First Bancorp (NASDAQ:FBNC) Stock Now Rated “Hold” by Sell-Side Brokerages

Shares of First Bancorp (NASDAQ:FBNC) have been given an average rating of “Hold” by the six brokerages that are covering the stock, Marketbeat.com reports. One research analyst has rated the stock with a sell rating, two have given a hold rating and three have given a buy rating to the company. The average 1 year price target among analysts that have issued ratings on the stock in the last year is $68.19.

FBNC has been the subject of a number of research reports. Zacks Research cut shares of First Bancorp from a “hold” rating to a “strong sell” rating in a research note on Monday, September 21st. Weiss Ratings restated a “buy (b)” rating on shares of First Bancorp in a research report on Wednesday. Piper Sandler raised their price target on shares of First Bancorp from $65.00 to $66.00 and gave the company a “neutral” rating in a research note on Thursday, October 22nd. Raymond James Financial lowered shares of First Bancorp from a “strong-buy” rating to an “outperform” rating and decreased their price target for the company from $72.00 to $71.00 in a research note on Tuesday, October 6th. Finally, Keefe, Bruyette & Woods lifted their price objective on First Bancorp from $67.00 to $70.00 and gave the stock an “outperform” rating in a report on Tuesday, August 4th.

Hedge Funds Weigh In On First Bancorp

Several hedge funds and other institutional investors have recently made changes to their positions in FBNC. BlackRock Inc. purchased a new stake in shares of First Bancorp during the second quarter worth approximately $380,347,000. Bank of New York Mellon Corp acquired a new stake in First Bancorp during the 2nd quarter worth $45,055,000. Jennison Associates LLC boosted its stake in First Bancorp by 34.1% during the 1st quarter. Jennison Associates LLC now owns 974,221 shares of the financial services provider’s stock worth $54,897,000 after purchasing an additional 247,859 shares during the last quarter. First Bancorp Inc ME acquired a new stake in First Bancorp during the 2nd quarter worth $25,711,000. Finally, Boston Partners grew its holdings in shares of First Bancorp by 15.4% during the third quarter. Boston Partners now owns 710,274 shares of the financial services provider’s stock worth $43,287,000 after buying an additional 94,520 shares in the last quarter. Hedge funds and other institutional investors own 68.36% of the company’s stock.

First Bancorp Price Performance

First Bancorp stock traded down $0.30 during trading on Friday, reaching $64.50. The company had a trading volume of 160,868 shares, compared to its average volume of 228,434. The firm’s 50-day simple moving average is $62.91 and its 200 day simple moving average is $60.93. First Bancorp has a 1-year low of $47.83 and a 1-year high of $67.74. The firm has a market capitalization of $2.67 billion, a PE ratio of 16.25 and a beta of 0.80. The company has a debt-to-equity ratio of 0.04, a quick ratio of 0.85 and a current ratio of 0.85.

First Bancorp (NASDAQ:FBNC) last posted its quarterly earnings data on Wednesday, October 21st. The financial services provider reported $1.24 earnings per share for the quarter, topping analysts’ consensus estimates of $1.18 by $0.06. The company had revenue of $129.91 million during the quarter, compared to analysts’ expectations of $130.01 million. First Bancorp had a net margin of 26.81% and a return on equity of 11.71%. As a group, equities research analysts anticipate that First Bancorp will post 4.76 earnings per share for the current fiscal year.

About First Bancorp

First Bancorp is a bank holding company headquartered in Southern Pines, North Carolina. It operates First Bank, a community bank serving individuals, businesses and organizations through locations in North Carolina and South Carolina. First Bank offers personal and business deposit accounts, lending, mortgage services and other banking products. Its business services include commercial loans, cash management and related financial solutions. The company traces its banking roots to 1934, when its predecessor began serving customers in Montgomery County, North Carolina.