Brean Capital Reiterates “Buy” Rating for First Bancorp (FBNC)

First Bancorp (NASDAQ:FBNC)‘s stock had its “buy” rating reiterated by stock analysts at Brean Capital in a research note issued on Monday.

Several other research analysts have also weighed in on FBNC. Piper Jaffray Companies reissued an “overweight” rating and issued a $37.00 price objective on shares of First Bancorp in a research report on Thursday, October 5th. Stephens assumed coverage on First Bancorp in a research report on Monday, December 4th. They issued an “equal weight” rating for the company. Zacks Investment Research raised First Bancorp from a “hold” rating to a “buy” rating and set a $39.00 price objective for the company in a research report on Thursday, October 5th. ValuEngine raised First Bancorp from a “hold” rating to a “buy” rating in a research report on Sunday, December 31st. Finally, BidaskClub lowered First Bancorp from a “buy” rating to a “hold” rating in a research report on Thursday, December 21st. Two research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus price target of $39.50.

First Bancorp (NASDAQ FBNC) traded up $0.07 during mid-day trading on Monday, hitting $36.30. The stock had a trading volume of 120,545 shares, compared to its average volume of 97,039. First Bancorp has a 1 year low of $27.50 and a 1 year high of $41.76. The company has a debt-to-equity ratio of 0.78, a quick ratio of 1.05 and a current ratio of 1.05. The company has a market cap of $1,074.00, a price-to-earnings ratio of 21.10, a PEG ratio of 1.14 and a beta of 1.10.

In other news, CEO Richard H. Moore bought 2,755 shares of First Bancorp stock in a transaction dated Wednesday, December 20th. The stock was bought at an average cost of $36.00 per share, for a total transaction of $99,180.00. Following the purchase, the chief executive officer now directly owns 121,741 shares in the company, valued at approximately $4,382,676. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Suzanne S. Deferie sold 12,001 shares of the firm’s stock in a transaction dated Wednesday, December 27th. The shares were sold at an average price of $35.67, for a total value of $428,075.67. Following the completion of the sale, the insider now owns 113,408 shares of the company’s stock, valued at $4,045,263.36. The disclosure for this sale can be found here. Company insiders own 2.37% of the company’s stock.

Several institutional investors and hedge funds have recently modified their holdings of FBNC. Pinnacle Financial Partners Inc. acquired a new stake in shares of First Bancorp in the 2nd quarter valued at about $100,000. BNP Paribas Arbitrage SA grew its stake in shares of First Bancorp by 1,207.2% in the 2nd quarter. BNP Paribas Arbitrage SA now owns 3,268 shares of the financial services provider’s stock valued at $102,000 after buying an additional 3,018 shares during the period. SG Americas Securities LLC acquired a new stake in shares of First Bancorp in the 3rd quarter valued at about $107,000. IFP Advisors Inc grew its stake in shares of First Bancorp by 250.9% in the 2nd quarter. IFP Advisors Inc now owns 3,513 shares of the financial services provider’s stock valued at $110,000 after buying an additional 2,512 shares during the period. Finally, Acadian Asset Management LLC acquired a new stake in shares of First Bancorp in the 4th quarter valued at about $125,000. Institutional investors own 56.72% of the company’s stock.

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About First Bancorp

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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