Brokerages Set First Bancorp (FBP) Target Price at $7.00

First Bancorp (NYSE:FBP) has been assigned a consensus rating of “Hold” from the eight brokerages that are covering the firm, Marketbeat reports. Two research analysts have rated the stock with a sell rating, one has issued a hold rating and four have assigned a buy rating to the company. The average 1-year price target among brokers that have covered the stock in the last year is $7.00.

Several analysts have recently weighed in on FBP shares. ValuEngine lowered First Bancorp from a “buy” rating to a “hold” rating in a report on Wednesday, September 27th. Zacks Investment Research lowered First Bancorp from a “buy” rating to a “hold” rating in a research note on Monday, October 2nd. Bank of America decreased their price target on First Bancorp from $7.00 to $6.00 and set a “neutral” rating on the stock in a research note on Wednesday, November 8th. TheStreet lowered First Bancorp from a “b-” rating to a “c” rating in a research note on Tuesday, November 7th. Finally, Piper Jaffray Companies reiterated a “buy” rating and issued a $7.50 price objective on shares of First Bancorp in a research report on Friday, November 10th.

Shares of First Bancorp (NYSE:FBP) traded down $0.04 during mid-day trading on Thursday, hitting $5.10. The company had a trading volume of 1,723,002 shares, compared to its average volume of 2,889,229. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.03 and a quick ratio of 1.03. First Bancorp has a 1-year low of $4.48 and a 1-year high of $7.02. The company has a market cap of $1,102.49, a P/E ratio of 17.00, a price-to-earnings-growth ratio of 2.75 and a beta of 1.92.

Large investors have recently bought and sold shares of the business. Amalgamated Bank boosted its position in shares of First Bancorp by 36.3% during the second quarter. Amalgamated Bank now owns 22,481 shares of the bank’s stock worth $130,000 after buying an additional 5,989 shares during the period. Bank of Montreal Can raised its holdings in First Bancorp by 21.5% during the second quarter. Bank of Montreal Can now owns 24,092 shares of the bank’s stock worth $139,000 after acquiring an additional 4,256 shares in the last quarter. Pacad Investment Ltd. raised its holdings in First Bancorp by 63.7% during the second quarter. Pacad Investment Ltd. now owns 25,700 shares of the bank’s stock worth $149,000 after acquiring an additional 10,000 shares in the last quarter. Profund Advisors LLC raised its holdings in First Bancorp by 15.2% during the second quarter. Profund Advisors LLC now owns 30,661 shares of the bank’s stock worth $178,000 after acquiring an additional 4,052 shares in the last quarter. Finally, Piedmont Investment Advisors LLC bought a new stake in First Bancorp in the second quarter valued at approximately $199,000. 90.29% of the stock is owned by hedge funds and other institutional investors.

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