First Bancorp (NASDAQ:FBNC) Hits New 52-Week High – Still a Buy?

First Bancorp (NASDAQ:FBNC) shares reached a new 52-week high during mid-day trading on Wednesday. The company traded as high as $66.99 and last traded at $65.6660, with a volume of 7,995 shares changing hands. The stock had previously closed at $64.16.

Analyst Upgrades and Downgrades

FBNC has been the topic of several recent analyst reports. Zacks Research downgraded First Bancorp from a “hold” rating to a “strong sell” rating in a research report on Monday, September 21st. Raymond James Financial lowered First Bancorp from a “strong-buy” rating to an “outperform” rating and cut their price target for the stock from $72.00 to $71.00 in a report on Tuesday, October 6th. Weiss Ratings reissued a “buy (b)” rating on shares of First Bancorp in a research report on Thursday, August 13th. Keefe, Bruyette & Woods raised their price objective on shares of First Bancorp from $67.00 to $70.00 and gave the stock an “outperform” rating in a research note on Tuesday, August 4th. Finally, Piper Sandler raised their price objective on shares of First Bancorp from $65.00 to $66.00 and gave the stock a “neutral” rating in a research note on Thursday, October 22nd. Three equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, First Bancorp has an average rating of “Hold” and an average price target of $68.19.

First Bancorp Trading Down 1.9%

The firm has a market capitalization of $2.68 billion, a price-to-earnings ratio of 16.31 and a beta of 0.80. The business has a 50-day moving average of $62.76 and a two-hundred day moving average of $60.74. The company has a quick ratio of 0.85, a current ratio of 0.85 and a debt-to-equity ratio of 0.04.

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

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. Summit Securities Group LLC acquired a new stake in shares of First Bancorp during the 1st quarter worth about $34,000. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new position in First Bancorp in the second quarter valued at about $34,000. USA Financial Formulas acquired a new position in First Bancorp in the third quarter valued at about $40,000. First Bancorp Inc ME acquired a new position in First Bancorp in the second quarter valued at about $48,000. Finally, Integrated Wealth Concepts LLC bought a new stake in First Bancorp during the second quarter worth about $58,000. 68.36% of the stock is currently owned by institutional investors and hedge funds.

About First Bancorp

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.