First Bancorp (FBNC) Lowered to Hold at BidaskClub

BidaskClub cut shares of First Bancorp (NASDAQ:FBNC) from a buy rating to a hold rating in a report released on Wednesday.

FBNC has been the subject of a number of other research reports. Brean Capital reiterated a buy rating on shares of First Bancorp in a report on Monday, October 1st. Stephens reiterated a hold rating and issued a $39.00 price objective on shares of First Bancorp in a report on Thursday, November 1st. Finally, Zacks Investment Research upgraded shares of First Bancorp from a hold rating to a buy rating and set a $45.00 price objective for the company in a report on Tuesday, September 25th. Six investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. First Bancorp presently has a consensus rating of Hold and a consensus target price of $42.75.

FBNC stock opened at $40.02 on Wednesday. The stock has a market capitalization of $1.19 billion, a price-to-earnings ratio of 21.63, a price-to-earnings-growth ratio of 1.13 and a beta of 1.03. The company has a debt-to-equity ratio of 0.55, a current ratio of 1.04 and a quick ratio of 1.04. First Bancorp has a 12 month low of $33.88 and a 12 month high of $43.14.

First Bancorp (NASDAQ:FBNC) last released its quarterly earnings data on Tuesday, October 23rd. The financial services provider reported $0.74 EPS for the quarter, meeting the Zacks’ consensus estimate of $0.74. The company had revenue of $67.22 million during the quarter, compared to the consensus estimate of $67.43 million. First Bancorp had a net margin of 27.88% and a return on equity of 10.92%. On average, sell-side analysts expect that First Bancorp will post 3.01 earnings per share for the current year.

In other news, CEO Richard H. Moore purchased 1,250 shares of the business’s stock in a transaction dated Wednesday, September 19th. The stock was acquired at an average price of $39.79 per share, for a total transaction of $49,737.50. Following the acquisition, the chief executive officer now directly owns 139,935 shares of the company’s stock, valued at $5,568,013.65. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Suzanne S. Deferie purchased 5,000 shares of the business’s stock in a transaction dated Wednesday, September 19th. The shares were purchased at an average price of $39.80 per share, with a total value of $199,000.00. Following the acquisition, the insider now directly owns 132,545 shares in the company, valued at $5,275,291. The disclosure for this purchase can be found here. 1.89% of the stock is owned by company insiders.

Several hedge funds and other institutional investors have recently made changes to their positions in FBNC. Parkside Financial Bank & Trust acquired a new stake in shares of First Bancorp during the 2nd quarter worth approximately $123,000. Sei Investments Co. increased its holdings in shares of First Bancorp by 43.9% during the 2nd quarter. Sei Investments Co. now owns 5,061 shares of the financial services provider’s stock worth $207,000 after buying an additional 1,544 shares during the last quarter. Wakefield Asset Management LLLP acquired a new stake in shares of First Bancorp during the 3rd quarter worth approximately $240,000. Private Advisor Group LLC acquired a new stake in shares of First Bancorp during the 3rd quarter worth approximately $277,000. Finally, Engineers Gate Manager LP acquired a new stake in shares of First Bancorp during the 2nd quarter worth approximately $283,000. Institutional investors and hedge funds own 67.93% 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 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 deposits and individual retirement accounts.

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