First Bancorp (NASDAQ:FBNC) Rating Lowered to “Hold” at Zacks Research

First Bancorp (NASDAQ:FBNC) was downgraded by stock analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a research note issued to investors on Thursday,Zacks.com reports.

Other equities research analysts have also recently issued research reports about the stock. Wall Street Zen downgraded First Bancorp from a “hold” rating to a “sell” rating in a research report on Saturday, November 15th. Weiss Ratings reiterated a “hold (c)” rating on shares of First Bancorp in a research report on Wednesday, October 8th. Two investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. According to MarketBeat.com, First Bancorp currently has an average rating of “Hold” and an average target price of $56.67.

First Bancorp Trading Up 0.2%

Shares of FBNC stock opened at $50.91 on Thursday. The firm has a market capitalization of $2.11 billion, a P/E ratio of 21.39 and a beta of 0.89. First Bancorp has a 1 year low of $34.50 and a 1 year high of $56.45. The firm’s fifty day simple moving average is $51.03 and its 200 day simple moving average is $50.35. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 0.06.

First Bancorp (NASDAQ:FBNC) last issued its quarterly earnings results on Wednesday, October 22nd. The financial services provider reported $1.01 earnings per share for the quarter, beating analysts’ consensus estimates of $0.93 by $0.08. The firm had revenue of $89.61 million during the quarter, compared to the consensus estimate of $113.47 million. First Bancorp had a net margin of 17.50% and a return on equity of 9.61%. As a group, sell-side analysts predict that First Bancorp will post 3.27 EPS for the current year.

Hedge Funds Weigh In On First Bancorp

Several institutional investors have recently bought and sold shares of the business. CIBC Bancorp USA Inc. bought a new stake in shares of First Bancorp during the third quarter worth $228,000. CANADA LIFE ASSURANCE Co lifted its position in First Bancorp by 45.9% during the 3rd quarter. CANADA LIFE ASSURANCE Co now owns 49,808 shares of the financial services provider’s stock worth $2,644,000 after buying an additional 15,667 shares in the last quarter. Dark Forest Capital Management LP lifted its position in First Bancorp by 171.5% during the 3rd quarter. Dark Forest Capital Management LP now owns 41,746 shares of the financial services provider’s stock worth $2,208,000 after buying an additional 26,372 shares in the last quarter. Brevan Howard Capital Management LP bought a new stake in First Bancorp during the 3rd quarter worth about $242,000. Finally, Bank of America Corp DE increased its position in First Bancorp by 10.5% in the 3rd quarter. Bank of America Corp DE now owns 200,667 shares of the financial services provider’s stock valued at $10,613,000 after acquiring an additional 19,118 shares in the last quarter. Institutional investors 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.