Keefe, Bruyette & Woods Forecasts Strong Price Appreciation for First Bancorp (NASDAQ:FBNC) Stock

First Bancorp (NASDAQ:FBNC) had its price objective boosted by Keefe, Bruyette & Woods from $49.00 to $56.00 in a report issued on Wednesday,Benzinga reports. Keefe, Bruyette & Woods currently has an outperform rating on the financial services provider’s stock.

Separately, StockNews.com cut shares of First Bancorp from a “hold” rating to a “sell” rating in a research report on Thursday, October 24th.

First Bancorp Price Performance

Shares of NASDAQ:FBNC opened at $47.93 on Wednesday. The stock’s fifty day simple moving average is $44.30 and its two-hundred day simple moving average is $39.53. The company has a current ratio of 0.83, a quick ratio of 0.82 and a debt-to-equity ratio of 0.06. First Bancorp has a 1-year low of $29.53 and a 1-year high of $50.34. The stock has a market cap of $1.98 billion, a PE ratio of 19.33 and a beta of 1.04.

First Bancorp (NASDAQ:FBNC) last released its quarterly earnings data on Wednesday, October 23rd. The financial services provider reported $0.70 EPS for the quarter, meeting the consensus estimate of $0.70. The business had revenue of $144.99 million for the quarter, compared to the consensus estimate of $97.00 million. First Bancorp had a net margin of 17.98% and a return on equity of 8.00%. As a group, 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 2,036 shares of the business’s stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $43.77, for a total transaction of $89,115.72. Following the transaction, the director now owns 65,618 shares in the company, valued at $2,872,099.86. The trade was a 3.01 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 3.65% of the company’s stock.

Institutional Investors Weigh In On First Bancorp

Hedge funds have recently bought and sold shares of the business. Natixis Advisors LLC purchased a new position in First Bancorp in the third quarter worth about $1,275,000. Envestnet Asset Management Inc. boosted its holdings in shares of 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 valued at $2,700,000 after acquiring an additional 6,628 shares during the last quarter. Truist Financial Corp grew 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 worth $1,114,000 after purchasing an additional 21,749 shares during the period. Connor Clark & Lunn Investment Management Ltd. purchased a new stake in First Bancorp during the 3rd quarter valued at $659,000. Finally, Pinnacle Associates Ltd. boosted its stake 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 buying an additional 18,543 shares during the last quarter. Institutional investors own 68.36% of the company’s stock.

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. 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.