First Bancorp (NASDAQ:FBNC) Reaches New 52-Week High - What's Next?

Key Points

• First Bancorp hit a 52-week high of $66.99, above its prior close of $64.16.
• Analyst views are mixed, leaving the stock with a consensus “Hold” rating and an average price target of $68.19.
• Quarterly EPS of $1.24 beat estimates of $1.18, while revenue of $129.91 million was slightly below forecasts.

First Bancorp (NASDAQ:FBNC - Get Free Report) shares reached a new 52-week high during trading on Wednesday. The stock traded as high as $66.99 and last traded at $65.6660, with a volume of 7,995 shares changing hands. The stock had previously closed at $64.16.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on the company. Raymond James Financial lowered First Bancorp from a "strong-buy" rating to an "outperform" rating and cut their price objective for the company from $72.00 to $71.00 in a research report on Tuesday, October 6th. Keefe, Bruyette & Woods boosted their target price on First Bancorp from $67.00 to $70.00 and gave the stock an "outperform" rating in a research report on Tuesday, August 4th. Piper Sandler increased their price target on First Bancorp from $65.00 to $66.00 and gave the company a "neutral" rating in a research note on Thursday, October 22nd. Weiss Ratings restated a "buy (b)" rating on shares of First Bancorp in a report on Thursday, August 13th. Finally, Zacks Research cut shares of First Bancorp from a "hold" rating to a "strong sell" rating in a research report on Monday, September 21st. Three equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus price target of $68.19.

First Bancorp Price Performance

The stock's 50-day moving average is $62.70 and its two-hundred day moving average is $60.67. The company has a market capitalization of $2.73 billion, a PE ratio of 16.63 and a beta of 0.80. The company has a current ratio of 0.85, a quick ratio of 0.85 and a debt-to-equity ratio of 0.04.

First Bancorp (NASDAQ:FBNC - Get Free Report) last released its earnings results on Wednesday, October 21st. The financial services provider reported $1.24 earnings per share for the quarter, topping analysts' consensus estimates of $1.18 by $0.06. The business had revenue of $129.91 million for the quarter, compared to analyst estimates of $130.01 million. First Bancorp had a return on equity of 11.76% and a net margin of 26.81%. On average, equities analysts predict that First Bancorp will post 4.76 EPS for the current year.

Institutional Trading of First Bancorp

A number of hedge funds have recently added to or reduced their stakes in FBNC. DWM Financial Group Inc. boosted its position in First Bancorp by 56.7% during the 3rd quarter. DWM Financial Group Inc. now owns 62,121 shares of the financial services provider's stock valued at $3,796,000 after acquiring an additional 22,487 shares in the last quarter. USA Financial Formulas acquired a new stake in First Bancorp in the 3rd quarter worth approximately $40,000. Three Magnolias Financial Advisors LLC purchased a new stake in shares of First Bancorp during the third quarter valued at $718,000. Contravisory Investment Management Inc. raised its stake in shares of First Bancorp by 16.8% in the third quarter. Contravisory Investment Management Inc. now owns 5,588 shares of the financial services provider's stock worth $341,000 after purchasing an additional 802 shares during the last quarter. Finally, Integrated Wealth Concepts LLC purchased a new position in shares of First Bancorp in the second quarter worth about $58,000. 68.36% of the stock is owned by hedge funds and other institutional investors.

First Bancorp Company Profile

First Bancorp is a bank holding company headquartered in Southern Pines, North Carolina. Its principal subsidiary, First Bank, is a community banking institution that provides financial services to individuals, businesses and institutions.

First Bank offers deposit accounts, consumer and commercial loans, mortgages, treasury management and other business banking services. Through its banking and related financial services operations, the company also provides wealth management, trust and investment services, insurance products and electronic banking solutions.

Founded in 1983, First Bancorp has expanded from its origins in North Carolina into a regional banking organization serving communities across North Carolina and South Carolina.

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