BidaskClub Downgrades First Bancorp (FBNC) to Hold

First Bancorp (NASDAQ:FBNC) was downgraded by analysts at BidaskClub from a “buy” rating to a “hold” rating in a report released on Thursday.

A number of other research analysts also recently commented on the company. Brean Capital upped their price objective on First Bancorp from $39.00 to $35.00 and gave the stock a “buy” rating in a research note on Wednesday, October 25th. Zacks Investment Research upgraded First Bancorp from a “hold” rating to a “buy” rating and set a $39.00 price objective for the company in a research note on Thursday, October 5th. Piper Jaffray Companies reiterated an “overweight” rating and set a $37.00 price target on shares of First Bancorp in a research report on Thursday, October 5th. Finally, Stephens began coverage on First Bancorp in a research report on Monday, December 4th. They set an “equal weight” rating for the company. Two research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus price target of $36.25.

Shares of First Bancorp (FBNC) traded up $0.79 on Thursday, reaching $36.78. The company had a trading volume of 178,977 shares, compared to its average volume of 96,419. The company has a market cap of $1,072.82, a P/E ratio of 20.22, a P/E/G ratio of 1.43 and a beta of 1.09. The company has a debt-to-equity ratio of 0.78, a quick ratio of 1.05 and a current ratio of 1.05. First Bancorp has a 52-week low of $26.47 and a 52-week high of $41.76.

In other First Bancorp news, CEO Richard H. Moore purchased 2,755 shares of First Bancorp stock in a transaction on Wednesday, December 20th. The stock was bought at an average price of $36.00 per share, for a total transaction of $99,180.00. Following the transaction, the chief executive officer now owns 121,741 shares of the company’s stock, valued at approximately $4,382,676. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Insiders own 1.89% of the company’s stock.

A number of hedge funds have recently made changes to their positions in the business. Castine Capital Management LLC boosted its position in First Bancorp by 14.8% during the 3rd quarter. Castine Capital Management LLC now owns 225,662 shares of the financial services provider’s stock worth $7,764,000 after acquiring an additional 29,064 shares during the period. Dimensional Fund Advisors LP boosted its position in First Bancorp by 4.8% during the 3rd quarter. Dimensional Fund Advisors LP now owns 1,294,316 shares of the financial services provider’s stock worth $44,537,000 after acquiring an additional 59,041 shares during the period. BB&T Securities LLC acquired a new position in First Bancorp during the 3rd quarter worth $423,000. Schwab Charles Investment Management Inc. boosted its position in First Bancorp by 5.0% during the 3rd quarter. Schwab Charles Investment Management Inc. now owns 103,363 shares of the financial services provider’s stock worth $3,557,000 after acquiring an additional 4,910 shares during the period. Finally, Wells Fargo & Company MN boosted its position in First Bancorp by 26.8% during the 3rd quarter. Wells Fargo & Company MN now owns 53,370 shares of the financial services provider’s stock worth $1,836,000 after acquiring an additional 11,264 shares during the period. Institutional investors own 56.51% of the company’s stock.

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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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