First Bancorp (FBNC) Rating Reiterated by Brean Capital

First Bancorp (NASDAQ:FBNC)‘s stock had its “buy” rating reaffirmed by Brean Capital in a research note issued to investors on Monday.

Other research analysts have also recently issued reports about the stock. Piper Jaffray restated a “buy” rating and set a $42.00 price target on shares of First Bancorp in a report on Tuesday, January 9th. Zacks Investment Research upgraded shares of First Bancorp from a “hold” rating to a “buy” rating and set a $40.00 price target on the stock in a report on Wednesday, January 3rd. ValuEngine upgraded shares of First Bancorp from a “hold” rating to a “buy” rating in a report on Sunday, December 31st. Keefe, Bruyette & Woods restated a “buy” rating and set a $41.00 price target on shares of First Bancorp in a report on Friday, December 22nd. Finally, BidaskClub upgraded shares of First Bancorp from a “hold” rating to a “buy” rating in a report on Thursday, March 15th. Two research analysts have rated the stock with a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. First Bancorp has an average rating of “Buy” and a consensus price target of $39.50.

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First Bancorp stock traded up $0.27 during midday trading on Monday, hitting $36.33. 8,088 shares of the stock were exchanged, compared to its average volume of 88,766. First Bancorp has a 52-week low of $27.50 and a 52-week high of $41.76. The stock has a market cap of $1,068.95, a PE ratio of 19.64, a price-to-earnings-growth ratio of 1.00 and a beta of 1.11. The company has a debt-to-equity ratio of 0.59, a quick ratio of 1.03 and a current ratio of 1.03.

First Bancorp (NASDAQ:FBNC) last released its quarterly earnings results on Monday, January 29th. The financial services provider reported $0.44 earnings per share for the quarter, missing the consensus estimate of $0.53 by ($0.09). First Bancorp had a return on equity of 8.43% and a net margin of 20.32%. The firm had revenue of $63.72 million for the quarter, compared to analysts’ expectations of $64.12 million. analysts predict that First Bancorp will post 2.7 EPS for the current fiscal year.

In other First Bancorp news, Director Mary Clara Capel sold 2,250 shares of the business’s stock in a transaction dated Wednesday, March 21st. The shares were sold at an average price of $37.05, for a total value of $83,362.50. Following the transaction, the director now directly owns 13,746 shares in the company, valued at $509,289.30. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 2.30% of the stock is owned by insiders.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in FBNC. Seidman Lawrence B purchased a new position in First Bancorp in the fourth quarter valued at about $12,797,000. BlackRock Inc. boosted its stake in First Bancorp by 16.4% in the fourth quarter. BlackRock Inc. now owns 1,876,045 shares of the financial services provider’s stock valued at $66,244,000 after acquiring an additional 264,581 shares during the last quarter. Millennium Management LLC boosted its stake in First Bancorp by 1,645.0% in the fourth quarter. Millennium Management LLC now owns 266,986 shares of the financial services provider’s stock valued at $9,427,000 after acquiring an additional 251,686 shares during the last quarter. Parsec Financial Management Inc. purchased a new position in First Bancorp in the fourth quarter valued at about $3,021,000. Finally, Renaissance Technologies LLC boosted its stake in First Bancorp by 15.7% in the fourth quarter. Renaissance Technologies LLC now owns 512,414 shares of the financial services provider’s stock valued at $18,093,000 after acquiring an additional 69,481 shares during the last quarter. Hedge funds and other institutional investors own 61.59% of the company’s stock.

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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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