First Bancorp (NASDAQ:FBNC) Share Price Crosses Above 200 Day Moving Average – Here’s What Happened

First Bancorp (NASDAQ:FBNC)’s stock price passed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $55.97 and traded as high as $59.55. First Bancorp shares last traded at $59.39, with a volume of 198,515 shares changing hands.

Wall Street Analysts Forecast Growth

FBNC has been the topic of several recent analyst reports. Weiss Ratings upgraded shares of First Bancorp from a “buy (b-)” rating to a “buy (b)” rating in a research note on Monday, May 18th. Wall Street Zen upgraded shares of First Bancorp from a “sell” rating to a “hold” rating in a research note on Saturday, February 28th. Zacks Research upgraded shares of First Bancorp from a “strong sell” rating to a “hold” rating in a research note on Monday, March 9th. Keefe, Bruyette & Woods boosted their target price on shares of First Bancorp from $65.00 to $66.00 and gave the company an “outperform” rating in a research note on Thursday, April 23rd. Finally, Piper Sandler downgraded shares of First Bancorp from an “overweight” rating to a “neutral” rating and boosted their target price for the company from $58.00 to $64.00 in a research note on Saturday, February 7th. One research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and two have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, First Bancorp currently has an average rating of “Moderate Buy” and an average price target of $62.25.

First Bancorp Trading Up 2.4%

The company’s 50-day moving average is $57.81 and its 200-day moving average is $55.97. The firm has a market cap of $2.46 billion, a price-to-earnings ratio of 20.27 and a beta of 0.81. The company has a debt-to-equity ratio of 0.04, a quick ratio of 0.84 and a current ratio of 0.85.

First Bancorp (NASDAQ:FBNC) last issued its quarterly earnings results on Wednesday, April 22nd. The financial services provider reported $1.13 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.09 by $0.04. The business had revenue of $122.29 million for the quarter, compared to the consensus estimate of $123.21 million. First Bancorp had a net margin of 20.59% and a return on equity of 10.86%. On average, research analysts predict that First Bancorp will post 4.75 earnings per share for the current year.

Insider Transactions at First Bancorp

In related 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 transaction of $2,596,499.92. Following the transaction, the director owned 41,491 shares in the company, valued at $2,430,542.78. This represents a 51.65% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 2.04% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in FBNC. Ameriprise Financial Inc. lifted its position in First Bancorp by 48.6% during the 3rd quarter. Ameriprise Financial Inc. now owns 1,314,341 shares of the financial services provider’s stock worth $69,516,000 after buying an additional 429,769 shares in the last quarter. Segall Bryant & Hamill LLC lifted its position in First Bancorp by 176.4% during the 1st quarter. Segall Bryant & Hamill LLC now owns 429,818 shares of the financial services provider’s stock worth $24,220,000 after buying an additional 274,289 shares in the last quarter. Jennison Associates LLC raised its holdings in First Bancorp by 34.1% during the 1st quarter. Jennison Associates LLC now owns 974,221 shares of the financial services provider’s stock worth $54,897,000 after purchasing an additional 247,859 shares during the last quarter. State Street Corp raised its holdings in First Bancorp by 9.2% during the 4th quarter. State Street Corp now owns 2,012,273 shares of the financial services provider’s stock worth $102,661,000 after purchasing an additional 169,363 shares during the last quarter. Finally, UBS Group AG raised its holdings in First Bancorp by 236.4% during the 3rd quarter. UBS Group AG now owns 233,237 shares of the financial services provider’s stock worth $12,336,000 after purchasing an additional 163,906 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.