Piper Sandler Issues Positive Forecast for First Bancorp (NASDAQ:FBNC) Stock Price

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 objective raised by investment analysts at Piper Sandler from $48.00 to $51.00 in a research 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 target price would indicate a potential upside of 2.12% from the stock's previous close.

Other research analysts also recently issued research reports about the stock. Keefe, Bruyette & Woods raised their target price on shares of First Bancorp from $50.00 to $53.00 and gave the company an "outperform" rating in a research report on Thursday, July 24th. Wall Street Zen raised shares of First Bancorp from a "sell" rating to a "hold" rating in a report on Monday, April 28th. Finally, Stephens reaffirmed an "overweight" rating and set a $57.00 target price (up previously from $53.00) on shares of First Bancorp in a research note on Monday, July 28th. Three investment analysts have rated the stock with a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat.com, First Bancorp presently has a consensus rating of "Hold" and an average target price of $53.67.

First Bancorp Trading Up 1.4%

FBNC traded up $0.68 during midday trading on Friday, reaching $49.94. 359,314 shares of the company's stock traded hands, compared to its average volume of 214,147. The stock has a market capitalization of $2.07 billion, a price-to-earnings ratio of 21.34 and a beta of 0.96. The firm has a fifty day moving average of $44.75 and a two-hundred day moving average of $42.32. First Bancorp has a 52 week low of $34.50 and a 52 week high of $52.12. 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 released its quarterly earnings results on Wednesday, July 23rd. The financial services provider reported $0.93 earnings per share for the quarter, topping the consensus estimate of $0.88 by $0.05. First Bancorp had a net margin of 17.65% and a return on equity of 8.96%. The business had revenue of $111.02 million for the quarter, compared to the consensus estimate of $109.22 million. On average, equities analysts anticipate that First Bancorp will post 3.27 earnings per share for the current fiscal year.

Institutional Trading of First Bancorp

Institutional investors and hedge funds have recently bought and sold shares of the business. Deutsche Bank AG lifted its stake in shares of First Bancorp by 52.2% in the fourth quarter. Deutsche Bank AG now owns 35,579 shares of the financial services provider's stock worth $1,564,000 after acquiring an additional 12,202 shares in the last quarter. Bank of Montreal Can raised its holdings in First Bancorp by 7.8% during the 4th quarter. Bank of Montreal Can now owns 6,345 shares of the financial services provider's stock worth $279,000 after buying an additional 460 shares during the period. Wells Fargo & Company MN boosted its holdings in shares of First Bancorp by 14.7% during the fourth quarter. Wells Fargo & Company MN now owns 37,423 shares of the financial services provider's stock worth $1,645,000 after purchasing an additional 4,789 shares during the period. Federated Hermes Inc. increased its holdings in First Bancorp by 163.2% in the fourth quarter. Federated Hermes Inc. now owns 25,510 shares of the financial services provider's stock worth $1,122,000 after buying an additional 15,819 shares during the last quarter. Finally, SG Americas Securities LLC acquired a new position in First Bancorp in the 1st quarter valued at $546,000. Institutional investors and hedge funds own 68.36% 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. 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.