First Bancorp (NASDAQ:FBNC) Sets New 52-Week High - Should You Buy?

Key Points

• First Bancorp shares reached a new 52-week high of $66.78 and last traded at $66.49, giving the company a market capitalization of approximately $2.75 billion.
• Analysts maintain a generally positive outlook, with a consensus rating of “Moderate Buy” and an average price target of $68.94; individual targets range from $65.00 to $75.00.
• The company exceeded quarterly expectations, reporting $1.22 in earnings per share versus the $1.15 estimate and revenue of $127.30 million versus $126.07 million expected. Institutional investors own 68.36% of outstanding shares, while an insider recently sold 44,324 shares.

First Bancorp (NASDAQ:FBNC - Get Free Report)'s share price hit a new 52-week high on Friday . The company traded as high as $66.78 and last traded at $66.49, with a volume of 11004 shares. The stock had previously closed at $66.13.

Wall Street Analyst Weigh In

FBNC has been the topic of a number of research analyst reports. Piper Sandler raised their target price 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. Weiss Ratings raised shares of First Bancorp from a "buy (b-)" rating to a "buy (b)" rating in a research report on Monday, May 18th. Brean Capital started 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. Keefe, Bruyette & Woods raised their price target on First Bancorp from $67.00 to $70.00 and gave the company an "outperform" rating in a research report on Tuesday, August 4th. Finally, Raymond James Financial lifted their price objective on First Bancorp from $68.00 to $75.00 and gave the stock a "strong-buy" rating in a research note on Thursday, July 16th. One investment analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $68.94.

First Bancorp Stock Performance

The firm has a fifty day simple moving average of $63.11 and a 200 day simple moving average of $59.78. The company has a current ratio of 0.85, a quick ratio of 0.85 and a debt-to-equity ratio of 0.04. The stock has a market cap of $2.75 billion, a price-to-earnings ratio of 20.67 and a beta of 0.81.

First Bancorp (NASDAQ:FBNC - Get Free Report) last announced 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 company had revenue of $127.30 million for the quarter, compared to analyst estimates of $126.07 million. First Bancorp had a return on equity of 11.31% and a net margin of 22.12%. As a group, sell-side analysts expect that First Bancorp will post 4.69 earnings per share for the current year.

Insiders Place Their Bets

In other First Bancorp news, Director Michael Goodwin Mayer sold 44,324 shares of the business's stock in a transaction on Wednesday, May 20th. The shares were sold at an average price of $58.58, for a total value of $2,596,499.92. Following the sale, the director owned 41,491 shares of the company's stock, valued at $2,430,542.78. The trade was a 51.65% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 2.04% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On First Bancorp

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Jennison Associates LLC grew its holdings in shares of First Bancorp by 20.4% in the 4th quarter. Jennison Associates LLC now owns 726,362 shares of the financial services provider's stock worth $36,892,000 after purchasing an additional 123,283 shares during the last quarter. Segall Bryant & Hamill LLC lifted its holdings in First Bancorp by 176.4% during the 1st quarter. Segall Bryant & Hamill LLC now owns 429,818 shares of the financial services provider's stock valued at $24,220,000 after purchasing an additional 274,289 shares during the last quarter. Louisiana State Employees Retirement System acquired a new position in First Bancorp in the first quarter valued at about $1,037,000. Pinnacle Wealth Management Advisory Group LLC acquired a new position in First Bancorp in the fourth quarter valued at about $518,000. Finally, First Trust Advisors LP grew its stake in First Bancorp by 56.5% during the first quarter. First Trust Advisors LP now owns 44,353 shares of the financial services provider's stock worth $2,499,000 after buying an additional 16,018 shares during the last quarter. 68.36% of the stock is owned by 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source