First Bancorp (NASDAQ:FBNC) Upgraded to “Hold” at StockNews.com

First Bancorp (NASDAQ:FBNC) was upgraded by StockNews.com from a “sell” rating to a “hold” rating in a note issued to investors on Wednesday.

Separately, Keefe, Bruyette & Woods boosted their price target on shares of First Bancorp from $40.00 to $45.00 and gave the stock an “outperform” rating in a report on Thursday, July 25th.

First Bancorp Stock Up 0.8 %

Shares of NASDAQ FBNC traded up $0.31 during mid-day trading on Wednesday, reaching $41.38. 87,821 shares of the company’s stock traded hands, compared to its average volume of 162,152. The stock has a market cap of $1.70 billion, a P/E ratio of 14.94 and a beta of 1.03. The business has a 50-day simple moving average of $41.23 and a 200 day simple moving average of $36.03. First Bancorp has a 1-year low of $26.00 and a 1-year high of $45.41. The company has a debt-to-equity ratio of 0.07, a current ratio of 0.82 and a quick ratio of 0.82.

First Bancorp (NASDAQ:FBNC) last released its quarterly earnings results on Wednesday, July 24th. The financial services provider reported $0.70 earnings per share for the quarter, topping the consensus estimate of $0.59 by $0.11. First Bancorp had a net margin of 20.17% and a return on equity of 8.39%. The business had revenue of $143.42 million for the quarter, compared to analysts’ expectations of $94.00 million. On average, analysts expect that First Bancorp will post 2.68 EPS for the current fiscal year.

Insiders Place Their Bets

In other First Bancorp news, Director Suzanne S. Deferie sold 2,036 shares of First Bancorp stock in a transaction dated Monday, September 23rd. The shares were 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 approximately $2,872,099.86. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, Director Suzanne S. Deferie sold 2,036 shares of the business’s stock in a transaction that occurred on Monday, September 23rd. The shares were 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 transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Mason Y. Garrett sold 22,800 shares of the business’s stock in a transaction that occurred on Friday, July 26th. The shares were sold at an average price of $43.41, for a total transaction of $989,748.00. Following the completion of the sale, the director now directly owns 196,416 shares in the company, valued at approximately $8,526,418.56. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 42,586 shares of company stock valued at $1,859,154. Company insiders own 3.65% of the company’s stock.

Institutional Trading of First Bancorp

Several hedge funds and other institutional investors have recently modified their holdings of the business. Vanguard Group Inc. grew its stake in First Bancorp by 1.9% during the fourth quarter. Vanguard Group Inc. now owns 2,789,188 shares of the financial services provider’s stock valued at $103,228,000 after acquiring an additional 52,812 shares in the last quarter. PNC Financial Services Group Inc. boosted its stake in shares of First Bancorp by 5.4% in the 4th quarter. PNC Financial Services Group Inc. now owns 5,562 shares of the financial services provider’s stock valued at $206,000 after purchasing an additional 283 shares in the last quarter. Chatham Capital Group Inc. raised its holdings in First Bancorp by 13.7% during the 1st quarter. Chatham Capital Group Inc. now owns 33,246 shares of the financial services provider’s stock valued at $1,201,000 after buying an additional 3,995 shares during the last quarter. American National Bank & Trust Co. VA bought a new stake in First Bancorp during the 1st quarter valued at $4,071,000. Finally, BNP Paribas Financial Markets raised its holdings in First Bancorp by 82.3% during the 1st quarter. BNP Paribas Financial Markets now owns 19,915 shares of the financial services provider’s stock valued at $719,000 after buying an additional 8,988 shares during the last quarter. Institutional investors 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.