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

First Bancorp (NASDAQ:FBNC) shares passed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $54.60 and traded as high as $58.34. First Bancorp shares last traded at $57.74, with a volume of 274,841 shares trading hands.

Analysts Set New Price Targets

FBNC has been the topic of a number of recent analyst reports. Piper Sandler downgraded shares of First Bancorp from an “overweight” rating to a “neutral” rating and raised their target price for the company from $58.00 to $64.00 in a research note on Saturday, February 7th. Zacks Research raised shares of First Bancorp from a “strong sell” rating to a “hold” rating in a research note on Monday, March 9th. Weiss Ratings raised shares of First Bancorp from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Friday, March 20th. Wall Street Zen raised shares of First Bancorp from a “sell” rating to a “hold” rating in a research note on Saturday, February 28th. Finally, Keefe, Bruyette & Woods lifted their price target on shares of First Bancorp from $65.00 to $66.00 and gave the stock an “outperform” rating in a research note on Thursday, April 23rd. One equities research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and two have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, First Bancorp has a consensus rating of “Moderate Buy” and a consensus price target of $62.25.

First Bancorp Price Performance

The stock has a market capitalization of $2.39 billion, a PE ratio of 19.71 and a beta of 0.84. The firm’s 50 day simple moving average is $56.98 and its 200 day simple moving average is $54.60. The company has a debt-to-equity ratio of 0.04, a current ratio of 0.85 and a quick ratio of 0.84.

First Bancorp (NASDAQ:FBNC) last posted its quarterly earnings results on Wednesday, April 22nd. The financial services provider reported $1.13 EPS for the quarter, topping the consensus estimate of $1.09 by $0.04. The firm 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%. As a group, equities analysts forecast that First Bancorp will post 4.75 EPS for the current fiscal year.

Insider Activity at First Bancorp

In other First Bancorp news, insider Mary Clara Capel sold 5,000 shares of First Bancorp stock in a transaction that occurred on Tuesday, February 3rd. The shares were sold at an average price of $59.31, for a total transaction of $296,550.00. Following the transaction, the insider directly owned 20,400 shares of the company’s stock, valued at approximately $1,209,924. This trade represents a 19.69% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Company insiders own 2.04% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. Smartleaf Asset Management LLC increased its stake in shares of First Bancorp by 183.6% in the third quarter. Smartleaf Asset Management LLC now owns 553 shares of the financial services provider’s stock worth $29,000 after buying an additional 358 shares during the period. Summit Securities Group LLC purchased a new position in shares of First Bancorp in the first quarter worth $34,000. Quest 10 Wealth Builders Inc. purchased a new position in shares of First Bancorp in the third quarter worth $34,000. EverSource Wealth Advisors LLC increased its stake in shares of First Bancorp by 2,222.6% in the second quarter. EverSource Wealth Advisors LLC now owns 720 shares of the financial services provider’s stock worth $32,000 after buying an additional 689 shares during the period. Finally, First Horizon Corp increased its stake in shares of First Bancorp by 83.7% in the fourth quarter. First Horizon Corp now owns 777 shares of the financial services provider’s stock worth $39,000 after buying an additional 354 shares during the period. 68.36% of the stock is owned by hedge funds and other institutional investors.

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.