Piper Jaffray Companies Reaffirms “Overweight” Rating for First Bancorp (FBNC)
First Bancorp (NASDAQ:FBNC)‘s stock had its “overweight” rating restated by equities research analysts at Piper Jaffray Companies in a report issued on Thursday, Marketbeat reports. They currently have a $37.00 target price on the financial services provider’s stock. Piper Jaffray Companies’ target price suggests a potential upside of 4.99% from the stock’s current price.
Several other research firms have also commented on FBNC. Brean Capital set a $33.00 price target on shares of First Bancorp and gave the company a “buy” rating in a report on Wednesday, July 26th. Zacks Investment Research lowered shares of First Bancorp from a “strong-buy” rating to a “hold” rating in a report on Monday, July 3rd. ValuEngine raised shares of First Bancorp from a “hold” rating to a “buy” rating in a report on Friday, July 28th. Finally, Keefe, Bruyette & Woods reaffirmed a “buy” rating and issued a $34.00 price target on shares of First Bancorp in a report on Monday, June 26th. Two investment analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $35.00.
Shares of First Bancorp (NASDAQ:FBNC) traded up 0.66% during midday trading on Thursday, hitting $35.24. 106,663 shares of the stock were exchanged. The firm has a 50-day moving average price of $31.83 and a 200-day moving average price of $30.46. The company has a market cap of $869.65 million, a PE ratio of 24.56 and a beta of 1.13. First Bancorp has a 12-month low of $19.18 and a 12-month high of $35.83.
First Bancorp (NASDAQ:FBNC) last posted its quarterly earnings results on Tuesday, July 25th. The financial services provider reported $0.45 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.43 by $0.02. First Bancorp had a net margin of 17.52% and a return on equity of 7.77%. The business had revenue of $51.79 million during the quarter, compared to analyst estimates of $49.49 million. On average, equities analysts predict that First Bancorp will post $1.86 EPS for the current year.
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Institutional investors have recently bought and sold shares of the business. Pinnacle Financial Partners Inc. acquired a new position in First Bancorp during the 2nd quarter valued at about $100,000. BNP Paribas Arbitrage SA boosted its stake in First Bancorp by 1,207.2% during the 2nd quarter. BNP Paribas Arbitrage SA now owns 3,268 shares of the financial services provider’s stock valued at $102,000 after purchasing an additional 3,018 shares during the period. IFP Advisors Inc boosted its stake in First Bancorp by 250.9% during the 2nd quarter. IFP Advisors Inc now owns 3,513 shares of the financial services provider’s stock valued at $110,000 after purchasing an additional 2,512 shares during the period. Captrust Financial Advisors acquired a new position in First Bancorp during the 2nd quarter valued at about $146,000. Finally, Legal & General Group Plc boosted its stake in First Bancorp by 23.1% during the 2nd quarter. Legal & General Group Plc now owns 5,790 shares of the financial services provider’s stock valued at $180,000 after purchasing an additional 1,085 shares during the period. 66.03% of the stock is owned by hedge funds and other institutional investors.
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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