ValuEngine upgraded shares of First Bancorp (NASDAQ:FBNC) from a hold rating to a buy rating in a report published on Thursday morning.
FBNC has been the topic of several other research reports. Brean Capital reaffirmed a buy rating on shares of First Bancorp in a report on Thursday, May 3rd. BidaskClub raised shares of First Bancorp from a hold rating to a buy rating in a report on Thursday, March 15th. Finally, Zacks Investment Research cut shares of First Bancorp from a buy rating to a hold rating in a report on Tuesday, February 13th. One analyst has rated the stock with a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the stock. First Bancorp currently has a consensus rating of Buy and an average price target of $40.25.
Shares of FBNC opened at $40.72 on Thursday. The stock has a market cap of $1.21 billion, a PE ratio of 19.21, a price-to-earnings-growth ratio of 0.95 and a beta of 1.12. 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 0.58, a quick ratio of 1.03 and a current ratio of 1.03.
First Bancorp (NASDAQ:FBNC) last issued its quarterly earnings results on Wednesday, April 25th. The financial services provider reported $0.77 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.60 by $0.17. The business had revenue of $66.45 million for the quarter, compared to analysts’ expectations of $63.31 million. First Bancorp had a net margin of 23.54% and a return on equity of 9.58%. analysts predict that First Bancorp will post 2.81 EPS for the current year.
In other news, President Michael Goodwin Mayer bought 3,200 shares of First Bancorp stock in a transaction that occurred on Friday, May 18th. The shares were purchased at an average price of $40.94 per share, with a total value of $131,008.00. Following the completion of the acquisition, the president now directly owns 30,104 shares in the company, valued at $1,232,457.76. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Mary Clara Capel sold 2,250 shares of the firm’s stock in a transaction that occurred on Wednesday, March 21st. The shares were sold at an average price of $37.05, for a total transaction of $83,362.50. Following the completion of the sale, the director now directly owns 13,746 shares in the company, valued at approximately $509,289.30. The disclosure for this sale can be found here. 1.89% of the stock is owned by company insiders.
Hedge funds have recently added to or reduced their stakes in the business. SG Americas Securities LLC acquired a new stake in First Bancorp during the first quarter worth approximately $123,000. Sei Investments Co. raised its holdings in First Bancorp by 60.0% during the first quarter. Sei Investments Co. now owns 3,517 shares of the financial services provider’s stock worth $126,000 after purchasing an additional 1,319 shares in the last quarter. Acadian Asset Management LLC acquired a new stake in First Bancorp during the fourth quarter worth approximately $125,000. Advisor Group Inc. raised its holdings in First Bancorp by 145.8% during the fourth quarter. Advisor Group Inc. now owns 4,056 shares of the financial services provider’s stock worth $143,000 after purchasing an additional 2,406 shares in the last quarter. Finally, Envestnet Asset Management Inc. raised its holdings in First Bancorp by 78.0% during the first quarter. Envestnet Asset Management Inc. now owns 4,887 shares of the financial services provider’s stock worth $175,000 after purchasing an additional 2,141 shares in the last quarter. 62.26% of the stock is currently owned by institutional investors.
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.
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