First Bancorp’s (FBNC) Buy Rating Reiterated at Brean Capital

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

Other equities research analysts also recently issued research reports about the stock. Piper Jaffray Companies reaffirmed a “buy” rating and issued a $42.00 price objective on shares of First Bancorp in a report on Tuesday, January 9th. Zacks Investment Research raised shares of First Bancorp from a “hold” rating to a “buy” rating and set a $40.00 price objective for the company in a report on Wednesday, January 3rd. ValuEngine raised shares of First Bancorp from a “hold” rating to a “buy” rating in a report on Sunday, December 31st. Keefe, Bruyette & Woods reaffirmed a “buy” rating and issued a $41.00 price objective on shares of First Bancorp in a report on Friday, December 22nd. Finally, Stephens started coverage on shares of First Bancorp in a report on Monday, December 4th. They issued an “equal weight” rating for the company. Two equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average price target of $39.50.

First Bancorp (NASDAQ:FBNC) traded down $1.63 during mid-day trading on Monday, reaching $35.28. 115,572 shares of the company traded hands, compared to its average volume of 95,335. The firm has a market capitalization of $1,093.99, a P/E ratio of 19.83, a P/E/G ratio of 1.08 and a beta of 1.12. First Bancorp has a 1-year low of $27.50 and a 1-year high of $41.76. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.78.

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

Hedge funds and other institutional investors have recently modified their holdings of the business. SG Americas Securities LLC acquired a new stake in First Bancorp in the 3rd quarter valued at about $107,000. Acadian Asset Management LLC acquired a new stake in First Bancorp during the 4th quarter worth about $125,000. Legal & General Group Plc raised its holdings 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 worth $180,000 after buying an additional 1,085 shares during the period. Meeder Asset Management Inc. raised its holdings in First Bancorp by 516.0% during the 4th quarter. Meeder Asset Management Inc. now owns 6,074 shares of the financial services provider’s stock worth $214,000 after buying an additional 5,088 shares during the period. Finally, Goldman Sachs Group Inc. raised its holdings in First Bancorp by 39.3% during the 2nd quarter. Goldman Sachs Group Inc. now owns 11,748 shares of the financial services provider’s stock worth $367,000 after buying an additional 3,314 shares during the period. 56.97% of the stock is owned by institutional investors.

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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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