First Bancorp (NASDAQ:FBNC) Receives Consensus Rating of “Moderate Buy” from Analysts

First Bancorp (NASDAQ:FBNC) has been given a consensus recommendation of “Moderate Buy” by the six analysts that are covering the firm, MarketBeat.com reports. Three equities research analysts have rated the stock with a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company. The average 1 year target price among brokers that have issued a report on the stock in the last year is $68.9375.

A number of brokerages have recently commented on FBNC. Weiss Ratings reaffirmed a “buy (b)” rating on shares of First Bancorp in a research note on Thursday, August 13th. Raymond James Financial increased their target price on First Bancorp from $68.00 to $75.00 and gave the company a “strong-buy” rating in a report on Thursday, July 16th. Keefe, Bruyette & Woods raised their price target on shares of First Bancorp from $67.00 to $70.00 and gave the stock an “outperform” rating in a research note on Tuesday, August 4th. Piper Sandler boosted their price objective on First Bancorp from $64.00 to $65.00 and gave the stock a “neutral” rating in a research note on Wednesday, July 29th. Finally, Brean Capital began coverage on shares of First Bancorp in a research note on Monday, June 8th. They issued a “neutral” rating and a $65.75 price target for the company.

Institutional Trading of First Bancorp

Several institutional investors have recently added to or reduced their stakes in FBNC. BlackRock Inc. acquired a new stake in shares of First Bancorp in the second quarter valued at $380,347,000. California State Teachers Retirement System grew its position in shares of First Bancorp by 7,179.5% during the second quarter. California State Teachers Retirement System now owns 3,029,003 shares of the financial services provider’s stock worth $193,644,000 after buying an additional 2,987,393 shares in the last quarter. Bank of New York Mellon Corp acquired a new position in First Bancorp during the 2nd quarter worth approximately $45,055,000. First Bancorp Inc ME purchased a new stake in shares of First Bancorp in the 2nd quarter valued at approximately $25,711,000. Finally, Ameriprise Financial Inc. raised its holdings in shares of First Bancorp by 48.6% in the 3rd 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 in the last quarter. Institutional investors and hedge funds own 68.36% of the company’s stock.

First Bancorp Trading Down 0.9%

NASDAQ FBNC opened at $63.43 on Tuesday. First Bancorp has a 1 year low of $45.96 and a 1 year high of $66.78. The company has a debt-to-equity ratio of 0.04, a current ratio of 0.85 and a quick ratio of 0.85. The company has a market capitalization of $2.62 billion, a PE ratio of 19.70 and a beta of 0.81. The company has a fifty day moving average of $64.10 and a 200 day moving average of $60.23.

First Bancorp (NASDAQ:FBNC) last released its quarterly earnings data on Wednesday, July 22nd. The financial services provider reported $1.22 earnings per share for the quarter, beating analysts’ consensus estimates of $1.15 by $0.07. The business had revenue of $127.30 million during the quarter, compared to analyst estimates of $126.07 million. First Bancorp had a return on equity of 11.31% and a net margin of 22.12%. Research analysts forecast that First Bancorp will post 4.69 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.