First Bancorp (NASDAQ:FBNC) Stock Rating Upgraded by Zacks Research

Key Points

• First Bancorp has been upgraded to a "strong-buy" rating by Zacks Research, indicating a positive outlook for the stock.
• Equity analysts have raised their price targets for First Bancorp, with the consensus now set at $53.67, reflecting increased investor confidence.
• First Bancorp reported better-than-expected quarterly earnings, with $0.93 earnings per share, surpassing analyst estimates of $0.88.

First Bancorp (NASDAQ:FBNC - Get Free Report) was upgraded by Zacks Research to a "strong-buy" rating in a report released on Tuesday,Zacks.com reports.

A number of other equities analysts have also recently issued reports on FBNC. Keefe, Bruyette & Woods increased their price target on First Bancorp from $50.00 to $53.00 and gave the stock an "outperform" rating in a report on Thursday, July 24th. Stephens increased their target price on First Bancorp from $53.00 to $57.00 and gave the stock an "overweight" rating in a report on Monday, July 28th. Piper Sandler lifted their price objective on shares of First Bancorp from $48.00 to $51.00 and gave the company a "neutral" rating in a report on Friday, August 1st. Finally, Wall Street Zen upgraded shares of First Bancorp from a "sell" rating to a "hold" rating in a report on Monday, April 28th. Three equities research analysts have rated the stock with a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $53.67.

First Bancorp Stock Performance

Shares of FBNC stock opened at $52.85 on Tuesday. The business's 50 day simple moving average is $46.22 and its 200 day simple moving average is $42.70. First Bancorp has a one year low of $34.50 and a one year high of $52.97. The stock has a market capitalization of $2.19 billion, a PE ratio of 22.59 and a beta of 0.96. The company has a debt-to-equity ratio of 0.06, a current ratio of 0.82 and a quick ratio of 0.82.

First Bancorp (NASDAQ:FBNC - Get Free Report) last posted its quarterly earnings results on Wednesday, July 23rd. The financial services provider reported $0.93 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.88 by $0.05. The firm had revenue of $111.02 million for the quarter, compared to analysts' expectations of $109.22 million. First Bancorp had a return on equity of 8.96% and a net margin of 17.65%. As a group, research analysts forecast that First Bancorp will post 3.27 earnings per share for the current year.

Hedge Funds Weigh In On First Bancorp

Large investors have recently bought and sold shares of the stock. Ameriprise Financial Inc. increased its position in shares of First Bancorp by 372.1% during the 4th quarter. Ameriprise Financial Inc. now owns 742,637 shares of the financial services provider's stock valued at $32,654,000 after purchasing an additional 585,338 shares during the last quarter. Schroder Investment Management Group purchased a new stake in shares of First Bancorp during the 2nd quarter valued at $17,999,000. Jennison Associates LLC increased its position in shares of First Bancorp by 32.1% during the 2nd quarter. Jennison Associates LLC now owns 587,061 shares of the financial services provider's stock valued at $25,884,000 after purchasing an additional 142,765 shares during the last quarter. Millennium Management LLC purchased a new stake in shares of First Bancorp during the 1st quarter valued at $4,046,000. Finally, Nuveen LLC purchased a new stake in shares of First Bancorp during the 1st quarter valued at $3,846,000. 68.36% of the stock is currently owned by institutional investors.

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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