First Bancorp (NASDAQ:FBNC) Stock Rating Lowered 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.

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

First Bancorp Trading Up 0.4%

Shares of NASDAQ:FBNC opened at $63.02 on Monday. The stock’s 50-day simple moving average is $64.22 and its two-hundred day simple moving average is $60.69. The stock has a market capitalization of $2.61 billion, a price-to-earnings ratio of 19.57 and a beta of 0.80. First Bancorp has a 52-week low of $45.96 and a 52-week high of $66.78. The company has a debt-to-equity ratio of 0.04, a quick ratio of 0.85 and a current ratio of 0.85.

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

Hedge Funds Weigh In On First Bancorp

Several institutional investors have recently bought and sold shares of FBNC. Martin & Co. Inc. TN bought a new position in shares of First Bancorp during the 2nd quarter valued at about $4,310,000. Bank of New York Mellon Corp bought a new stake in shares of First Bancorp in the second quarter worth about $19,671,000. BlackRock Inc. bought a new position in First Bancorp during the second quarter valued at approximately $380,347,000. Jupiter Topco LLC purchased a new position in First Bancorp during the 2nd quarter valued at approximately $1,123,000. Finally, Bank of America Corp DE grew its holdings in First Bancorp by 15.8% during the 1st quarter. Bank of America Corp DE now owns 214,917 shares of the financial services provider’s stock valued at $12,111,000 after buying an additional 29,251 shares in the last quarter. 68.36% of the stock is owned by hedge funds and other institutional investors.

First Bancorp Company Profile

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.