First Bancorp (NASDAQ:FBNC) Stock Rating Lowered by Zacks Investment Research

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First Bancorp (NASDAQ:FBNC) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report released on Thursday, Zacks.com reports.

According to Zacks, “First Bancorp is a one-bank holding company. The principal activity of the Company is the ownership and operation of First Bank. They also own and operate two nonbank subsidiaries, Montgomery Data Services, Inc. and First Bancorp Financial Services, Inc. “

A number of other analysts have also issued reports on FBNC. BidaskClub raised shares of First Bancorp from a “hold” rating to a “buy” rating in a research report on Wednesday, September 18th. ValuEngine raised shares of First Bancorp from a “sell” rating to a “hold” rating in a research report on Friday, November 1st. Three research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. First Bancorp has a consensus rating of “Buy” and an average target price of $40.50.

Shares of NASDAQ FBNC traded up $0.13 during mid-day trading on Thursday, reaching $38.27. The company had a trading volume of 48,100 shares, compared to its average volume of 86,612. The stock has a fifty day moving average of $36.86 and a two-hundred day moving average of $36.39. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.96 and a current ratio of 0.97. The company has a market capitalization of $1.14 billion, a price-to-earnings ratio of 12.71, a PEG ratio of 3.69 and a beta of 1.10. First Bancorp has a 12-month low of $30.50 and a 12-month high of $40.47.

First Bancorp (NASDAQ:FBNC) last posted its quarterly earnings results on Wednesday, October 23rd. The financial services provider reported $0.84 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.80 by $0.04. The business had revenue of $69.41 million during the quarter, compared to analyst estimates of $71.49 million. First Bancorp had a net margin of 30.74% and a return on equity of 12.05%. Sell-side analysts forecast that First Bancorp will post 3.16 earnings per share for the current fiscal year.

A number of institutional investors and hedge funds have recently modified their holdings of FBNC. Nuveen Asset Management LLC bought a new position in First Bancorp during the second quarter valued at approximately $11,120,000. Jennison Associates LLC grew its holdings in First Bancorp by 20.9% during the second quarter. Jennison Associates LLC now owns 725,860 shares of the financial services provider’s stock valued at $26,436,000 after purchasing an additional 125,303 shares during the last quarter. Macquarie Group Ltd. grew its holdings in First Bancorp by 7.1% during the second quarter. Macquarie Group Ltd. now owns 1,154,492 shares of the financial services provider’s stock valued at $42,046,000 after purchasing an additional 76,708 shares during the last quarter. Bessemer Group Inc. grew its holdings in First Bancorp by 124.3% during the second quarter. Bessemer Group Inc. now owns 71,900 shares of the financial services provider’s stock valued at $2,619,000 after purchasing an additional 39,849 shares during the last quarter. Finally, Chicago Equity Partners LLC acquired a new position in First Bancorp during the second quarter valued at approximately $1,321,000. 66.00% 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 primarily in North Carolina and northeastern South Carolina. It accepts deposit products, such as checking, savings, and money market accounts, as well as time deposits, including certificates of deposit and individual retirement accounts.

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