Keefe, Bruyette & Woods Forecasts Strong Price Appreciation for First Bancorp (NASDAQ:FBNC) Stock
by Doug Wharley · The Cerbat GemFirst Bancorp (NASDAQ:FBNC – Get Free Report) had its price objective increased by equities researchers at Keefe, Bruyette & Woods from $65.00 to $66.00 in a report issued on Thursday,Benzinga reports. The firm currently has an “outperform” rating on the financial services provider’s stock. Keefe, Bruyette & Woods’ target price would suggest a potential upside of 10.75% from the company’s previous close.
Several other equities research analysts also recently weighed in on FBNC. Weiss Ratings upgraded shares of First Bancorp from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Friday, March 20th. Wall Street Zen upgraded shares of First Bancorp from a “sell” rating to a “hold” rating in a research note on Saturday, February 28th. Piper Sandler downgraded shares of First Bancorp from an “overweight” rating to a “neutral” rating and raised their target price for the company from $58.00 to $64.00 in a research note on Saturday, February 7th. Zacks Research upgraded shares of First Bancorp from a “strong sell” rating to a “hold” rating in a research note on Monday, March 9th. Finally, Raymond James Financial upgraded shares of First Bancorp from a “market perform” rating to a “strong-buy” rating and set a $62.00 target price for the company in a research note on Wednesday, January 7th. One research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, First Bancorp presently has an average rating of “Moderate Buy” and a consensus price target of $62.25.
View Our Latest Report on FBNC
First Bancorp Stock Up 3.1%
FBNC stock traded up $1.80 during trading on Thursday, hitting $59.59. 81,371 shares of the company’s stock traded hands, compared to its average volume of 237,681. The firm has a market capitalization of $2.47 billion, a P/E ratio of 22.24 and a beta of 0.84. First Bancorp has a 1 year low of $38.82 and a 1 year high of $62.64. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.05. The business has a fifty day simple moving average of $57.23 and a two-hundred day simple moving average of $54.29.
First Bancorp (NASDAQ:FBNC – Get Free Report) last announced 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. The company had revenue of $122.29 million during the quarter, compared to the consensus estimate of $123.21 million. First Bancorp had a net margin of 19.24% and a return on equity of 10.41%. Sell-side analysts anticipate that First Bancorp will post 4.61 EPS for the current year.
Insider Activity at First Bancorp
In other news, insider Mary Clara Capel sold 5,000 shares of First Bancorp stock in a transaction on Tuesday, February 3rd. The shares were sold at an average price of $59.31, for a total transaction of $296,550.00. Following the completion of the sale, the insider directly owned 20,400 shares in the company, valued at approximately $1,209,924. The trade was a 19.69% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders have sold 10,142 shares of company stock worth $592,276 in the last three months. Insiders own 2.04% of the company’s stock.
Institutional Inflows and Outflows
Several institutional investors have recently made changes to their positions in the business. Royal Bank of Canada lifted its position in First Bancorp by 6.8% during the first quarter. Royal Bank of Canada now owns 43,558 shares of the financial services provider’s stock valued at $1,749,000 after purchasing an additional 2,781 shares during the period. AQR Capital Management LLC acquired a new position in First Bancorp during the first quarter valued at $318,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in First Bancorp by 5.1% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 23,935 shares of the financial services provider’s stock valued at $961,000 after purchasing an additional 1,160 shares during the period. Millennium Management LLC acquired a new position in First Bancorp during the first quarter valued at $4,046,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in First Bancorp by 6.4% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 258,671 shares of the financial services provider’s stock valued at $10,383,000 after purchasing an additional 15,570 shares during the period. Hedge funds and other institutional investors own 68.36% of the company’s stock.
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.