffirmed a “buy” rating and set a $34.00 price target on shares of First Bancorp in a research report on Monday, June 26th. Finally, ValuEngine raised First Bancorp from a “hold” rating to a “buy” rating in a research report on Friday, July 28th. Two research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. First Bancorp has an average rating of “Buy” and an average target price of $35.00.
First Bancorp (NASDAQ FBNC) opened at 35.01 on Thursday. The stock has a market cap of $863.98 million, a PE ratio of 24.40 and a beta of 1.13. The firm’s 50-day moving average price is $31.83 and its 200 day moving average price is $30.46. First Bancorp has a 1-year low of $19.18 and a 1-year high of $35.83.
First Bancorp (NASDAQ:FBNC) last released its quarterly earnings results on Tuesday, July 25th. The financial services provider reported $0.45 EPS for the quarter, topping the Zacks’ consensus estimate of $0.43 by $0.02. The company had revenue of $51.79 million for the quarter, compared to analyst estimates of $49.49 million. First Bancorp had a return on equity of 7.77% and a net margin of 17.52%. Equities research analysts expect that First Bancorp will post $1.86 EPS for the current year.
A number of institutional investors have recently made changes to their positions in FBNC. Mendon Capital Advisors Corp raised its position in First Bancorp by 279.9% in the 1st quarter. Mendon Capital Advisors Corp now owns 605,015 shares of the financial services provider’s stock valued at $17,721,000 after buying an additional 445,765 shares during the last quarter. Vanguard Group Inc. raised its position in First Bancorp by 24.8% in the 2nd quarter. Vanguard Group Inc. now owns 1,000,939 shares of the financial services provider’s stock valued at $31,290,000 after buying an additional 198,866 shares during the last quarter. JCSD Capital LLC acquired a new stake in First Bancorp in the 2nd quarter valued at approximately $6,174,000. Investment Counselors of Maryland LLC raised its position in First Bancorp by 139.8% in the 2nd quarter. Investment Counselors of Maryland LLC now owns 302,585 shares of the financial services provider’s stock valued at $9,459,000 after buying an additional 176,386 shares during the last quarter. Finally, RMB Capital Management LLC acquired a new stake in First Bancorp in the 1st quarter valued at approximately $4,586,000. 66.03% of the stock is currently owned by institutional investors and hedge funds.
First Bancorp Company Profile
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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