First Bancorp (NASDAQ:FBNC) Price Target Raised to $70.00

First Bancorp (NASDAQ:FBNC) had its price target boosted by Keefe, Bruyette & Woods from $67.00 to $70.00 in a report issued on Tuesday,Benzinga reports. Keefe, Bruyette & Woods currently has an outperform rating on the financial services provider’s stock.

A number of other research analysts have also recently weighed in on FBNC. Piper Sandler boosted their price objective on shares of First Bancorp from $64.00 to $65.00 and gave the company a “neutral” rating in a research report on Wednesday, July 29th. Weiss Ratings upgraded shares of First Bancorp from a “buy (b-)” rating to a “buy (b)” rating in a report on Monday, May 18th. Brean Capital initiated coverage on shares of First Bancorp in a research note on Monday, June 8th. They set a “neutral” rating and a $65.75 price target for the company. Finally, Raymond James Financial upped their price target on shares of First Bancorp from $68.00 to $75.00 and gave the company a “strong-buy” rating in a report on Thursday, July 16th. One research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and three have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $68.94.

First Bancorp Price Performance

NASDAQ:FBNC opened at $64.20 on Tuesday. The firm has a market capitalization of $2.66 billion, a price-to-earnings ratio of 19.94 and a beta of 0.81. The company has a debt-to-equity ratio of 0.04, a current ratio of 0.85 and a quick ratio of 0.85. The business has a 50 day simple moving average of $62.44 and a 200-day simple moving average of $59.56. First Bancorp has a 1 year low of $45.96 and a 1 year high of $66.54.

First Bancorp (NASDAQ:FBNC) last released its earnings results on Wednesday, July 22nd. The financial services provider reported $1.22 earnings per share for the quarter, beating the consensus estimate of $1.15 by $0.07. First Bancorp had a return on equity of 11.31% and a net margin of 22.12%.The firm had revenue of $127.30 million for the quarter, compared to the consensus estimate of $126.07 million. Equities analysts forecast that First Bancorp will post 4.69 EPS for the current year.

Insider Transactions at First Bancorp

In other First Bancorp news, Director Michael Goodwin Mayer sold 44,324 shares of the company’s stock in a transaction on Wednesday, May 20th. The stock was sold at an average price of $58.58, for a total value of $2,596,499.92. Following the transaction, the director owned 41,491 shares of the company’s stock, valued at $2,430,542.78. This represents a 51.65% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. 2.04% of the stock is currently owned by insiders.

Institutional Trading of First Bancorp

A number of large investors have recently made changes to their positions in FBNC. Global Retirement Partners LLC bought a new position in shares of First Bancorp in the second quarter worth about $53,000. SCS Capital Management LLC purchased a new position in First Bancorp in the 2nd quarter worth about $242,000. Bank of New York Mellon Corp bought a new stake in First Bancorp during the 2nd quarter valued at about $19,671,000. Moody National Bank Trust Division lifted its holdings in First Bancorp by 35.3% during the 2nd quarter. Moody National Bank Trust Division now owns 22,682 shares of the financial services provider’s stock valued at $1,450,000 after buying an additional 5,915 shares in the last quarter. Finally, Segall Bryant & Hamill LLC boosted its position in First Bancorp by 176.4% in the 1st quarter. Segall Bryant & Hamill LLC now owns 429,818 shares of the financial services provider’s stock valued at $24,220,000 after buying an additional 274,289 shares during the period. 68.36% of the stock is owned by hedge funds and other institutional investors.

About First Bancorp

First Bancorp operates as the bank holding company for First Bank, offering a broad range of commercial and consumer banking services. Its core offerings include business lending, treasury and cash management, residential and commercial mortgage financing, and consumer deposit products. Through its subsidiary, First Bank provides online and branch-based banking solutions, including checking and savings accounts, certificate of deposits, and digital banking tools designed to meet the needs of individuals, small- to mid-sized businesses, and professional institutions.

The company maintains a network of full-service banking centers and loan production offices across North Carolina and South Carolina, with a focus on markets in the Piedmont, Sandhills and coastal regions.