Keefe, Bruyette & Woods Issues Positive Forecast for First Bancorp (NASDAQ:FBNC) Stock Price

Key Points

• Keefe, Bruyette & Woods raised First Bancorp’s price target from $67 to $70 while maintaining an “outperform” rating, implying roughly 8% upside from the prior close.
• Analyst sentiment is broadly positive, with a consensus “Moderate Buy” rating and an average price target of $68.94; Raymond James has the highest target at $75.
• First Bancorp exceeded quarterly expectations, reporting $1.22 in earnings per share versus $1.15 expected and revenue of $127.3 million versus $126.07 million forecast. Shares rose 3.1% to $64.80 in Tuesday trading.

First Bancorp (NASDAQ:FBNC - Get Free Report) had its price objective boosted by stock analysts at Keefe, Bruyette & Woods from $67.00 to $70.00 in a note issued to investors on Tuesday,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 8.02% from the stock's previous close.

A number of other equities analysts also recently weighed in on the stock. Weiss Ratings raised shares of First Bancorp from a "buy (b-)" rating to a "buy (b)" rating in a research note on Monday, May 18th. Piper Sandler increased their target price on First Bancorp from $64.00 to $65.00 and gave the stock a "neutral" rating in a research report on Wednesday, July 29th. Raymond James Financial lifted their target price on First Bancorp from $68.00 to $75.00 and gave the company a "strong-buy" rating in a report on Thursday, July 16th. 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 price target for the company. One research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and three have given a Hold rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $68.94.

First Bancorp Trading Up 3.1%

NASDAQ FBNC traded up $1.93 during trading hours on Tuesday, hitting $64.80. 6,636 shares of the company's stock were exchanged, compared to its average volume of 244,918. The business's 50 day moving average is $62.08 and its 200-day moving average is $59.39. The company has a debt-to-equity ratio of 0.04, a quick ratio of 0.85 and a current ratio of 0.85. First Bancorp has a 12-month low of $45.96 and a 12-month high of $66.54. The firm has a market capitalization of $2.68 billion, a P/E ratio of 19.99 and a beta of 0.81.

First Bancorp (NASDAQ:FBNC - Get Free Report) last posted its quarterly earnings results 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. The company had revenue of $127.30 million during the quarter, compared to analysts' expectations of $126.07 million. First Bancorp had a return on equity of 11.31% and a net margin of 22.12%. As a group, analysts anticipate that First Bancorp will post 4.69 EPS for the current fiscal year.

Insider Transactions at First Bancorp

In related news, Director Michael Goodwin Mayer sold 44,324 shares of the stock in a transaction on Wednesday, May 20th. The stock was sold at an average price of $58.58, for a total value of $2,596,499.92. Following the completion of the sale, the director directly owned 41,491 shares in the company, valued at approximately $2,430,542.78. This represents a 51.65% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 2.04% of the company's stock.

Institutional Investors Weigh In On First Bancorp

Several institutional investors and hedge funds have recently modified their holdings of the stock. Royal Bank of Canada lifted its position in First Bancorp by 6.8% during the 1st quarter. Royal Bank of Canada now owns 43,558 shares of the financial services provider's stock worth $1,749,000 after acquiring an additional 2,781 shares in the last quarter. AQR Capital Management LLC acquired a new stake in First Bancorp in the first quarter valued at approximately $318,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in First Bancorp by 5.1% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 23,935 shares of the financial services provider's stock valued at $961,000 after acquiring an additional 1,160 shares in the last quarter. Millennium Management LLC purchased a new stake in shares of First Bancorp during the first quarter valued at approximately $4,046,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in shares of 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 purchasing an additional 15,570 shares during the period. Hedge funds and other 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, 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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