First Bancorp (NASDAQ:FBNC) Now Covered by Stephens

Stephens started coverage on shares of First Bancorp (NASDAQ:FBNC) in a research report issued to clients and investors on Tuesday, The Fly reports. The brokerage set an “equal weight” rating on the financial services provider’s stock.

Several other equities research analysts have also recently issued reports on the stock. DA Davidson upgraded shares of First Bancorp from a “neutral” rating to a “buy” rating in a report on Tuesday, September 15th. Zacks Investment Research upgraded shares of First Bancorp from a “sell” rating to a “hold” rating in a report on Wednesday, September 23rd. ValuEngine upgraded shares of First Bancorp from a “sell” rating to a “hold” rating in a research note on Tuesday, September 1st. Finally, Piper Sandler dropped their price target on shares of First Bancorp from $26.00 to $25.00 and set a “neutral” rating on the stock in a research note on Friday, July 24th. Four investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. First Bancorp currently has an average rating of “Hold” and a consensus price target of $37.33.

First Bancorp stock opened at $23.62 on Tuesday. The company has a current ratio of 0.94, a quick ratio of 0.93 and a debt-to-equity ratio of 0.13. First Bancorp has a 1-year low of $17.32 and a 1-year high of $41.34. The firm has a 50-day moving average of $21.46 and a 200-day moving average of $22.72. The firm has a market cap of $684.44 million, a P/E ratio of 8.65, a P/E/G ratio of 3.08 and a beta of 1.16.

First Bancorp (NASDAQ:FBNC) last announced its earnings results on Thursday, July 23rd. The financial services provider reported $0.56 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.16 by $0.40. The business had revenue of $78.82 million during the quarter, compared to the consensus estimate of $67.34 million. First Bancorp had a net margin of 25.52% and a return on equity of 8.67%. Research analysts forecast that First Bancorp will post 1.9 earnings per share for the current fiscal year.

In other news, Director James C. Crawford III acquired 2,500 shares of First Bancorp stock in a transaction that occurred on Wednesday, September 23rd. The stock was purchased at an average price of $20.71 per share, for a total transaction of $51,775.00. Following the purchase, the director now directly owns 68,348 shares in the company, valued at approximately $1,415,487.08. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 2.37% of the stock is currently owned by corporate insiders.

Large investors have recently added to or reduced their stakes in the company. FDx Advisors Inc. purchased a new stake in First Bancorp during the first quarter worth $351,000. EJF Capital LLC purchased a new position in First Bancorp during the second quarter valued at $2,897,000. Macquarie Group Ltd. lifted its holdings in First Bancorp by 7.8% during the second quarter. Macquarie Group Ltd. now owns 1,288,865 shares of the financial services provider’s stock valued at $32,325,000 after purchasing an additional 93,272 shares in the last quarter. Russell Investments Group Ltd. lifted its holdings in First Bancorp by 95.4% during the second quarter. Russell Investments Group Ltd. now owns 173,724 shares of the financial services provider’s stock valued at $4,350,000 after purchasing an additional 84,839 shares in the last quarter. Finally, Bank of New York Mellon Corp lifted its holdings in First Bancorp by 10.2% during the second quarter. Bank of New York Mellon Corp now owns 495,522 shares of the financial services provider’s stock valued at $12,427,000 after purchasing an additional 45,772 shares in the last quarter. Hedge funds and other institutional investors own 67.86% of the company’s stock.

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 deposit and individual retirement accounts.

Featured Story: Understanding Analyst Ratings

The Fly

Analyst Recommendations for First Bancorp (NASDAQ:FBNC)

Receive News & Ratings for First Bancorp Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for First Bancorp and related companies with MarketBeat.com's FREE daily email newsletter.