First Bancorp (NASDAQ:FBNC) Rating Lowered to Strong Sell at Zacks Research

Key Points

• Zacks Research downgraded First Bancorp from “hold” to “strong sell,” although the broader analyst consensus remains “Moderate Buy” with an average price target of $68.94.
• First Bancorp shares opened at $63.02, up 0.4%, with a market capitalization of $2.61 billion and a 52-week range of $45.96 to $66.78.
• The company exceeded quarterly expectations, reporting $1.22 in earnings per share versus the $1.15 consensus estimate and revenue of $127.3 million; institutional investors own 68.36% of its stock.

First Bancorp (NASDAQ:FBNC - Get Free Report) was downgraded by investment analysts at Zacks Research from a "hold" rating to a "strong sell" rating in a research report issued to clients and investors on Monday, Zacks reports.

Other analysts also recently issued research reports about the stock. Brean Capital initiated coverage on shares of First Bancorp in a report on Monday, June 8th. They set a "neutral" rating and a $65.75 price target for the company. Piper Sandler lifted their price objective on shares of First Bancorp from $64.00 to $65.00 and gave the company a "neutral" rating in a research note on Wednesday, July 29th. Raymond James Financial boosted their price objective on shares of First Bancorp from $68.00 to $75.00 and gave the company a "strong-buy" rating in a research report on Thursday, July 16th. Keefe, Bruyette & Woods upped their target price on First Bancorp from $67.00 to $70.00 and gave the stock an "outperform" rating in a research note on Tuesday, August 4th. Finally, Weiss Ratings reaffirmed a "buy (b)" rating on shares of First Bancorp in a report on Thursday, August 13th. One investment analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, First Bancorp presently has an average rating of "Moderate Buy" and an average target price of $68.94.

First Bancorp Stock Up 0.4%

Shares of NASDAQ FBNC opened at $63.02 on Monday. The stock has a market capitalization of $2.61 billion, a P/E ratio of 19.57 and a beta of 0.80. The stock's fifty day moving average is $64.22 and its 200 day moving average is $60.69. First Bancorp has a 52 week low of $45.96 and a 52 week high of $66.78. The company has a debt-to-equity ratio of 0.04, a quick ratio of 0.85 and a current ratio of 0.85.

First Bancorp (NASDAQ:FBNC - Get Free Report) last posted its quarterly earnings data on Wednesday, July 22nd. The financial services provider reported $1.22 earnings per share for the quarter, topping the consensus estimate of $1.15 by $0.07. The business had revenue of $127.30 million during the quarter, compared to analysts' expectations of $126.07 million. First Bancorp had a net margin of 22.12% and a return on equity of 11.31%. Sell-side analysts forecast that First Bancorp will post 4.69 earnings per share for the current fiscal year.

Hedge Funds Weigh In On First Bancorp

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Summit Securities Group LLC acquired a new position in shares of First Bancorp during the first quarter worth $34,000. Mitsubishi UFJ Asset Management Co. Ltd. bought a new stake in shares of First Bancorp in the second quarter worth $34,000. First Bancorp Inc ME acquired a new stake in First Bancorp in the second quarter valued at $48,000. Integrated Wealth Concepts LLC acquired a new stake in First Bancorp in the second quarter valued at $58,000. Finally, State of Wyoming bought a new position in First Bancorp during the 1st quarter worth $67,000. Institutional investors own 68.36% of the company's stock.

About First Bancorp

First Bancorp is a bank holding company headquartered in Southern Pines, North Carolina. Through its principal subsidiary, First Bank, the company provides community banking services to individuals, businesses and institutions.

First Bank offers a range of financial products, including checking and savings accounts, certificates of deposit, consumer and commercial loans, residential mortgages, and agricultural lending. Its services also include online and mobile banking, treasury management, wealth management and other financial solutions for business and personal customers.

Founded in 1983, First Bancorp has expanded its banking operations across North Carolina and neighboring markets in South Carolina and Virginia.

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