First Bancorp (NASDAQ:FBNC) Lowered to “Strong Sell” Rating by Zacks Research

First Bancorp (NASDAQ:FBNC) was downgraded by equities research analysts at Zacks Research from a “hold” rating to a “strong sell” rating in a research note issued on Monday, Zacks reports.

Other equities research analysts have also recently issued reports about the stock. Keefe, Bruyette & Woods increased their price objective on shares of First Bancorp from $67.00 to $70.00 and gave the stock an “outperform” rating in a research report on Tuesday, August 4th. Brean Capital initiated coverage on shares of First Bancorp in a report on Monday, June 8th. They issued a “neutral” rating and a $65.75 target price on the stock. Weiss Ratings reaffirmed a “buy (b)” rating on shares of First Bancorp in a research report on Thursday, August 13th. Raymond James Financial upped their price target on shares of First Bancorp from $68.00 to $75.00 and gave the company a “strong-buy” rating in a research report on Thursday, July 16th. Finally, Piper Sandler increased their price target on First Bancorp from $64.00 to $65.00 and gave the stock a “neutral” rating in a report on Wednesday, July 29th. One analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, First Bancorp presently has an average rating of “Moderate Buy” and an average target price of $68.94.

First Bancorp Stock Performance

Shares of FBNC stock opened at $63.02 on Monday. The stock has a market capitalization of $2.61 billion, a PE ratio of 19.57 and a beta of 0.80. The business’s 50 day simple moving average is $64.22 and its 200 day simple moving average is $60.69. The company has a debt-to-equity ratio of 0.04, a current ratio of 0.85 and a quick ratio of 0.85. First Bancorp has a one year low of $45.96 and a one year high of $66.78.

First Bancorp (NASDAQ:FBNC) last released its quarterly earnings results on Wednesday, July 22nd. The financial services provider reported $1.22 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.15 by $0.07. The firm had revenue of $127.30 million during the quarter, compared to analyst estimates of $126.07 million. First Bancorp had a net margin of 22.12% and a return on equity of 11.31%. As a group, research analysts forecast that First Bancorp will post 4.69 earnings per share for the current year.

Institutional Trading of First Bancorp

Several hedge funds have recently modified their holdings of FBNC. BlackRock Inc. bought a new position in First Bancorp during the second quarter worth $380,347,000. Jennison Associates LLC grew its holdings in First Bancorp by 34.1% in the first quarter. Jennison Associates LLC now owns 974,221 shares of the financial services provider’s stock worth $54,897,000 after purchasing an additional 247,859 shares during the period. Bank of New York Mellon Corp bought a new stake in First Bancorp in the second quarter valued at $45,055,000. First Bancorp Inc ME bought a new stake in First Bancorp in the second quarter valued at $25,711,000. Finally, Segall Bryant & Hamill LLC raised its holdings in shares of First Bancorp by 176.4% during the first quarter. Segall Bryant & Hamill LLC now owns 429,818 shares of the financial services provider’s stock valued at $24,220,000 after purchasing an additional 274,289 shares during the period. Institutional investors own 68.36% of the company’s stock.

About First Bancorp

First Bancorp is a bank holding company headquartered in Southern Pines, North Carolina. Through its principal subsidiary, First Bank, the company provides community banking services to individuals, businesses and institutions.

First Bank offers a range of financial products, including checking and savings accounts, certificates of deposit, consumer and commercial loans, residential mortgages, and agricultural lending. Its services also include online and mobile banking, treasury management, wealth management and other financial solutions for business and personal customers.

Founded in 1983, First Bancorp has expanded its banking operations across North Carolina and neighboring markets in South Carolina and Virginia.