First Bancorp (NASDAQ:FBNC – Get Rating) had its target price dropped by stock analysts at Piper Sandler from $49.00 to $45.00 in a research report issued on Thursday, Benzinga reports. The firm currently has an "overweight" rating on the financial services provider's stock. Piper Sandler's price objective would indicate a potential upside of 17.46% from the company's previous close.
Other research analysts have also issued research reports about the company. StockNews.com upgraded First Bancorp from a "sell" rating to a "hold" rating in a research report on Thursday, October 20th. Raymond James increased their price target on First Bancorp from $41.00 to $49.00 and gave the company an "outperform" rating in a research note on Monday, October 31st.
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First Bancorp Price Performance
FBNC stock traded down $0.20 during trading on Thursday, reaching $38.31. The company's stock had a trading volume of 3,401 shares, compared to its average volume of 149,577. The company's fifty day moving average is $43.90 and its 200-day moving average is $40.58. The company has a market capitalization of $1.37 billion, a P/E ratio of 9.32 and a beta of 1.14. First Bancorp has a 1 year low of $32.90 and a 1 year high of $49.00. The company has a quick ratio of 0.73, a current ratio of 0.73 and a debt-to-equity ratio of 0.23.
First Bancorp (NASDAQ:FBNC – Get Rating) last released its earnings results on Wednesday, October 26th. The financial services provider reported $1.06 EPS for the quarter, topping the consensus estimate of $0.98 by $0.08. The firm had revenue of $102.25 million for the quarter, compared to the consensus estimate of $91.27 million. First Bancorp had a net
margin of 35.93% and a return on equity of 13.93%. On average, research analysts expect that First Bancorp will post 4.29 earnings per share for the current fiscal year.
Insider Activity at First Bancorp
In related news, Director Carlie C. Mclamb, Jr. acquired 928 shares of First Bancorp stock in a transaction on Friday, November 11th. The shares were bought at an average cost of $46.40 per share, with a total value of $43,059.20. Following the completion of the purchase, the director now directly owns 12,213 shares of the company's stock, valued at approximately $566,683.20. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 1.90% of the stock is owned by insiders.
Institutional Investors Weigh In On First Bancorp
Several hedge funds and other institutional investors have recently made changes to their positions in the company. Walleye Capital LLC bought a new position in First Bancorp during the 2nd quarter valued at about $281,000. Mirae Asset Global Investments Co. Ltd. purchased a new position in shares of First Bancorp during the second quarter valued at approximately $359,000. WINTON GROUP Ltd purchased a new position in shares of First Bancorp during the second quarter valued at approximately $359,000. Peregrine Capital Management LLC grew its stake in shares of First Bancorp by 4.6% during the second quarter. Peregrine Capital Management LLC now owns 274,202 shares of the financial services provider's stock valued at $9,570,000 after buying an additional 12,096 shares during the last quarter. Finally, Edge Capital Group LLC raised its holdings in shares of First Bancorp by 148.5% in the second quarter. Edge Capital Group LLC now owns 40,000 shares of the financial services provider's stock worth $406,000 after buying an additional 23,901 shares during the period. Hedge funds and other institutional investors own 69.44% of the company's stock.
About First Bancorp
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First Bancorp operates as the bank holding company for First Bank that provides banking products and services for individuals and small to medium-sized businesses primarily in North Carolina and northeastern South Carolina. It accepts deposit products, such as checking, savings, and money market accounts, as well as time deposits, including certificate of deposits and individual retirement accounts.
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