First Bancorp (FBNC) Lowered to “Sell” at ValuEngine

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ValuEngine lowered shares of First Bancorp (NASDAQ:FBNC) from a hold rating to a sell rating in a research report sent to investors on Wednesday.

A number of other analysts have also recently issued reports on FBNC. Zacks Investment Research cut First Bancorp from a buy rating to a hold rating in a research note on Thursday, October 25th. BidaskClub cut shares of First Bancorp from a buy rating to a hold rating in a research note on Wednesday, November 28th. Brean Capital reaffirmed a buy rating on shares of First Bancorp in a research note on Monday, October 1st. Finally, Stephens reaffirmed a hold rating and set a $39.00 price target on shares of First Bancorp in a research note on Thursday, November 1st. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and three have given a buy rating to the company’s stock. The stock presently has a consensus rating of Hold and a consensus price target of $42.75.

NASDAQ FBNC opened at $35.73 on Wednesday. First Bancorp has a 52-week low of $33.88 and a 52-week high of $43.14. The company has a debt-to-equity ratio of 0.55, a current ratio of 1.04 and a quick ratio of 1.04. The company has a market cap of $1.07 billion, a P/E ratio of 19.31, a price-to-earnings-growth ratio of 1.01 and a beta of 1.00.

First Bancorp (NASDAQ:FBNC) last posted its earnings results on Tuesday, October 23rd. The financial services provider reported $0.74 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.74. First Bancorp had a return on equity of 10.92% and a net margin of 27.88%. The business had revenue of $67.22 million during the quarter, compared to analysts’ expectations of $67.43 million. As a group, sell-side analysts expect that First Bancorp will post 3.01 earnings per share for the current year.

In other First Bancorp news, CEO Richard H. Moore purchased 1,250 shares of the firm’s stock in a transaction dated Wednesday, September 19th. The stock was bought at an average cost of $39.79 per share, with a total value of $49,737.50. Following the purchase, the chief executive officer now directly owns 139,935 shares of the company’s stock, valued at $5,568,013.65. The acquisition was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Suzanne S. Deferie purchased 5,000 shares of the firm’s stock in a transaction dated Wednesday, September 19th. The shares were acquired at an average cost of $39.80 per share, with a total value of $199,000.00. Following the completion of the purchase, the insider now directly owns 132,545 shares in the company, valued at $5,275,291. The disclosure for this purchase can be found here. 1.89% of the stock is owned by company insiders.

Several institutional investors and hedge funds have recently modified their holdings of the company. Marshall Wace LLP bought a new position in shares of First Bancorp during the 3rd quarter worth approximately $2,073,000. Vanguard Group Inc. boosted its holdings in shares of First Bancorp by 1.2% in the 3rd quarter. Vanguard Group Inc. now owns 1,380,010 shares of the financial services provider’s stock valued at $55,904,000 after buying an additional 16,619 shares during the last quarter. Penn Capital Management Co. Inc. boosted its holdings in shares of First Bancorp by 21.3% in the 3rd quarter. Penn Capital Management Co. Inc. now owns 52,431 shares of the financial services provider’s stock valued at $2,124,000 after buying an additional 9,210 shares during the last quarter. TIAA CREF Investment Management LLC boosted its holdings in shares of First Bancorp by 3.3% in the 3rd quarter. TIAA CREF Investment Management LLC now owns 87,086 shares of the financial services provider’s stock valued at $3,528,000 after buying an additional 2,767 shares during the last quarter. Finally, Teachers Advisors LLC boosted its holdings in shares of First Bancorp by 2.7% in the 3rd quarter. Teachers Advisors LLC now owns 56,290 shares of the financial services provider’s stock valued at $2,280,000 after buying an additional 1,464 shares during the last quarter. 66.24% of the stock is 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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To view ValuEngine’s full report, visit ValuEngine’s official website.

Analyst Recommendations for First Bancorp (NASDAQ:FBNC)

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