First Bancorp (NASDAQ:FBNC) Sets New 52-Week High – Should You Buy?

First Bancorp (NASDAQ:FBNC) shares hit a new 52-week high during trading on Friday . The stock traded as high as $66.78 and last traded at $66.49, with a volume of 11004 shares traded. The stock had previously closed at $66.13.

Analyst Upgrades and Downgrades

FBNC has been the subject of a number of recent analyst reports. Weiss Ratings raised First Bancorp from a “buy (b-)” rating to a “buy (b)” rating in a report on Monday, May 18th. Brean Capital started coverage on First Bancorp in a research note on Monday, June 8th. They issued a “neutral” rating and a $65.75 price objective on the stock. Piper Sandler increased their target price on First Bancorp from $64.00 to $65.00 and gave the stock a “neutral” rating in a report on Wednesday, July 29th. Keefe, Bruyette & Woods raised their target price on First Bancorp from $67.00 to $70.00 and gave the company an “outperform” rating in a research note on Tuesday, August 4th. Finally, Raymond James Financial lifted their price target on First Bancorp from $68.00 to $75.00 and gave the company a “strong-buy” rating in a report on Thursday, July 16th. One investment analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and three have given a Hold rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $68.94.

First Bancorp Trading Up 0.7%

The business has a 50 day moving average of $63.11 and a 200 day moving average of $59.78. The firm has a market capitalization of $2.75 billion, a price-to-earnings ratio of 20.67 and a beta of 0.81. The company has a debt-to-equity ratio of 0.04, a current ratio of 0.85 and a quick ratio of 0.85.

First Bancorp (NASDAQ:FBNC) last released its earnings results on Wednesday, July 22nd. The financial services provider reported $1.22 earnings per share for the quarter, beating the consensus estimate of $1.15 by $0.07. First Bancorp had a return on equity of 11.31% and a net margin of 22.12%.The firm had revenue of $127.30 million for the quarter, compared to analyst estimates of $126.07 million. As a group, research analysts predict that First Bancorp will post 4.69 earnings per share for the current fiscal year.

Insider Activity at First Bancorp

In related news, Director Michael Goodwin Mayer sold 44,324 shares of the stock in a transaction that occurred on Wednesday, May 20th. The shares were sold at an average price of $58.58, for a total value of $2,596,499.92. Following the sale, the director directly owned 41,491 shares in the company, valued at $2,430,542.78. This trade represents a 51.65% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. 2.04% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the company. Royal Bank of Canada increased its stake in First Bancorp by 6.8% in the first quarter. Royal Bank of Canada now owns 43,558 shares of the financial services provider’s stock valued at $1,749,000 after purchasing an additional 2,781 shares in the last quarter. AQR Capital Management LLC bought a new position in shares of First Bancorp during the first quarter worth $318,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in shares of First Bancorp by 5.1% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 23,935 shares of the financial services provider’s stock worth $961,000 after purchasing an additional 1,160 shares in the last quarter. Millennium Management LLC acquired a new position in shares of First Bancorp in the 1st quarter valued at $4,046,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in shares of First Bancorp by 6.4% in 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 buying an additional 15,570 shares in 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.