First Bancorp (NASDAQ:FBNC) Receives Average Recommendation of “Moderate Buy” from Brokerages

Shares of First Bancorp (NASDAQ:FBNC) have earned an average rating of “Moderate Buy” from the seven ratings firms that are presently covering the stock, MarketBeat reports. Three equities research analysts have rated the stock with a hold recommendation, three have assigned a buy recommendation and one has given a strong buy recommendation to the company. The average 12-month price target among analysts that have updated their coverage on the stock in the last year is $62.95.

Several equities analysts have recently issued reports on the company. Brean Capital assumed coverage on First Bancorp in a report on Monday. They issued a “neutral” rating and a $65.75 target price for the company. Wall Street Zen raised First Bancorp from a “sell” rating to a “hold” rating in a report on Saturday, February 28th. Keefe, Bruyette & Woods upped their target price on First Bancorp from $65.00 to $66.00 and gave the company an “outperform” rating in a report on Thursday, April 23rd. Zacks Research raised First Bancorp from a “strong sell” rating to a “hold” rating in a report on Monday, March 9th. Finally, Weiss Ratings raised First Bancorp from a “buy (b-)” rating to a “buy (b)” rating in a report on Monday, May 18th.

Insiders Place Their Bets

In other First Bancorp news, Director Michael Goodwin Mayer sold 44,324 shares of the stock in a transaction on Wednesday, May 20th. The stock was sold at an average price of $58.58, for a total transaction of $2,596,499.92. Following the completion of the transaction, the director directly owned 41,491 shares of the company’s stock, valued at approximately $2,430,542.78. This represents a 51.65% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 2.04% of the company’s stock.

Hedge Funds Weigh In On First Bancorp

Several institutional investors and hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. grew its holdings in First Bancorp by 0.4% during the fourth quarter. Vanguard Group Inc. now owns 2,849,425 shares of the financial services provider’s stock valued at $144,722,000 after purchasing an additional 11,439 shares during the period. State Street Corp grew its holdings in First Bancorp by 9.2% during the fourth quarter. State Street Corp now owns 2,012,273 shares of the financial services provider’s stock valued at $102,661,000 after purchasing an additional 169,363 shares during the period. Ameriprise Financial Inc. grew its holdings in First Bancorp by 48.6% during the third quarter. Ameriprise Financial Inc. now owns 1,314,341 shares of the financial services provider’s stock valued at $69,516,000 after purchasing an additional 429,769 shares during the period. Jennison Associates LLC grew its holdings in First Bancorp by 34.1% during the first quarter. Jennison Associates LLC now owns 974,221 shares of the financial services provider’s stock valued at $54,897,000 after purchasing an additional 247,859 shares during the period. Finally, Schroder Investment Management Group grew its holdings in First Bancorp by 39.4% during the third quarter. Schroder Investment Management Group now owns 576,596 shares of the financial services provider’s stock valued at $30,502,000 after purchasing an additional 163,026 shares during the period. 68.36% of the stock is owned by institutional investors.

First Bancorp Stock Performance

FBNC stock opened at $60.80 on Thursday. The firm has a market cap of $2.52 billion, a PE ratio of 20.75 and a beta of 0.81. The company has a quick ratio of 0.84, a current ratio of 0.85 and a debt-to-equity ratio of 0.04. The business has a 50 day moving average of $58.43 and a 200-day moving average of $56.45. First Bancorp has a 12-month low of $40.00 and a 12-month high of $62.64.

First Bancorp (NASDAQ:FBNC) last released its earnings results on Wednesday, April 22nd. The financial services provider reported $1.13 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.09 by $0.04. The company had revenue of $122.29 million during the quarter, compared to analyst estimates of $123.21 million. First Bancorp had a return on equity of 10.86% and a net margin of 20.59%. As a group, sell-side analysts expect that First Bancorp will post 4.67 earnings per share for the current year.

About First Bancorp

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.