First Bancorp (NASDAQ:FBNC) Stock Has Average Price Target of $68.19 According to Brokerages

First Bancorp (NASDAQ:FBNC) has received a consensus rating of “Hold” from the six analysts that are presently covering the stock, Marketbeat.com reports. One equities research analyst has rated the stock with a sell recommendation, two have given a hold recommendation and three have given a buy recommendation to the company. The average 12 month price objective among brokerages that have issued ratings on the stock in the last year is $68.19.

FBNC has been the subject of a number of recent analyst reports. Zacks Research lowered shares of First Bancorp from a “hold” rating to a “strong sell” rating in a research report on Monday, September 21st. Raymond James Financial downgraded First Bancorp from a “strong-buy” rating to an “outperform” rating and lowered their price objective for the stock from $72.00 to $71.00 in a research report on Tuesday, October 6th. Piper Sandler lifted their price objective on First Bancorp from $65.00 to $66.00 and gave the company a “neutral” rating in a research note on Thursday, October 22nd. Keefe, Bruyette & Woods lifted their price objective on First Bancorp from $67.00 to $70.00 and gave the company an “outperform” rating in a research note on Tuesday, August 4th. Finally, Weiss Ratings restated a “buy (b)” rating on shares of First Bancorp in a research report on Thursday, August 13th.

Institutional Trading of First Bancorp

A number of large investors have recently modified their holdings of FBNC. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new position in shares of First Bancorp during the second quarter worth about $34,000. Summit Securities Group LLC bought a new position in shares of First Bancorp in the first quarter worth approximately $34,000. USA Financial Formulas purchased a new stake in First Bancorp in the third quarter valued at approximately $40,000. Integrated Wealth Concepts LLC purchased a new stake in First Bancorp in the second quarter valued at approximately $58,000. Finally, State of Wyoming purchased a new stake in First Bancorp in the first quarter valued at approximately $67,000. Institutional investors own 68.36% of the company’s stock.

First Bancorp Stock Performance

First Bancorp stock opened at $64.60 on Friday. The firm’s 50 day simple moving average is $62.78 and its 200 day simple moving average is $60.78. The company has a current ratio of 0.85, a quick ratio of 0.85 and a debt-to-equity ratio of 0.04. The firm has a market capitalization of $2.67 billion, a PE ratio of 16.27 and a beta of 0.80. First Bancorp has a 1-year low of $47.83 and a 1-year high of $67.74.

First Bancorp (NASDAQ:FBNC) last posted its earnings results on Wednesday, October 21st. The financial services provider reported $1.24 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.18 by $0.06. First Bancorp had a net margin of 26.81% and a return on equity of 11.71%. The business had revenue of $129.91 million for the quarter, compared to analysts’ expectations of $130.01 million. As a group, analysts expect that First Bancorp will post 4.76 earnings per share for the current fiscal year.

First Bancorp Company Profile

First Bancorp is a bank holding company headquartered in Southern Pines, North Carolina. Its principal subsidiary, First Bank, is a community banking institution that provides financial services to individuals, businesses and institutions.

First Bank offers deposit accounts, consumer and commercial loans, mortgages, treasury management and other business banking services. Through its banking and related financial services operations, the company also provides wealth management, trust and investment services, insurance products and electronic banking solutions.

Founded in 1983, First Bancorp has expanded from its origins in North Carolina into a regional banking organization serving communities across North Carolina and South Carolina.