First Bancorp (NASDAQ:FBNC) Receives Average Rating of “Moderate Buy” from Brokerages

First Bancorp (NASDAQ:FBNC) has been assigned a consensus rating of “Moderate Buy” from the seven analysts that are covering the company, MarketBeat Ratings reports. Three analysts have rated the stock with a hold rating, three have assigned a buy rating and one has issued a strong buy rating on the company. The average 1-year price target among analysts that have issued ratings on the stock in the last year is $62.95.

A number of equities analysts have recently commented on FBNC shares. Keefe, Bruyette & Woods raised their price target on First Bancorp from $65.00 to $66.00 and gave the stock an “outperform” rating in a report on Thursday, April 23rd. Zacks Research raised First Bancorp from a “strong sell” rating to a “hold” rating in a report on Monday, March 9th. Weiss Ratings raised First Bancorp from a “buy (b-)” rating to a “buy (b)” rating in a report on Monday, May 18th. Wall Street Zen raised First Bancorp from a “sell” rating to a “hold” rating in a report on Saturday, February 28th. Finally, Brean Capital started coverage on First Bancorp in a report on Monday. They issued a “neutral” rating and a $65.75 price target for the company.

Insider Activity

In related news, Director Michael Goodwin Mayer sold 44,324 shares of the stock in a transaction on Wednesday, May 20th. The stock was sold at an average price of $58.58, for a total value of $2,596,499.92. Following the sale, the director owned 41,491 shares in the company, valued at approximately $2,430,542.78. This trade represents a 51.65% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Company insiders own 2.04% of the company’s stock.

Institutional Investors Weigh In On First Bancorp

Institutional investors and hedge funds have recently made changes to their positions in the business. Public Sector Pension Investment Board raised its position in shares of First Bancorp by 14.5% in the third quarter. Public Sector Pension Investment Board now owns 161,719 shares of the financial services provider’s stock worth $8,553,000 after buying an additional 20,520 shares in the last quarter. Jennison Associates LLC raised its position in shares of First Bancorp by 20.4% in the fourth quarter. Jennison Associates LLC now owns 726,362 shares of the financial services provider’s stock worth $36,892,000 after buying an additional 123,283 shares in the last quarter. Schroder Investment Management Group raised its position in shares of First Bancorp by 39.4% in the third quarter. Schroder Investment Management Group now owns 576,596 shares of the financial services provider’s stock worth $30,502,000 after buying an additional 163,026 shares in the last quarter. Rafferty Asset Management LLC raised its position in shares of First Bancorp by 50.3% in the third quarter. Rafferty Asset Management LLC now owns 40,586 shares of the financial services provider’s stock worth $2,147,000 after buying an additional 13,588 shares in the last quarter. Finally, Pinnacle Wealth Management Advisory Group LLC purchased a new stake in shares of First Bancorp in the fourth quarter worth $518,000. Hedge funds and other institutional investors own 68.36% of the company’s stock.

First Bancorp Price Performance

First Bancorp stock opened at $60.80 on Thursday. First Bancorp has a one year low of $40.00 and a one year high of $62.64. The business has a fifty day moving average price of $58.43 and a 200-day moving average price of $56.45. The company has a debt-to-equity ratio of 0.04, a current ratio of 0.85 and a quick ratio of 0.84. The firm has a market capitalization of $2.52 billion, a P/E ratio of 20.75 and a beta of 0.81.

First Bancorp (NASDAQ:FBNC) last posted its quarterly earnings results on Wednesday, April 22nd. The financial services provider reported $1.13 EPS for the quarter, topping analysts’ consensus estimates of $1.09 by $0.04. First Bancorp had a return on equity of 10.86% and a net margin of 20.59%.The firm had revenue of $122.29 million during the quarter, compared to analyst estimates of $123.21 million. As a group, equities research analysts forecast that First Bancorp will post 4.67 EPS for the current year.

About First Bancorp

First Bancorp operates as the bank holding company for First Bank, offering a broad range of commercial and consumer banking services. Its core offerings include business lending, treasury and cash management, residential and commercial mortgage financing, and consumer deposit products. Through its subsidiary, First Bank provides online and branch-based banking solutions, including checking and savings accounts, certificate of deposits, and digital banking tools designed to meet the needs of individuals, small- to mid-sized businesses, and professional institutions.

The company maintains a network of full-service banking centers and loan production offices across North Carolina and South Carolina, with a focus on markets in the Piedmont, Sandhills and coastal regions.