First Bancorp (NASDAQ:FBNC) Given Average Rating of “Moderate Buy” by Analysts

First Bancorp (NASDAQ:FBNC) has been assigned an average rating of “Moderate Buy” from the six analysts that are covering the stock, MarketBeat Ratings reports. Two research analysts have rated the stock with a hold recommendation, three have given a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12 month price target among analysts that have covered the stock in the last year is $62.25.

Several brokerages have issued reports on FBNC. Piper Sandler cut shares of First Bancorp from an “overweight” rating to a “neutral” rating and lifted their target price for the stock from $58.00 to $64.00 in a research note on Saturday, February 7th. Keefe, Bruyette & Woods lifted their target price 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. 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 “buy (b-)” rating to a “buy (b)” rating in a research note on Monday. Finally, Wall Street Zen raised shares of First Bancorp from a “sell” rating to a “hold” rating in a research note on Saturday, February 28th.

First Bancorp Price Performance

Shares of NASDAQ FBNC opened at $58.67 on Friday. The firm has a market cap of $2.43 billion, a PE ratio of 20.02 and a beta of 0.82. The firm has a fifty day moving average of $57.07 and a 200 day moving average of $55.57. 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 has a one year low of $40.00 and a one year high of $62.64.

First Bancorp (NASDAQ:FBNC) last announced its 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. First Bancorp had a net margin of 20.59% and a return on equity of 10.86%. The company had revenue of $122.29 million for the quarter, compared to analysts’ expectations of $123.21 million. As a group, research analysts predict that First Bancorp will post 4.75 EPS for the current fiscal year.

Insider Transactions at First Bancorp

In other First Bancorp news, Director Michael Goodwin Mayer sold 44,324 shares of First Bancorp stock in a transaction on 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 sale, the director owned 41,491 shares of the company’s stock, valued at $2,430,542.78. The trade was a 51.65% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 2.04% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of FBNC. Royal Bank of Canada boosted its position in shares of First Bancorp by 6.8% during the 1st quarter. Royal Bank of Canada now owns 43,558 shares of the financial services provider’s stock valued at $1,749,000 after acquiring an additional 2,781 shares during the last quarter. AQR Capital Management LLC acquired a new position in shares of First Bancorp during the 1st quarter valued at about $318,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in shares of First Bancorp by 5.1% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 23,935 shares of the financial services provider’s stock valued at $961,000 after acquiring an additional 1,160 shares during the last quarter. Millennium Management LLC acquired a new position in shares of First Bancorp during the 1st quarter valued at about $4,046,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in shares of First Bancorp by 6.4% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 258,671 shares of the financial services provider’s stock valued at $10,383,000 after acquiring an additional 15,570 shares during the last quarter. Institutional investors and hedge funds own 68.36% of the company’s stock.

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.