First Bancorp (NASDAQ:FBNC) Given New $53.00 Price Target at Keefe, Bruyette & Woods

First Bancorp (NASDAQ:FBNC - Get Free Report) had its target price upped by research analysts at Keefe, Bruyette & Woods from $50.00 to $53.00 in a research report issued on Thursday,Benzinga reports. The firm presently has an "outperform" rating on the financial services provider's stock. Keefe, Bruyette & Woods' price target would indicate a potential upside of 6.11% from the stock's current price.

FBNC has been the topic of a number of other research reports. Piper Sandler began coverage on shares of First Bancorp in a research report on Tuesday, May 13th. They issued a "neutral" rating and a $48.00 price objective on the stock. Wall Street Zen upgraded shares of First Bancorp from a "sell" rating to a "hold" rating in a research report on Monday, April 28th. Finally, Stephens boosted their price target on shares of First Bancorp from $48.00 to $50.00 and gave the company an "overweight" rating in a research report on Monday, April 28th. Three research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus price target of $50.33.

First Bancorp Stock Performance

FBNC traded up $3.05 on Thursday, hitting $49.95. The company's stock had a trading volume of 150,448 shares, compared to its average volume of 194,766. The company's 50 day simple moving average is $43.41 and its 200-day simple moving average is $41.92. The firm has a market cap of $2.07 billion, a P/E ratio of 23.58 and a beta of 0.87. First Bancorp has a 12 month low of $34.50 and a 12 month high of $50.34. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 0.06.

First Bancorp (NASDAQ:FBNC - Get Free Report) last posted its earnings results on Wednesday, July 23rd. The financial services provider reported $0.93 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.88 by $0.05. The business had revenue of $111.02 million for the quarter, compared to analysts' expectations of $109.22 million. First Bancorp had a net margin of 16.08% and a return on equity of 8.52%. Analysts forecast that First Bancorp will post 3.27 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. KLP Kapitalforvaltning AS lifted its position in First Bancorp by 16.7% during the second quarter. KLP Kapitalforvaltning AS now owns 9,100 shares of the financial services provider's stock valued at $403,000 after purchasing an additional 1,300 shares during the period. ZWJ Investment Counsel Inc. bought a new stake in shares of First Bancorp during the 2nd quarter valued at $236,000. Truist Financial Corp increased its holdings in First Bancorp by 16.3% in the 2nd quarter. Truist Financial Corp now owns 16,603 shares of the financial services provider's stock valued at $732,000 after acquiring an additional 2,322 shares during the last quarter. State of Alaska Department of Revenue increased its holdings in First Bancorp by 7.6% in the 2nd quarter. State of Alaska Department of Revenue now owns 24,642 shares of the financial services provider's stock valued at $1,085,000 after acquiring an additional 1,732 shares during the last quarter. Finally, GAMMA Investing LLC increased its holdings in shares of First Bancorp by 33.5% in the 2nd quarter. GAMMA Investing LLC now owns 1,895 shares of the financial services provider's stock worth $84,000 after buying an additional 475 shares during the last quarter. Institutional investors own 68.36% of the company's stock.

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. The company accepts deposit products, such as checking, savings, and money market accounts, as well as time deposits, including certificate of deposits and individual retirement accounts.

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