Analysts at Brean Capital initiated coverage on shares of First Bancorp (NASDAQ:FBNC – Get Free Report) in a research note issued on Monday. The brokerage set a “neutral” rating and a $65.75 price target on the financial services provider’s stock. Brean Capital’s price objective would suggest a potential upside of 9.75% from the company’s current price.
Several other brokerages also recently issued reports on FBNC. Weiss Ratings raised First Bancorp from a “buy (b-)” rating to a “buy (b)” rating in a report on Monday, May 18th. Keefe, Bruyette & Woods boosted their target price on First Bancorp from $65.00 to $66.00 and gave the stock an “outperform” rating in a report 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. Finally, Wall Street Zen upgraded shares of First Bancorp from a “sell” rating to a “hold” rating in a report on Saturday, February 28th. One analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat.com, First Bancorp currently has an average rating of “Moderate Buy” and an average price target of $62.95.
View Our Latest Analysis on FBNC
First Bancorp Stock Up 0.8%
First Bancorp (NASDAQ:FBNC – Get Free Report) last released its earnings results on Wednesday, April 22nd. The financial services provider reported $1.13 earnings per share for the quarter, beating the consensus estimate of $1.09 by $0.04. First Bancorp had a net margin of 20.59% and a return on equity of 10.86%. The firm had revenue of $122.29 million during the quarter, compared to analyst estimates of $123.21 million. As a group, equities analysts expect that First Bancorp will post 4.75 earnings per share for the current year.
Insider Buying and Selling at First Bancorp
In related news, Director Michael Goodwin Mayer sold 44,324 shares of the company’s stock in a transaction on Wednesday, May 20th. The shares were sold at an average price of $58.58, for a total value of $2,596,499.92. Following the completion of the sale, the director directly owned 41,491 shares in the company, valued at approximately $2,430,542.78. This represents a 51.65% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Corporate insiders own 2.04% of the company’s stock.
Hedge Funds Weigh In On First Bancorp
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Oregon Public Employees Retirement Fund increased its stake in shares of First Bancorp by 2.1% in the fourth quarter. Oregon Public Employees Retirement Fund now owns 9,532 shares of the financial services provider’s stock worth $484,000 after purchasing an additional 200 shares during the period. SouthState Bank Corp increased its holdings in shares of First Bancorp by 1.5% during the 4th quarter. SouthState Bank Corp now owns 13,189 shares of the financial services provider’s stock worth $670,000 after purchasing an additional 200 shares during the period. Martin & Co. Inc. TN lifted its stake in shares of First Bancorp by 0.3% in the third quarter. Martin & Co. Inc. TN now owns 64,808 shares of the financial services provider’s stock valued at $3,428,000 after buying an additional 224 shares during the period. State of Alaska Department of Revenue raised its holdings in First Bancorp by 1.1% in the 4th quarter. State of Alaska Department of Revenue now owns 22,841 shares of the financial services provider’s stock valued at $1,159,000 after acquiring an additional 238 shares in the last quarter. Finally, Illinois Municipal Retirement Fund increased its position in shares of First Bancorp by 1.1% during the first quarter. Illinois Municipal Retirement Fund now owns 22,017 shares of the financial services provider’s stock valued at $1,241,000 after purchasing an additional 242 shares during the period. Institutional investors and hedge funds own 68.36% of the company’s stock.
About First Bancorp
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.
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