First Bancorp (FBNC) Upgraded to Buy by ValuEngine

ValuEngine upgraded shares of First Bancorp (NASDAQ:FBNC) from a hold rating to a buy rating in a report released on Thursday morning.

FBNC has been the subject of a number of other research reports. Brean Capital reissued a buy rating on shares of First Bancorp in a research report on Monday, January 29th. BidaskClub raised shares of First Bancorp from a hold rating to a buy rating in a research report on Thursday, March 15th. Finally, Zacks Investment Research raised shares of First Bancorp from a hold rating to a buy rating and set a $43.00 price objective for the company in a research report on Wednesday, May 2nd. One investment analyst has rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the company’s stock. The stock has an average rating of Buy and a consensus target price of $40.25.

Shares of First Bancorp traded down $0.31, reaching $40.88, during midday trading on Thursday, according to Marketbeat.com. The stock had a trading volume of 1,300 shares, compared to its average volume of 88,475. First Bancorp has a one year low of $40.41 and a one year high of $40.68. The company has a market cap of $1.21 billion, a PE ratio of 22.26, a price-to-earnings-growth ratio of 0.95 and a beta of 1.12. The company has a debt-to-equity ratio of 0.58, a current ratio of 1.03 and a quick ratio of 1.03.



First Bancorp (NASDAQ:FBNC) last announced its quarterly earnings data on Wednesday, April 25th. The financial services provider reported $0.77 EPS for the quarter, beating analysts’ consensus estimates of $0.60 by $0.17. First Bancorp had a net margin of 23.54% and a return on equity of 9.58%. The company had revenue of $66.45 million during the quarter, compared to the consensus estimate of $63.31 million. analysts expect that First Bancorp will post 2.81 earnings per share for the current year.

In related news, Director Mary Clara Capel sold 2,250 shares of First Bancorp stock in a transaction dated Wednesday, March 21st. The shares were sold at an average price of $37.05, for a total transaction of $83,362.50. Following the completion of the sale, the director now owns 13,746 shares of the company’s stock, valued at approximately $509,289.30. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 1.89% of the company’s stock.

Several hedge funds have recently made changes to their positions in the stock. SG Americas Securities LLC bought a new stake in First Bancorp in the 1st quarter valued at about $123,000. Acadian Asset Management LLC bought a new stake in First Bancorp in the 4th quarter valued at about $125,000. Sei Investments Co. boosted its holdings in First Bancorp by 60.0% in the 1st quarter. Sei Investments Co. now owns 3,517 shares of the financial services provider’s stock valued at $126,000 after purchasing an additional 1,319 shares during the period. Advisor Group Inc. boosted its holdings in First Bancorp by 145.8% in the 4th quarter. Advisor Group Inc. now owns 4,056 shares of the financial services provider’s stock valued at $143,000 after purchasing an additional 2,406 shares during the period. Finally, Envestnet Asset Management Inc. boosted its holdings in First Bancorp by 78.0% in the 1st quarter. Envestnet Asset Management Inc. now owns 4,887 shares of the financial services provider’s stock valued at $175,000 after purchasing an additional 2,141 shares during the period. 62.26% of the stock is owned by institutional investors and hedge funds.

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 deposits and individual retirement accounts.

To view ValuEngine’s full report, visit ValuEngine’s official website.

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