First Bancorp (NASDAQ:FBNC) Stock Price Crosses Above Two Hundred Day Moving Average – Here’s What Happened

Shares of First Bancorp (NASDAQ:FBNC) crossed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $54.60 and traded as high as $58.34. First Bancorp shares last traded at $57.74, with a volume of 274,841 shares.

Analyst Upgrades and Downgrades

Several analysts have commented on FBNC shares. Zacks Research upgraded shares of First Bancorp from a “strong sell” rating to a “hold” rating in a report on Monday, March 9th. Keefe, Bruyette & Woods raised their target price on shares of First Bancorp from $65.00 to $66.00 and gave the stock an “outperform” rating in a report on Thursday, April 23rd. Raymond James Financial upgraded shares of First Bancorp from a “market perform” rating to a “strong-buy” rating and set a $62.00 target price on the stock in a report on Wednesday, January 7th. Weiss Ratings upgraded shares of First Bancorp from a “hold (c+)” rating to a “buy (b-)” rating in a report on Friday, March 20th. Finally, Piper Sandler downgraded shares of First Bancorp from an “overweight” rating to a “neutral” rating and raised their target price for the stock from $58.00 to $64.00 in a report on Saturday, February 7th. One investment analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $62.25.

First Bancorp Stock Up 0.1%

The company has a market capitalization of $2.39 billion, a P/E ratio of 19.72 and a beta of 0.84. The firm’s 50 day moving average price is $56.98 and its two-hundred day moving average price is $54.60. The company has a current ratio of 0.85, a quick ratio of 0.84 and a debt-to-equity ratio of 0.04.

First Bancorp (NASDAQ:FBNC) last issued its quarterly earnings results on Wednesday, April 22nd. The financial services provider reported $1.13 earnings per share for the quarter, topping the consensus estimate of $1.09 by $0.04. The company had revenue of $122.29 million during the quarter, compared to analysts’ expectations of $123.21 million. First Bancorp had a net margin of 20.59% and a return on equity of 10.86%. Equities research analysts forecast that First Bancorp will post 4.75 EPS for the current year.

Insider Buying and Selling at First Bancorp

In other news, insider Mary Clara Capel sold 5,000 shares of the firm’s stock in a transaction that occurred on Tuesday, February 3rd. The shares were sold at an average price of $59.31, for a total transaction of $296,550.00. Following the completion of the transaction, the insider directly owned 20,400 shares of the company’s stock, valued at $1,209,924. This trade represents a 19.69% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 2.04% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On First Bancorp

Hedge funds have recently made changes to their positions in the business. Royal Bank of Canada grew its stake in shares of First Bancorp by 6.8% in the first quarter. Royal Bank of Canada now owns 43,558 shares of the financial services provider’s stock valued at $1,749,000 after buying an additional 2,781 shares in the last quarter. AQR Capital Management LLC bought a new position in shares of First Bancorp in the first quarter valued at $318,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in shares of First Bancorp by 5.1% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 23,935 shares of the financial services provider’s stock valued at $961,000 after buying an additional 1,160 shares in the last quarter. Millennium Management LLC bought a new position in shares of First Bancorp in the first quarter valued at $4,046,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in shares of First Bancorp by 6.4% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 258,671 shares of the financial services provider’s stock valued at $10,383,000 after buying an additional 15,570 shares in the last quarter. 68.36% of the stock is owned by institutional investors.

First Bancorp Company Profile

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.