First Bancorp (NASDAQ:FBNC – Get Free Report) crossed above its two hundred day moving average during trading on Tuesday . The stock has a two hundred day moving average of $55.97 and traded as high as $59.55. First Bancorp shares last traded at $59.39, with a volume of 198,515 shares traded.
Analysts Set New Price Targets
Several research firms have recently issued reports on FBNC. Wall Street Zen raised First Bancorp from a “sell” rating to a “hold” rating in a research note on Saturday, February 28th. Keefe, Bruyette & Woods lifted their price target on First Bancorp from $65.00 to $66.00 and gave the stock 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 downgraded First Bancorp from an “overweight” rating to a “neutral” rating and lifted their price target for the stock from $58.00 to $64.00 in a research note on Saturday, February 7th. Finally, Weiss Ratings raised First Bancorp from a “buy (b-)” rating to a “buy (b)” rating in a research note on Monday, May 18th. One analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $62.25.
View Our Latest Report on FBNC
First Bancorp Stock Performance
First Bancorp (NASDAQ:FBNC – Get Free Report) last posted its quarterly earnings results on Wednesday, April 22nd. The financial services provider reported $1.13 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.09 by $0.04. The business had revenue of $122.29 million for the quarter, compared to analyst estimates of $123.21 million. First Bancorp had a return on equity of 10.86% and a net margin of 20.59%. On average, equities research analysts forecast that First Bancorp will post 4.75 earnings per share for the current fiscal year.
Insider Buying and Selling
In related news, Director Michael Goodwin Mayer sold 44,324 shares of the company’s stock in a transaction on Wednesday, May 20th. The stock was sold at an average price of $58.58, for a total transaction of $2,596,499.92. Following the completion of the transaction, the director directly owned 41,491 shares in the company, valued at $2,430,542.78. This represents a 51.65% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 2.04% of the stock is currently owned by insiders.
Institutional Inflows and Outflows
Institutional investors have recently added to or reduced their stakes in the stock. Public Sector Pension Investment Board grew its stake in First Bancorp by 14.5% during the 3rd quarter. Public Sector Pension Investment Board now owns 161,719 shares of the financial services provider’s stock worth $8,553,000 after buying an additional 20,520 shares during the last quarter. Jennison Associates LLC grew its stake in First Bancorp by 20.4% during the 4th quarter. Jennison Associates LLC now owns 726,362 shares of the financial services provider’s stock worth $36,892,000 after buying an additional 123,283 shares during the last quarter. Schroder Investment Management Group grew its stake in shares of First Bancorp by 39.4% in the third quarter. Schroder Investment Management Group now owns 576,596 shares of the financial services provider’s stock worth $30,502,000 after purchasing an additional 163,026 shares in the last quarter. Rafferty Asset Management LLC grew its stake in shares of First Bancorp by 50.3% in the third quarter. Rafferty Asset Management LLC now owns 40,586 shares of the financial services provider’s stock worth $2,147,000 after purchasing an additional 13,588 shares in the last quarter. Finally, Pinnacle Wealth Management Advisory Group LLC bought a new position in shares of First Bancorp in the fourth quarter worth $518,000. 68.36% of the stock is currently owned by institutional investors.
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.
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