First Bancorp (NASDAQ:FBNC) Receives $56.67 Consensus Target Price from Brokerages

Shares of First Bancorp (NASDAQ:FBNC) have been given an average rating of “Hold” by the six brokerages that are presently covering the stock, Marketbeat.com reports. Four equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. The average 12 month price target among brokers that have updated their coverage on the stock in the last year is $56.6667.

A number of equities research analysts recently weighed in on FBNC shares. Keefe, Bruyette & Woods raised their target price on shares of First Bancorp from $53.00 to $62.00 and gave the company an “outperform” rating in a research note on Tuesday, September 2nd. Stephens lifted their price target on shares of First Bancorp from $53.00 to $57.00 and gave the stock an “overweight” rating in a research note on Monday, July 28th. Weiss Ratings reissued a “hold (c)” rating on shares of First Bancorp in a research note on Wednesday, October 8th. Zacks Research downgraded shares of First Bancorp from a “strong-buy” rating to a “hold” rating in a research note on Monday, September 29th. Finally, Piper Sandler lifted their price target on shares of First Bancorp from $48.00 to $51.00 and gave the stock a “neutral” rating in a research note on Friday, August 1st.

First Bancorp Trading Down 0.3%

Shares of FBNC opened at $48.54 on Wednesday. The firm’s 50 day simple moving average is $52.14 and its 200 day simple moving average is $47.10. The company has a market capitalization of $2.01 billion, a P/E ratio of 20.39 and a beta of 1.01. The company has a debt-to-equity ratio of 0.06, a current ratio of 0.82 and a quick ratio of 0.82. First Bancorp has a 1-year low of $34.50 and a 1-year high of $56.45.

First Bancorp (NASDAQ:FBNC) last announced its earnings results on Wednesday, October 22nd. The financial services provider reported $1.01 earnings per share for the quarter, beating analysts’ consensus estimates of $0.93 by $0.08. The business had revenue of $89.61 million for the quarter, compared to the consensus estimate of $113.47 million. First Bancorp had a net margin of 17.50% and a return on equity of 9.61%. Sell-side analysts forecast that First Bancorp will post 3.27 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in FBNC. Quantbot Technologies LP bought a new stake in shares of First Bancorp during the 1st quarter valued at $25,000. Quest 10 Wealth Builders Inc. purchased a new stake in First Bancorp in the third quarter worth $34,000. EverSource Wealth Advisors LLC increased its stake in First Bancorp by 2,222.6% in the second quarter. EverSource Wealth Advisors LLC now owns 720 shares of the financial services provider’s stock worth $32,000 after purchasing an additional 689 shares during the period. Northwestern Mutual Wealth Management Co. increased its stake in First Bancorp by 1,412.9% in the first quarter. Northwestern Mutual Wealth Management Co. now owns 938 shares of the financial services provider’s stock worth $38,000 after purchasing an additional 876 shares during the period. Finally, GAMMA Investing LLC raised its position in First Bancorp by 33.5% during the second quarter. GAMMA Investing LLC now owns 1,895 shares of the financial services provider’s stock valued at $84,000 after acquiring an additional 475 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 operates as the bank holding company for First Bank that provides banking products and services for individuals and small to medium-sized businesses. The company accepts deposit products, such as checking, savings, and money market accounts, as well as time deposits, including certificate of deposits and individual retirement accounts.