First Bancorp (NASDAQ:FBNC) Reaches New 1-Year High – What’s Next?

First Bancorp (NASDAQ:FBNC)’s stock price hit a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $46.25 and last traded at $46.25, with a volume of 16687 shares traded. The stock had previously closed at $42.17.

Analysts Set New Price Targets

A number of research analysts recently weighed in on FBNC shares. Keefe, Bruyette & Woods raised their price objective on First Bancorp from $40.00 to $45.00 and gave the company an “outperform” rating in a research report on Thursday, July 25th. StockNews.com downgraded First Bancorp from a “hold” rating to a “sell” rating in a research note on Thursday, October 24th.

First Bancorp Stock Up 11.8 %

The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 0.06. The company has a fifty day moving average price of $42.10 and a 200-day moving average price of $37.22. The stock has a market capitalization of $1.95 billion, a P/E ratio of 17.00 and a beta of 1.02.

First Bancorp (NASDAQ:FBNC) last announced its earnings results on Wednesday, October 23rd. The financial services provider reported $0.70 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.70. First Bancorp had a return on equity of 8.00% and a net margin of 17.98%. The business had revenue of $144.99 million during the quarter, compared to analyst estimates of $97.00 million. As a group, research analysts forecast that First Bancorp will post 2.72 EPS for the current fiscal year.

Insider Buying and Selling at First Bancorp

In related news, Director Suzanne S. Deferie sold 17,750 shares of the firm’s stock in a transaction on Friday, September 20th. The stock was sold at an average price of $43.96, for a total value of $780,290.00. Following the completion of the transaction, the director now owns 67,654 shares in the company, valued at $2,974,069.84. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. In other First Bancorp news, Director Suzanne S. Deferie sold 2,036 shares of the business’s stock in a transaction that occurred on Monday, September 23rd. The stock was sold at an average price of $43.77, for a total value of $89,115.72. Following the sale, the director now owns 65,618 shares of the company’s stock, valued at $2,872,099.86. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Suzanne S. Deferie sold 17,750 shares of the business’s stock in a transaction on Friday, September 20th. The stock was sold at an average price of $43.96, for a total transaction of $780,290.00. Following the completion of the transaction, the director now owns 67,654 shares of the company’s stock, valued at approximately $2,974,069.84. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders own 3.65% of the company’s stock.

Hedge Funds Weigh In On First Bancorp

Several large investors have recently bought and sold shares of the stock. SageView Advisory Group LLC purchased a new position in First Bancorp during the first quarter worth about $943,000. Envestnet Asset Management Inc. grew its holdings in First Bancorp by 8.5% during the 2nd quarter. Envestnet Asset Management Inc. now owns 84,596 shares of the financial services provider’s stock worth $2,700,000 after acquiring an additional 6,628 shares in the last quarter. Truist Financial Corp lifted its position in First Bancorp by 165.2% in the 2nd quarter. Truist Financial Corp now owns 34,911 shares of the financial services provider’s stock valued at $1,114,000 after purchasing an additional 21,749 shares during the last quarter. CANADA LIFE ASSURANCE Co raised its position in shares of First Bancorp by 1.2% during the 1st quarter. CANADA LIFE ASSURANCE Co now owns 33,399 shares of the financial services provider’s stock worth $1,204,000 after buying an additional 394 shares in the last quarter. Finally, Pinnacle Associates Ltd. raised its holdings in shares of First Bancorp by 28.4% in the 3rd quarter. Pinnacle Associates Ltd. now owns 83,923 shares of the financial services provider’s stock worth $3,490,000 after purchasing an additional 18,543 shares in the last quarter. 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.