Brokerages Set First Bancorp (NASDAQ:FBNC) Price Target at $61.25

Shares of First Bancorp (NASDAQ:FBNC) have received an average rating of “Moderate Buy” from the six analysts that are covering the stock, Marketbeat Ratings reports. Two equities research analysts have rated the stock with a hold recommendation, three have assigned a buy recommendation and one has issued a strong buy recommendation on the company. The average twelve-month price target among brokers that have covered the stock in the last year is $62.25.

Several research analysts have recently commented on the company. Zacks Research upgraded First Bancorp from a “strong sell” rating to a “hold” rating in a research report on Monday, March 9th. Wall Street Zen upgraded First Bancorp from a “sell” rating to a “hold” rating in a research report on Saturday, February 28th. Piper Sandler lowered First Bancorp from an “overweight” rating to a “neutral” rating and lifted their target price for the stock from $58.00 to $64.00 in a research report on Saturday, February 7th. Weiss Ratings upgraded First Bancorp from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Friday, March 20th. Finally, Raymond James Financial upgraded First Bancorp from a “market perform” rating to a “strong-buy” rating and set a $62.00 target price for the company in a research report on Wednesday, January 7th.

First Bancorp Price Performance

Shares of FBNC opened at $59.67 on Wednesday. The firm has a market cap of $2.47 billion, a price-to-earnings ratio of 20.37 and a beta of 0.84. The stock has a 50 day moving average of $57.12 and a 200-day moving average of $54.56. The company has a current ratio of 0.85, a quick ratio of 0.84 and a debt-to-equity ratio of 0.04. First Bancorp has a 52 week low of $39.88 and a 52 week high of $62.64.

First Bancorp (NASDAQ:FBNC) last issued its earnings results on Wednesday, April 22nd. The financial services provider reported $1.13 EPS for the quarter, topping the consensus estimate of $1.09 by $0.04. The company had revenue of $122.29 million during the quarter, compared to analyst estimates of $123.21 million. First Bancorp had a return on equity of 10.86% and a net margin of 20.59%. As a group, analysts forecast that First Bancorp will post 4.61 EPS for the current year.

Insider Activity

In related news, insider Mary Clara Capel sold 5,000 shares of the business’s stock in a transaction that occurred on Tuesday, February 3rd. The stock was sold at an average price of $59.31, for a total transaction of $296,550.00. Following the completion of the transaction, the insider owned 20,400 shares in the company, valued at $1,209,924. The trade was a 19.69% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Company insiders own 2.04% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in FBNC. Royal Bank of Canada grew its stake in First Bancorp by 6.8% during the 1st quarter. Royal Bank of Canada now owns 43,558 shares of the financial services provider’s stock worth $1,749,000 after buying an additional 2,781 shares during the last quarter. AQR Capital Management LLC bought a new position in First Bancorp during the 1st quarter worth $318,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in First Bancorp by 5.1% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 23,935 shares of the financial services provider’s stock worth $961,000 after buying an additional 1,160 shares during the last quarter. Millennium Management LLC bought a new position in First Bancorp during the 1st quarter worth $4,046,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in First Bancorp by 6.4% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 258,671 shares of the financial services provider’s stock worth $10,383,000 after buying an additional 15,570 shares during the last quarter. 68.36% of the stock is currently owned by institutional investors.

First Bancorp Company Profile

First Bancorp operates as the bank holding company for First Bank, offering a broad range of commercial and consumer banking services. Its core offerings include business lending, treasury and cash management, residential and commercial mortgage financing, and consumer deposit products. Through its subsidiary, First Bank provides online and branch-based banking solutions, including checking and savings accounts, certificate of deposits, and digital banking tools designed to meet the needs of individuals, small- to mid-sized businesses, and professional institutions.

The company maintains a network of full-service banking centers and loan production offices across North Carolina and South Carolina, with a focus on markets in the Piedmont, Sandhills and coastal regions.