First Bancorp (NASDAQ:FBNC) Stock Price Target Raised at Piper Sandler

Key Points

• Piper Sandler raised First Bancorp’s price target from $65 to $66 while maintaining a “neutral” rating, implying approximately 8.13% upside from the current share price.
• Analyst sentiment remains mixed: First Bancorp has a consensus “Hold” rating and an average price target of $68.19, with ratings ranging from strong sell to buy.
• The company reported quarterly EPS of $1.24, exceeding the $1.18 consensus estimate, while revenue of $129.91 million was roughly in line with expectations. Institutional investors own 68.36% of the stock.

First Bancorp (NASDAQ:FBNC - Get Free Report) had its target price lifted by stock analysts at Piper Sandler from $65.00 to $66.00 in a research note issued to investors on Thursday, Benzinga reports. The brokerage currently has a "neutral" rating on the financial services provider's stock. Piper Sandler's price objective suggests a potential upside of 8.13% from the company's current price.

Other analysts also recently issued reports about the company. Raymond James Financial downgraded First Bancorp from a "strong-buy" rating to an "outperform" rating and reduced their target price for the company from $72.00 to $71.00 in a report on Tuesday, October 6th. Keefe, Bruyette & Woods raised their price target on First Bancorp from $67.00 to $70.00 and gave the stock an "outperform" rating in a research note on Tuesday, August 4th. Weiss Ratings reiterated a "buy (b)" rating on shares of First Bancorp in a research note on Thursday, August 13th. Finally, Zacks Research downgraded First Bancorp from a "hold" rating to a "strong sell" rating in a report on Monday, September 21st. Three analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus target price of $68.19.

First Bancorp Price Performance

Shares of NASDAQ:FBNC opened at $61.04 on Thursday. First Bancorp has a 12 month low of $47.53 and a 12 month high of $66.78. The firm has a market capitalization of $2.53 billion, a P/E ratio of 18.96 and a beta of 0.84. The company has a debt-to-equity ratio of 0.04, a current ratio of 0.85 and a quick ratio of 0.85. The company's fifty day moving average price is $62.89 and its 200 day moving average price is $61.60.

First Bancorp (NASDAQ:FBNC - Get Free Report) last released its quarterly earnings data on Wednesday, October 21st. The financial services provider reported $1.24 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.18 by $0.06. The company had revenue of $129.91 million during the quarter, compared to the consensus estimate of $130.01 million. First Bancorp had a net margin of 22.12% and a return on equity of 11.31%. As a group, sell-side analysts predict that First Bancorp will post 4.72 earnings per share for the current fiscal year.

Hedge Funds Weigh In On First Bancorp

Several institutional investors have recently added to or reduced their stakes in FBNC. Illinois Municipal Retirement Fund raised its stake in First Bancorp by 1.1% during the 1st quarter. Illinois Municipal Retirement Fund now owns 22,017 shares of the financial services provider's stock valued at $1,241,000 after acquiring an additional 242 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new position in shares of First Bancorp in the 2nd quarter valued at approximately $34,000. Summit Securities Group LLC purchased a new position in shares of First Bancorp in the 1st quarter valued at approximately $34,000. USA Financial Formulas purchased a new position in shares of First Bancorp in the 3rd quarter valued at approximately $40,000. Finally, Contravisory Investment Management Inc. grew its stake in shares of First Bancorp by 16.8% in the 3rd quarter. Contravisory Investment Management Inc. now owns 5,588 shares of the financial services provider's stock valued at $341,000 after purchasing an additional 802 shares during the last quarter. Institutional investors and hedge funds own 68.36% of the company's stock.

First Bancorp Company Profile

First Bancorp is a bank holding company headquartered in Southern Pines, North Carolina. Its principal subsidiary, First Bank, is a community banking institution that provides financial services to individuals, businesses and institutions.

First Bank offers deposit accounts, consumer and commercial loans, mortgages, treasury management and other business banking services. Through its banking and related financial services operations, the company also provides wealth management, trust and investment services, insurance products and electronic banking solutions.

Founded in 1983, First Bancorp has expanded from its origins in North Carolina into a regional banking organization serving communities across North Carolina and South Carolina.

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