First Bancorp (NASDAQ:FBNC)‘s stock had its “buy” rating reissued by analysts at Piper Jaffray Companies in a research note issued to investors on Tuesday, January 9th. They currently have a $42.00 target price on the financial services provider’s stock. Piper Jaffray Companies’ price target would indicate a potential upside of 13.79% from the company’s previous close.
Several other equities analysts have also weighed in on the stock. BidaskClub lowered shares of First Bancorp from a “buy” rating to a “hold” rating in a report on Thursday, December 21st. Zacks Investment Research lowered shares of First Bancorp from a “buy” rating to a “hold” rating in a report on Tuesday, December 26th. Brean Capital restated a “buy” rating on shares of First Bancorp in a report on Tuesday, January 2nd. Keefe, Bruyette & Woods reaffirmed a “buy” rating and set a $41.00 target price on shares of First Bancorp in a research note on Friday, December 22nd. Finally, Stephens began coverage on shares of First Bancorp in a research note on Monday, December 4th. They set an “equal weight” rating on the stock. Two investment analysts have rated the stock with a hold rating and five have given a buy rating to the stock. First Bancorp has a consensus rating of “Buy” and a consensus price target of $39.50.
First Bancorp (FBNC) traded down $0.04 during mid-day trading on Tuesday, hitting $36.91. 101,121 shares of the stock were exchanged, compared to its average volume of 84,048. The stock has a market capitalization of $1,093.98, a PE ratio of 20.51, a P/E/G ratio of 1.08 and a beta of 1.12. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.78. First Bancorp has a twelve month low of $27.50 and a twelve month high of $41.76.
In related news, insider Suzanne S. Deferie sold 12,001 shares of the stock in a transaction on Wednesday, December 27th. The shares were 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 owns 113,408 shares in the company, valued at approximately $4,045,263.36. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Richard H. Moore bought 2,755 shares of First Bancorp stock in a transaction dated Wednesday, December 20th. The stock was purchased at an average price of $36.00 per share, with a total value of $99,180.00. Following the purchase, the chief executive officer now directly owns 121,741 shares in the company, valued at approximately $4,382,676. The disclosure for this purchase can be found here. Company insiders own 1.89% of the company’s stock.
Several hedge funds have recently added to or reduced their stakes in the company. Dimensional Fund Advisors LP lifted its stake in shares of First Bancorp by 4.8% in the 3rd quarter. Dimensional Fund Advisors LP now owns 1,294,316 shares of the financial services provider’s stock worth $44,537,000 after acquiring an additional 59,041 shares during the period. Vanguard Group Inc. increased its holdings in shares of First Bancorp by 24.8% in the 2nd quarter. Vanguard Group Inc. now owns 1,000,939 shares of the financial services provider’s stock valued at $31,290,000 after purchasing an additional 198,866 shares in the last quarter. Macquarie Group Ltd. increased its holdings in shares of First Bancorp by 30.4% in the 3rd quarter. Macquarie Group Ltd. now owns 619,044 shares of the financial services provider’s stock valued at $21,301,000 after purchasing an additional 144,201 shares in the last quarter. Banc Funds Co. LLC increased its holdings in shares of First Bancorp by 18.5% in the 2nd quarter. Banc Funds Co. LLC now owns 592,556 shares of the financial services provider’s stock valued at $18,523,000 after purchasing an additional 92,392 shares in the last quarter. Finally, State Street Corp increased its holdings in shares of First Bancorp by 27.9% in the 2nd quarter. State Street Corp now owns 461,813 shares of the financial services provider’s stock valued at $14,436,000 after purchasing an additional 100,632 shares in the last quarter. Institutional investors own 56.72% of the company’s stock.
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About First Bancorp
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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