First Bancorp (NASDAQ:FBNC) was downgraded by analysts at BidaskClub from a “buy” rating to a “hold” rating in a research note issued to investors on Wednesday, October 24th.
Other analysts also recently issued research reports about the stock. Brean Capital reissued a “buy” rating on shares of First Bancorp in a research report on Monday, October 22nd. Zacks Investment Research raised shares of First Bancorp from a “hold” rating to a “buy” rating and set a $45.00 target price for the company in a research report on Tuesday, September 25th. Piper Jaffray Companies increased their target price on shares of First Bancorp from $44.00 to $46.00 and gave the company a “buy” rating in a research report on Friday, July 27th. ValuEngine downgraded shares of First Bancorp from a “buy” rating to a “hold” rating in a research report on Monday, July 2nd. Finally, Sandler O’Neill downgraded shares of First Bancorp from a “buy” rating to a “hold” rating in a research report on Thursday, July 26th. Five investment analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. First Bancorp currently has an average rating of “Hold” and an average price target of $42.75.
NASDAQ FBNC traded up $0.24 during trading hours on Wednesday, reaching $39.35. The company’s stock had a trading volume of 104,000 shares, compared to its average volume of 100,974. The firm has a market cap of $1.15 billion, a PE ratio of 21.22, a price-to-earnings-growth ratio of 1.09 and a beta of 1.03. The company has a debt-to-equity ratio of 0.55, a current ratio of 1.04 and a quick ratio of 1.03. First Bancorp has a 52 week low of $33.88 and a 52 week high of $43.14.
First Bancorp (NASDAQ:FBNC) last released its earnings results on Tuesday, October 23rd. The financial services provider reported $0.74 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.74. The business had revenue of $67.22 million during the quarter, compared to the consensus estimate of $67.43 million. First Bancorp had a net margin of 27.88% and a return on equity of 10.92%. As a group, research analysts anticipate that First Bancorp will post 3.03 earnings per share for the current fiscal year.
In other First Bancorp news, insider Suzanne S. Deferie purchased 5,000 shares of First Bancorp stock in a transaction that occurred on Wednesday, September 19th. The stock was acquired at an average price of $39.80 per share, with a total value of $199,000.00. Following the transaction, the insider now owns 132,545 shares in the company, valued at approximately $5,275,291. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Mary Clara Capel sold 750 shares of First Bancorp stock in a transaction on Monday, August 20th. The shares were sold at an average price of $42.39, for a total transaction of $31,792.50. Following the completion of the sale, the director now directly owns 13,759 shares of the company’s stock, valued at approximately $583,244.01. The disclosure for this sale can be found here. Company insiders own 1.89% of the company’s stock.
A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. BlackRock Inc. grew its position in First Bancorp by 9.7% in the 3rd quarter. BlackRock Inc. now owns 2,112,497 shares of the financial services provider’s stock valued at $85,579,000 after purchasing an additional 187,396 shares during the period. Dimensional Fund Advisors LP lifted its stake in First Bancorp by 5.0% during the 3rd quarter. Dimensional Fund Advisors LP now owns 1,488,250 shares of the financial services provider’s stock valued at $60,288,000 after acquiring an additional 70,394 shares in the last quarter. Macquarie Group Ltd. lifted its stake in First Bancorp by 14.6% during the 3rd quarter. Macquarie Group Ltd. now owns 884,107 shares of the financial services provider’s stock valued at $35,815,000 after acquiring an additional 112,361 shares in the last quarter. Renaissance Technologies LLC lifted its stake in First Bancorp by 11.5% during the 3rd quarter. Renaissance Technologies LLC now owns 661,914 shares of the financial services provider’s stock valued at $26,814,000 after acquiring an additional 68,100 shares in the last quarter. Finally, Northern Trust Corp lifted its stake in First Bancorp by 62.9% during the 2nd quarter. Northern Trust Corp now owns 556,939 shares of the financial services provider’s stock valued at $22,784,000 after acquiring an additional 215,043 shares in the last quarter. 65.44% of the stock is owned by institutional investors and hedge funds.
First Bancorp Company Profile
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 certificates of deposits and individual retirement accounts.
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