First Bancorp (NASDAQ:FBNC) was downgraded by equities researchers at BidaskClub from a “hold” rating to a “sell” rating in a research note issued on Friday.
Other analysts have also issued research reports about the stock. Zacks Investment Research upgraded shares of First Bancorp from a “hold” rating to a “buy” rating and set a $43.00 price target on the stock in a research report on Wednesday, February 13th. Brean Capital set a $42.00 price target on shares of First Bancorp and gave the company a “buy” rating in a research report on Friday, January 25th. Stephens restated a “hold” rating and set a $34.00 price target on shares of First Bancorp in a research report on Wednesday, December 19th. ValuEngine upgraded shares of First Bancorp from a “sell” rating to a “hold” rating in a research report on Wednesday, January 2nd. Finally, FIG Partners upgraded shares of First Bancorp from a “market perform” rating to an “outperform” rating in a research report on Thursday, January 24th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and four have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $41.25.
FBNC stock opened at $37.46 on Friday. The firm has a market cap of $1.11 billion, a P/E ratio of 12.45, a PEG ratio of 2.53 and a beta of 1.27. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.53. First Bancorp has a one year low of $30.50 and a one year high of $43.14.
First Bancorp (NASDAQ:FBNC) last released its quarterly earnings results on Wednesday, January 23rd. The financial services provider reported $0.77 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.73 by $0.04. The company had revenue of $68.25 million for the quarter, compared to analyst estimates of $68.41 million. First Bancorp had a net margin of 30.47% and a return on equity of 12.16%. Research analysts predict that First Bancorp will post 3.02 earnings per share for the current year.
In related news, CEO Richard H. Moore bought 3,200 shares of the company’s stock in a transaction dated Wednesday, December 26th. The shares were acquired at an average price of $31.35 per share, for a total transaction of $100,320.00. Following the completion of the transaction, the chief executive officer now directly owns 143,135 shares in the company, valued at $4,487,282.25. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 2.30% of the stock is owned by company insiders.
Hedge funds and other institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. grew its position in shares of First Bancorp by 1.2% in the third quarter. Vanguard Group Inc. now owns 1,380,010 shares of the financial services provider’s stock valued at $55,904,000 after purchasing an additional 16,619 shares during the period. Allianz Asset Management GmbH boosted its position in First Bancorp by 56.0% during the third quarter. Allianz Asset Management GmbH now owns 533,827 shares of the financial services provider’s stock worth $21,625,000 after acquiring an additional 191,693 shares during the last quarter. AQR Capital Management LLC boosted its position in First Bancorp by 10.9% during the third quarter. AQR Capital Management LLC now owns 37,715 shares of the financial services provider’s stock worth $1,528,000 after acquiring an additional 3,696 shares during the last quarter. Prudential Financial Inc. boosted its position in First Bancorp by 290.1% during the third quarter. Prudential Financial Inc. now owns 34,475 shares of the financial services provider’s stock worth $1,396,000 after acquiring an additional 25,638 shares during the last quarter. Finally, Wells Fargo & Company MN boosted its position in First Bancorp by 5.8% during the third quarter. Wells Fargo & Company MN now owns 96,222 shares of the financial services provider’s stock worth $3,898,000 after acquiring an additional 5,273 shares during the last quarter. Institutional investors and hedge funds own 66.47% of the company’s stock.
First Bancorp Company Profile
First Bancorp operates as the bank holding company for First Bank that provides banking products and services for individuals and small to medium-sized businesses primarily in North Carolina and northeastern South Carolina. It accepts deposit products, such as checking, savings, and money market accounts, as well as time deposits, including certificates of deposits and individual retirement accounts.
Recommended Story: Discount Rate
Receive News & Ratings for First Bancorp Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for First Bancorp and related companies with MarketBeat.com's FREE daily email newsletter.