First Bancorp (NASDAQ:FBNC) Stock Rating Cut to "Outperform" at Raymond James Financial

Key Points

• Raymond James downgraded First Bancorp from “strong buy” to “outperform,” while maintaining a $71 price target—implying approximately 14.9% upside from the reported $61.79 price.
• Analyst sentiment is mixed: First Bancorp has an average “hold” rating and a consensus price target of $67.94, with three buy ratings, two holds, and one sell rating.
• The company exceeded quarterly expectations, reporting $1.22 in EPS versus the $1.15 consensus and $127.3 million in revenue versus the $126.07 million estimate; institutional investors own 68.36% of its shares.

First Bancorp (NASDAQ:FBNC - Get Free Report) was downgraded by research analysts at Raymond James Financial from a "strong-buy" rating to an "outperform" rating in a research report issued to clients and investors on Tuesday, MarketBeat Ratings reports. They presently have a $71.00 price objective on the financial services provider's stock. Raymond James Financial's price objective points to a potential upside of 14.91% from the company's current price.

Several other research analysts have also weighed in on FBNC. Keefe, Bruyette & Woods upped their target price on shares of First Bancorp from $67.00 to $70.00 and gave the stock an "outperform" rating in a research report on Tuesday, August 4th. Piper Sandler boosted their price target on First Bancorp from $64.00 to $65.00 and gave the stock a "neutral" rating in a research note on Wednesday, July 29th. Weiss Ratings reaffirmed a "buy (b)" rating on shares of First Bancorp in a research note on Thursday, August 13th. Zacks Research cut First Bancorp from a "hold" rating to a "strong sell" rating in a report on Monday, September 21st. Finally, Brean Capital started coverage on First Bancorp in a research report on Monday, June 8th. They set a "neutral" rating and a $65.75 target price on the stock. Three analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, First Bancorp has an average rating of "Hold" and a consensus target price of $67.94.

First Bancorp Trading Down 0.9%

NASDAQ:FBNC opened at $61.79 on Tuesday. First Bancorp has a 1 year low of $45.96 and a 1 year 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. The stock has a fifty day moving average price of $63.94 and a two-hundred day moving average price of $61.17. The stock has a market capitalization of $2.56 billion, a price-to-earnings ratio of 19.19 and a beta of 0.84.

First Bancorp (NASDAQ:FBNC - Get Free Report) last issued its earnings results on Wednesday, July 22nd. The financial services provider reported $1.22 EPS for the quarter, topping the consensus estimate of $1.15 by $0.07. The company had revenue of $127.30 million for the quarter, compared to analyst estimates of $126.07 million. First Bancorp had a net margin of 22.12% and a return on equity of 11.31%. As a group, sell-side analysts anticipate that First Bancorp will post 4.72 earnings per share for the current fiscal year.

Institutional Investors Weigh In On First Bancorp

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Summit Securities Group LLC purchased a new position in First Bancorp during the first quarter worth $34,000. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new stake in shares of First Bancorp in the second quarter valued at $34,000. First Bancorp Inc ME acquired a new stake in shares of First Bancorp during the second quarter valued at $48,000. Integrated Wealth Concepts LLC acquired a new stake in shares of First Bancorp during the second quarter valued at $58,000. Finally, State of Wyoming purchased a new stake in First Bancorp during the 1st quarter worth about $67,000. Hedge funds and other 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 banking and financial services to individuals, businesses, and organizations.

First Bank offers deposit accounts, consumer and commercial loans, residential and commercial real estate financing, mortgage services, treasury and cash-management solutions, and online and mobile banking. The bank also provides wealth management and investment-related services through its financial services operations.

Founded in 1983, First Bancorp has grown from a community banking organization serving North Carolina's Sandhills region into a regional banking company with locations across North Carolina and South Carolina.

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