First Bancorp (NASDAQ:FBNC) Receives Average Rating of “Moderate Buy” from Brokerages

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

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

First Bancorp Trading Down 0.2%

Shares of NASDAQ:FBNC opened at $62.98 on Friday. The company has a 50 day moving average of $61.89 and a 200-day moving average of $59.26. The firm has a market cap of $2.61 billion, a P/E ratio of 19.56 and a beta of 0.80. First Bancorp has a twelve month low of $45.04 and a twelve month high of $66.54. The company has a current ratio of 0.85, a quick ratio of 0.85 and a debt-to-equity ratio of 0.04.

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

Insider Buying and Selling

In other First Bancorp news, Director Michael Goodwin Mayer sold 44,324 shares of the company’s stock in a transaction dated Wednesday, May 20th. The shares were 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 directly owned 41,491 shares of the company’s stock, valued at approximately $2,430,542.78. This represents a 51.65% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 2.04% of the company’s stock.

Hedge Funds Weigh In On First Bancorp

Hedge funds have recently made changes to their positions in the business. EverSource Wealth Advisors LLC raised its holdings in shares of First Bancorp by 2,222.6% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 720 shares of the financial services provider’s stock worth $32,000 after purchasing an additional 689 shares in the last quarter. Summit Securities Group LLC bought a new stake in First Bancorp during the first quarter worth approximately $34,000. First Horizon Corp boosted its holdings in First Bancorp by 83.7% during the fourth quarter. First Horizon Corp now owns 777 shares of the financial services provider’s stock worth $39,000 after buying an additional 354 shares in the last quarter. Torren Management LLC acquired a new position in First Bancorp in the fourth quarter worth approximately $41,000. Finally, Steward Partners Investment Advisory LLC grew its position in First Bancorp by 87.0% in the fourth quarter. Steward Partners Investment Advisory LLC now owns 819 shares of the financial services provider’s stock worth $42,000 after buying an additional 381 shares during 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.