First Bancorp (NASDAQ:FBNC) Given Consensus Rating of “Moderate Buy” by Analysts

Shares of First Bancorp (NASDAQ:FBNC) have been assigned a consensus rating of “Moderate Buy” from the six analysts that are currently covering the company, MarketBeat.com reports. Three research analysts have rated the stock with a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company. The average 1 year price target among analysts that have issued a report on the stock in the last year is $67.9375.

A number of research firms have commented on FBNC. Keefe, Bruyette & Woods upped their price objective on shares of First Bancorp from $65.00 to $66.00 and gave the company an “outperform” rating in a research note on Thursday, April 23rd. Piper Sandler lifted their target price on shares of First Bancorp from $64.00 to $65.00 and gave the stock a “neutral” rating in a research report on Wednesday. Raymond James Financial boosted their price target on shares of First Bancorp from $68.00 to $75.00 and gave the company a “strong-buy” rating in a report on Thursday, July 16th. Brean Capital began coverage on shares of First Bancorp in a research report on Monday, June 8th. They issued a “neutral” rating and a $65.75 price target for the company. Finally, Weiss Ratings raised shares of First Bancorp from a “buy (b-)” rating to a “buy (b)” rating in a research note on Monday, May 18th.

First Bancorp Stock Down 0.2%

Shares of First Bancorp stock opened at $62.98 on Friday. First Bancorp has a 12-month low of $45.04 and a 12-month high of $66.54. The firm has a market capitalization of $2.61 billion, a PE ratio of 19.56 and a beta of 0.80. The company has a quick ratio of 0.85, a current ratio of 0.85 and a debt-to-equity ratio of 0.04. The stock’s fifty day moving average is $61.89 and its 200-day moving average is $59.26.

First Bancorp (NASDAQ:FBNC) last released its quarterly earnings results on Wednesday, July 22nd. The financial services provider reported $1.22 earnings per share for the quarter, beating analysts’ consensus estimates of $1.15 by $0.07. The business had revenue of $127.30 million during the quarter, compared to analyst estimates of $126.07 million. First Bancorp had a return on equity of 11.31% and a net margin of 22.12%. Equities analysts anticipate that First Bancorp will post 4.69 earnings per share for the current year.

Insider Transactions at First Bancorp

In other news, Director Michael Goodwin Mayer sold 44,324 shares of the stock in a transaction on Wednesday, May 20th. The stock was sold at an average price of $58.58, for a total value of $2,596,499.92. Following the completion of the sale, the director owned 41,491 shares in the company, valued at $2,430,542.78. This represents a 51.65% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 2.04% of the stock is currently owned by company insiders.

Institutional Trading of First Bancorp

Hedge funds and other institutional investors have recently modified their holdings of the business. Ameriprise Financial Inc. grew its holdings in shares of First Bancorp by 48.6% during the third quarter. Ameriprise Financial Inc. now owns 1,314,341 shares of the financial services provider’s stock valued at $69,516,000 after buying an additional 429,769 shares in the last quarter. Segall Bryant & Hamill LLC lifted its stake in First Bancorp by 176.4% in the 1st quarter. Segall Bryant & Hamill LLC now owns 429,818 shares of the financial services provider’s stock worth $24,220,000 after acquiring an additional 274,289 shares in the last quarter. Jennison Associates LLC boosted its position in First Bancorp by 34.1% during the 1st quarter. Jennison Associates LLC now owns 974,221 shares of the financial services provider’s stock worth $54,897,000 after acquiring an additional 247,859 shares during the period. State Street Corp boosted its position in First Bancorp by 9.2% during the 4th quarter. State Street Corp now owns 2,012,273 shares of the financial services provider’s stock worth $102,661,000 after acquiring an additional 169,363 shares during the period. Finally, UBS Group AG grew its stake in First Bancorp by 236.4% during the 3rd quarter. UBS Group AG now owns 233,237 shares of the financial services provider’s stock valued at $12,336,000 after acquiring an additional 163,906 shares in the last quarter. Institutional investors and hedge funds own 68.36% of the company’s stock.

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.