Brean Capital Initiates Coverage on First Bancorp (NASDAQ:FBNC)

Stock analysts at Brean Capital started coverage on shares of First Bancorp (NASDAQ:FBNC) in a research report issued to clients and investors on Monday. The brokerage set a “neutral” rating and a $65.75 price target on the financial services provider’s stock. Brean Capital’s price target would suggest a potential upside of 9.75% from the stock’s current price.

FBNC has been the subject of a number of other reports. Wall Street Zen upgraded First Bancorp from a “sell” rating to a “hold” rating in a research note on Saturday, February 28th. Weiss Ratings raised shares of First Bancorp from a “buy (b-)” rating to a “buy (b)” rating in a report on Monday, May 18th. Zacks Research upgraded shares of First Bancorp from a “strong sell” rating to a “hold” rating in a research report on Monday, March 9th. Finally, Keefe, Bruyette & Woods increased their price objective on First Bancorp from $65.00 to $66.00 and gave the company an “outperform” rating in a research report on Thursday, April 23rd. One analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat.com, First Bancorp currently has a consensus rating of “Moderate Buy” and a consensus price target of $62.95.

First Bancorp Price Performance

Shares of First Bancorp stock traded up $0.48 during mid-day trading on Monday, reaching $59.91. 6,964 shares of the stock were exchanged, compared to its average volume of 230,921. First Bancorp has a fifty-two week low of $40.00 and a fifty-two week high of $62.64. The company has a market cap of $2.48 billion, a price-to-earnings ratio of 20.40 and a beta of 0.81. The firm has a 50-day simple moving average of $58.17 and a 200 day simple moving average of $56.22. The company has a current ratio of 0.85, a quick ratio of 0.84 and a debt-to-equity ratio of 0.04.

First Bancorp (NASDAQ:FBNC) last released its quarterly earnings results on Wednesday, April 22nd. The financial services provider reported $1.13 EPS for the quarter, beating analysts’ consensus estimates of $1.09 by $0.04. The firm had revenue of $122.29 million for the quarter, compared to analyst estimates of $123.21 million. First Bancorp had a net margin of 20.59% and a return on equity of 10.86%. On average, sell-side analysts predict that First Bancorp will post 4.75 EPS for the current fiscal year.

Insider Activity at First Bancorp

In other 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 value of $2,596,499.92. Following the transaction, the director owned 41,491 shares of the company’s stock, valued at $2,430,542.78. This represents a 51.65% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 2.04% of the company’s stock.

Hedge Funds Weigh In On First Bancorp

Hedge funds have recently added to or reduced their stakes in the stock. Smartleaf Asset Management LLC grew its position in shares of First Bancorp by 183.6% during the 3rd 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. EverSource Wealth Advisors LLC raised its holdings in shares of First Bancorp by 2,222.6% during the second quarter. EverSource Wealth Advisors LLC now owns 720 shares of the financial services provider’s stock worth $32,000 after acquiring an additional 689 shares during the period. Summit Securities Group LLC bought a new stake in shares of First Bancorp in the first quarter valued at about $34,000. First Horizon Corp boosted its position in First Bancorp by 83.7% during the 4th quarter. First Horizon Corp now owns 777 shares of the financial services provider’s stock worth $39,000 after acquiring an additional 354 shares during the last quarter. Finally, Torren Management LLC bought a new position in First Bancorp in the fourth quarter valued at $41,000. 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.