First Bancorp (NASDAQ:FBNC) Rating Lowered to “Outperform” at Raymond James Financial

First Bancorp (NASDAQ:FBNC) was downgraded by research analysts at Raymond James Financial from a “strong-buy” rating to an “outperform” rating in a note issued to investors on Tuesday, Marketbeat Ratings reports. They presently have a $71.00 price target on the financial services provider’s stock, down from their previous price target of $72.00. Raymond James Financial’s target price would indicate a potential upside of 20.50% from the stock’s previous close.

A number of other equities analysts have also recently issued reports on FBNC. Keefe, Bruyette & Woods raised their target price on First Bancorp from $67.00 to $70.00 and gave the stock an “outperform” rating in a report on Tuesday, August 4th. Zacks Research cut First Bancorp from a “hold” rating to a “strong sell” rating in a research note on Monday, September 21st. Weiss Ratings reiterated a “buy (b)” rating on shares of First Bancorp in a research report on Thursday, August 13th. Brean Capital initiated coverage on shares of First Bancorp in a research report on Monday, June 8th. They issued a “neutral” rating and a $65.75 price target on the stock. Finally, Piper Sandler lifted their price objective on shares of First Bancorp from $64.00 to $65.00 and gave the stock a “neutral” rating in a research note on Wednesday, July 29th. Three equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, First Bancorp currently has an average rating of “Hold” and a consensus target price of $67.94.

First Bancorp Stock Performance

FBNC stock opened at $58.92 on Tuesday. The business’s fifty day moving average is $63.76 and its 200-day moving average is $61.26. The company has a quick ratio of 0.85, a current ratio of 0.85 and a debt-to-equity ratio of 0.04. The company has a market cap of $2.44 billion, a P/E ratio of 18.30 and a beta of 0.84. First Bancorp has a twelve month low of $45.96 and a twelve month high of $66.78.

First Bancorp (NASDAQ:FBNC) last announced its quarterly earnings data on Wednesday, July 22nd. The financial services provider reported $1.22 EPS for the quarter, topping analysts’ consensus estimates of $1.15 by $0.07. First Bancorp had a return on equity of 11.31% and a net margin of 22.12%.The business had revenue of $127.30 million during the quarter, compared to analysts’ expectations of $126.07 million. Equities research analysts forecast that First Bancorp will post 4.72 EPS for the current year.

Hedge Funds Weigh In On First Bancorp

Hedge funds have recently modified their holdings of the stock. BlackRock Inc. acquired a new position in shares of First Bancorp during the 2nd quarter worth approximately $380,347,000. Jennison Associates LLC grew its stake in shares of First Bancorp by 34.1% in the first quarter. Jennison Associates LLC now owns 974,221 shares of the financial services provider’s stock valued at $54,897,000 after buying an additional 247,859 shares in the last quarter. Bank of New York Mellon Corp bought a new position in shares of First Bancorp in the second quarter valued at $45,055,000. First Bancorp Inc ME bought a new position in shares of First Bancorp in the second quarter valued at $25,711,000. Finally, Segall Bryant & Hamill LLC increased its holdings in First Bancorp by 176.4% during the first quarter. Segall Bryant & Hamill LLC now owns 429,818 shares of the financial services provider’s stock worth $24,220,000 after buying an additional 274,289 shares during the last quarter. Institutional investors own 68.36% of the company’s stock.

First Bancorp Company Profile

First Bancorp is a bank holding company headquartered in Southern Pines, North Carolina. Through its principal subsidiary, First Bank, the company provides banking and financial services to individuals, businesses, and organizations.

First Bank offers deposit accounts, consumer and commercial loans, residential and commercial real estate financing, mortgage services, treasury and cash-management solutions, and online and mobile banking. The bank also provides wealth management and investment-related services through its financial services operations.

Founded in 1983, First Bancorp has grown from a community banking organization serving North Carolina’s Sandhills region into a regional banking company with locations across North Carolina and South Carolina.