Piper Jaffray Companies Reaffirms Buy Rating for First Bancorp (NASDAQ:FBNC)

First Bancorp (NASDAQ:FBNC)‘s stock had its “buy” rating reiterated by investment analysts at Piper Jaffray Companies in a research report issued to clients and investors on Tuesday, January 9th. They presently have a $42.00 price target on the financial services provider’s stock. Piper Jaffray Companies’ target price points to a potential upside of 13.73% from the company’s previous close.

A number of other analysts have also recently commented on FBNC. ValuEngine upgraded First Bancorp from a “hold” rating to a “buy” rating in a research report on Sunday, December 31st. Brean Capital restated a “buy” rating on shares of First Bancorp in a research report on Tuesday, January 2nd. Stephens started coverage on First Bancorp in a research report on Monday, December 4th. They set an “equal weight” rating for the company. Zacks Investment Research upgraded First Bancorp from a “hold” rating to a “buy” rating and set a $39.00 price target for the company in a research report on Thursday, October 5th. Finally, BidaskClub cut First Bancorp from a “buy” rating to a “hold” rating in a research report on Thursday, December 21st. Two research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average target price of $39.50.

First Bancorp (NASDAQ:FBNC) traded up $0.70 during trading on Tuesday, hitting $36.93. The stock had a trading volume of 83,906 shares, compared to its average volume of 92,280. The stock has a market capitalization of $1,074.00, a PE ratio of 21.47, a PEG ratio of 1.14 and a beta of 1.10. First Bancorp has a 1-year low of $27.50 and a 1-year high of $41.76. The company has a debt-to-equity ratio of 0.78, a current ratio of 1.05 and a quick ratio of 1.05.

First Bancorp (NASDAQ:FBNC) last posted its quarterly earnings data on Tuesday, October 24th. The financial services provider reported $0.53 EPS for the quarter, beating the Zacks’ consensus estimate of $0.48 by $0.05. First Bancorp had a return on equity of 8.93% and a net margin of 19.96%. equities analysts forecast that First Bancorp will post 2.03 EPS for the current fiscal year.

In related news, insider Suzanne S. Deferie sold 12,001 shares of the business’s stock in a transaction that occurred on Wednesday, December 27th. The stock was sold at an average price of $35.67, for a total transaction of $428,075.67. Following the completion of the sale, the insider now directly owns 113,408 shares in the company, valued at $4,045,263.36. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Richard H. Moore bought 2,755 shares of the company’s stock in a transaction on Wednesday, December 20th. The stock was bought at an average price of $36.00 per share, with a total value of $99,180.00. Following the completion of the acquisition, the chief executive officer now owns 121,741 shares in the company, valued at $4,382,676. The disclosure for this purchase can be found here. 1.89% of the stock is currently owned by insiders.

Large investors have recently modified their holdings of the business. SG Americas Securities LLC purchased a new stake in First Bancorp in the 3rd quarter valued at $107,000. BNP Paribas Arbitrage SA grew its holdings in First Bancorp by 1,207.2% in the 2nd quarter. BNP Paribas Arbitrage SA now owns 3,268 shares of the financial services provider’s stock valued at $102,000 after buying an additional 3,018 shares in the last quarter. Acadian Asset Management LLC purchased a new stake in First Bancorp in the 4th quarter valued at $125,000. Captrust Financial Advisors purchased a new stake in First Bancorp in the 2nd quarter valued at $146,000. Finally, Legal & General Group Plc grew its holdings in First Bancorp by 23.1% in the 2nd quarter. Legal & General Group Plc now owns 5,790 shares of the financial services provider’s stock valued at $180,000 after buying an additional 1,085 shares in the last quarter. Institutional investors own 56.51% of the company’s stock.

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First Bancorp Company Profile

First Bancorp is the bank holding company for First Bank (the Bank). The Company’s principal activity is the ownership and operation of First Bank. The Bank engages in a range of banking activities, including the acceptance of deposits and the making of loans. The Bank offers credit cards, debit cards, letters of credit, safe deposit box rentals and electronic funds transfer services, including wire transfers.

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