First Bancorp (NASDAQ:FBNC) was upgraded by Zacks Investment Research from a "strong sell" rating to a "hold" rating in a report issued on Tuesday, Zacks.com reports.
According to Zacks, "First Bancorp is a one-bank holding company. The principal activity of the Company is the ownership and operation of First Bank. They also own and operate two nonbank subsidiaries, Montgomery Data Services, Inc. and First Bancorp Financial Services, Inc. "
FBNC has been the topic of several other research reports. G.Research reiterated a "buy" rating on shares of First Bancorp in a report on Friday, May 1st. DA Davidson lowered First Bancorp from a "buy" rating to a "neutral" rating in a report on Friday, June 19th. ValuEngine lowered First Bancorp from a "hold" rating to a "sell" rating in a report on Wednesday, April 8th. Finally, Piper Sandler lowered First Bancorp from an "overweight" rating to a "neutral" rating in a report on Thursday, June 18th. One analyst has rated the stock with a sell rating, three have issued a hold rating and three have assigned a buy rating to the company. The company presently has an average rating of "Hold" and a consensus price target of $43.50.
Shares of First Bancorp stock traded up $1.61 during mid-day trading on Tuesday, reaching $24.34. 144,800 shares of the stock traded hands, compared to its average volume of 111,915. The company has a quick ratio of 0.97, a current ratio of 0.98 and a debt-to-equity ratio of 0.47. The business has a 50-day moving average of $24.23 and a 200 day moving average of $29.81. The stock has a market capitalization of $660.10 million, a PE ratio of 8.20, a PEG ratio of 2.90 and a beta of 1.27. First Bancorp has a fifty-two week low of $17.32 and a fifty-two week high of $41.34.
First Bancorp (NASDAQ:FBNC) last announced its quarterly earnings data on Tuesday, April 28th. The financial services provider reported $0.62 EPS for the quarter, topping the Zacks' consensus estimate of $0.56 by $0.06. The firm had revenue of $68.46 million for the quarter, compared to the consensus estimate of $68.23 million. First Bancorp had a return on equity of 10.45% and a net margin of 28.34%. On average, equities research analysts expect that First Bancorp will post 2.01 EPS for the current fiscal year.
A number of institutional investors and hedge funds have recently modified their holdings of FBNC. Tower Research Capital LLC TRC raised its holdings in First Bancorp by 1,919.3% in the 4th quarter. Tower Research Capital LLC TRC now owns 1,151 shares of the financial services provider's stock valued at $46,000 after buying an additional 1,094 shares during the period. Great West Life Assurance Co. Can purchased a new stake in First Bancorp in the 4th quarter valued at about $77,000. Advisor Group Holdings Inc. purchased a new stake in First Bancorp in the 1st quarter valued at about $141,000. BNP Paribas Arbitrage SA raised its holdings in First Bancorp by 163.9% in the 1st quarter. BNP Paribas Arbitrage SA now owns 9,159 shares of the financial services provider's stock valued at $211,000 after buying an additional 5,689 shares during the period. Finally, Citigroup Inc. raised its holdings in First Bancorp by 50.5% in the 1st quarter. Citigroup Inc. now owns 9,343 shares of the financial services provider's stock valued at $216,000 after buying an additional 3,133 shares during the period. Hedge funds and other institutional investors own 67.75% of the company's stock.
About First Bancorp
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 primarily in North Carolina and northeastern South Carolina. It accepts deposit products, such as checking, savings, and money market accounts, as well as time deposits, including certificates of deposit and individual retirement accounts.
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