First Bancorp (NASDAQ:FBNC) Stock Gets Price Target Bump from Piper Sandler

First Bancorp (NASDAQ:FBNC) had its price objective raised by equities researchers at Piper Sandler from $65.00 to $66.00 in a research note issued on Thursday, Benzinga reports. The firm currently has a “neutral” rating on the financial services provider’s stock. Piper Sandler’s price target would suggest a potential upside of 8.13% from the company’s previous close.

Other research analysts have also recently issued reports about the stock. Keefe, Bruyette & Woods increased their price target on shares of First Bancorp from $67.00 to $70.00 and gave the stock an “outperform” rating in a report on Tuesday, August 4th. Raymond James Financial lowered First Bancorp from a “strong-buy” rating to an “outperform” rating and lowered their price objective for the company from $72.00 to $71.00 in a report on Tuesday, October 6th. Zacks Research lowered First Bancorp from a “hold” rating to a “strong sell” rating in a report on Monday, September 21st. Finally, Weiss Ratings reiterated a “buy (b)” rating on shares of First Bancorp in a research report on Thursday, August 13th. Three analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $68.19.

First Bancorp Stock Down 0.9%

Shares of First Bancorp stock opened at $61.04 on Thursday. The company has a market cap of $2.53 billion, a P/E ratio of 18.96 and a beta of 0.84. The company has a debt-to-equity ratio of 0.04, a quick ratio of 0.85 and a current ratio of 0.85. First Bancorp has a one year low of $47.53 and a one year high of $66.78. The firm has a fifty day moving average of $62.89 and a two-hundred day moving average of $61.60.

First Bancorp (NASDAQ:FBNC) last released its earnings results on Wednesday, October 21st. The financial services provider reported $1.24 EPS for the quarter, topping the consensus estimate of $1.18 by $0.06. The company had revenue of $129.91 million during the quarter, compared to analysts’ expectations of $130.01 million. First Bancorp had a net margin of 22.12% and a return on equity of 11.31%. On average, analysts forecast that First Bancorp will post 4.72 earnings per share for the current year.

Institutional Trading of First Bancorp

A number of institutional investors have recently added to or reduced their stakes in the stock. USA Financial Formulas acquired a new position in shares of First Bancorp during the 3rd quarter worth $40,000. Three Magnolias Financial Advisors LLC purchased a new stake in shares of First Bancorp in the 3rd quarter worth about $718,000. Contravisory Investment Management Inc. boosted its position in shares of First Bancorp by 16.8% in the 3rd quarter. Contravisory Investment Management Inc. now owns 5,588 shares of the financial services provider’s stock worth $341,000 after buying an additional 802 shares in the last quarter. Integrated Wealth Concepts LLC acquired a new stake in First Bancorp in the 2nd quarter valued at about $58,000. Finally, Squarepoint Ops LLC grew its stake in First Bancorp by 31.3% in the 2nd quarter. Squarepoint Ops LLC now owns 20,320 shares of the financial services provider’s stock valued at $1,299,000 after acquiring an additional 4,849 shares during the last quarter. Hedge funds and other institutional investors own 68.36% of the company’s stock.

About First Bancorp

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.