Piper Sandler Increases First Bancorp (NASDAQ:FBNC) Price Target to $51.00

Key Points

• Piper Sandler has raised the price target for First Bancorp's stock from $48.00 to $51.00, indicating a potential upside of 1.82% from the current stock price.
• Stephens also updated their rating to "overweight" with a target price of $57.00, while Keefe, Bruyette & Woods set a new target of $53.00.
• First Bancorp's shares are currently down 1.7%, showing a **52-week range** between $34.50 and $52.12.

First Bancorp (NASDAQ:FBNC - Get Free Report) had its price target increased by investment analysts at Piper Sandler from $48.00 to $51.00 in a note issued to investors on Friday,Benzinga reports. The brokerage presently has a "neutral" rating on the financial services provider's stock. Piper Sandler's price objective points to a potential upside of 1.82% from the stock's current price.

A number of other research firms have also recently issued reports on FBNC. Stephens reiterated an "overweight" rating and issued a $57.00 target price (up from $53.00) on shares of First Bancorp in a research note on Monday. Wall Street Zen raised First Bancorp from a "sell" rating to a "hold" rating in a report on Monday, April 28th. Finally, Keefe, Bruyette & Woods raised their price target on First Bancorp from $50.00 to $53.00 and gave the company an "outperform" rating in a report on Thursday, July 24th. Three equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company's stock. According to data from MarketBeat, First Bancorp has an average rating of "Hold" and a consensus target price of $53.67.

First Bancorp Stock Down 1.7%

Shares of NASDAQ FBNC opened at $50.09 on Friday. The firm has a market cap of $2.07 billion, a price-to-earnings ratio of 21.41 and a beta of 0.87. 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 has a 52-week low of $34.50 and a 52-week high of $52.12. The business's 50 day moving average is $44.44 and its two-hundred day moving average is $42.27.

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

Institutional Investors Weigh In On First Bancorp

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Ameriprise Financial Inc. raised its stake in First Bancorp by 372.1% during the fourth 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 in the last quarter. Millennium Management LLC purchased a new stake in First Bancorp during the first quarter valued at $4,046,000. Nuveen LLC purchased a new stake in First Bancorp during the first quarter valued at $3,846,000. Dimensional Fund Advisors LP raised its stake in First Bancorp by 3.5% during the fourth quarter. Dimensional Fund Advisors LP now owns 2,293,843 shares of the financial services provider's stock valued at $100,862,000 after purchasing an additional 77,074 shares in the last quarter. Finally, Old North State Trust LLC purchased a new stake in First Bancorp during the fourth quarter valued at $3,206,000. 68.36% of the stock is currently owned by hedge funds and other 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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