First Bancorp (NASDAQ:FBNC) Given Average Rating of "Moderate Buy" by Analysts

Shares of First Bancorp (NASDAQ:FBNC - Get Free Report) have been given an average recommendation of "Moderate Buy" by the six research firms that are presently covering the stock, MarketBeat reports. Three investment analysts have rated the stock with a hold recommendation, two have assigned a buy recommendation and one has given a strong buy recommendation to the company. The average 1-year target price among brokerages that have issued ratings on the stock in the last year is $68.9375.

A number of equities research analysts have issued reports on FBNC shares. Weiss Ratings reiterated a "buy (b)" rating on shares of First Bancorp in a research note on Thursday, August 13th. Keefe, Bruyette & Woods boosted their price objective on First Bancorp from $67.00 to $70.00 and gave the company an "outperform" rating in a research report on Tuesday, August 4th. Brean Capital assumed coverage on First Bancorp in a research report on Monday, June 8th. They issued a "neutral" rating and a $65.75 price objective on the stock. Piper Sandler upped their price objective on First Bancorp from $64.00 to $65.00 and gave the stock a "neutral" rating in a research note on Wednesday, July 29th. Finally, Raymond James Financial increased their target price on First Bancorp from $68.00 to $75.00 and gave the stock a "strong-buy" rating in a research report on Thursday, July 16th.

First Bancorp Stock Performance

FBNC opened at $65.29 on Tuesday. The firm has a market cap of $2.70 billion, a P/E ratio of 20.28 and a beta of 0.81. First Bancorp has a 1-year low of $45.96 and a 1-year high of $66.78. The company has a 50 day simple moving average of $63.80 and a two-hundred day simple moving average of $60.15. The company has a debt-to-equity ratio of 0.04, a current ratio of 0.85 and a quick ratio of 0.85.

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

Institutional Investors Weigh In On First Bancorp

A number of institutional investors have recently added to or reduced their stakes in FBNC. Royal Bank of Canada raised its position in shares of 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 buying an additional 2,781 shares during the last quarter. AQR Capital Management LLC bought a new position in shares of First Bancorp during the first quarter worth $318,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in shares of 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 worth $961,000 after acquiring an additional 1,160 shares during the last quarter. Millennium Management LLC purchased 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 grew its stake 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 acquiring an additional 15,570 shares in the last quarter. 68.36% of the stock is owned by hedge funds and other institutional investors.

About First Bancorp

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.

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