First Bancorp (NASDAQ:FBNC) Given Average Rating of “Moderate Buy” by Analysts

First Bancorp (NASDAQ:FBNC) has been assigned an average recommendation of “Moderate Buy” from the six analysts that are currently covering the stock, MarketBeat.com reports. Two analysts have rated the stock with a hold recommendation, three have assigned a buy recommendation and one has issued a strong buy recommendation on the company. The average 12-month price objective among brokers that have covered the stock in the last year is $62.25.

FBNC has been the subject of a number of research reports. Weiss Ratings raised First Bancorp from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Friday, March 20th. Keefe, Bruyette & Woods increased their price target on First Bancorp from $65.00 to $66.00 and gave the company an “outperform” rating in a research note on Thursday, April 23rd. Zacks Research raised First Bancorp from a “strong sell” rating to a “hold” rating in a research note on Monday, March 9th. Piper Sandler lowered First Bancorp from an “overweight” rating to a “neutral” rating and increased their price target for the company from $58.00 to $64.00 in a research note on Saturday, February 7th. Finally, Wall Street Zen raised First Bancorp from a “sell” rating to a “hold” rating in a research note on Saturday, February 28th.

Hedge Funds Weigh In On First Bancorp

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Smartleaf Asset Management LLC boosted its stake in First Bancorp by 183.6% during the 3rd quarter. Smartleaf Asset Management LLC now owns 553 shares of the financial services provider’s stock valued at $29,000 after purchasing an additional 358 shares in the last quarter. Summit Securities Group LLC bought a new position in First Bancorp during the 1st quarter valued at $34,000. EverSource Wealth Advisors LLC boosted its stake in First Bancorp by 2,222.6% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 720 shares of the financial services provider’s stock valued at $32,000 after purchasing an additional 689 shares in the last quarter. First Horizon Corp lifted its position in shares of First Bancorp by 83.7% during the 4th quarter. First Horizon Corp now owns 777 shares of the financial services provider’s stock valued at $39,000 after acquiring an additional 354 shares during the last quarter. Finally, Torren Management LLC acquired a new stake in shares of First Bancorp during the 4th quarter valued at $41,000. 68.36% of the stock is owned by institutional investors.

First Bancorp Stock Performance

Shares of FBNC stock opened at $57.37 on Friday. First Bancorp has a 12-month low of $40.00 and a 12-month high of $62.64. The firm has a market capitalization of $2.37 billion, a price-to-earnings ratio of 19.58 and a beta of 0.82. The business has a 50 day simple moving average of $56.86 and a 200 day simple moving average of $55.25. The company has a debt-to-equity ratio of 0.04, a current ratio of 0.85 and a quick ratio of 0.84.

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

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.