First Bancorp (NASDAQ:FBNC) Stock Rating Lowered by Zacks Investment Research

First Bancorp (NASDAQ:FBNC) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued to investors on Thursday, Zacks.com reports.

According to Zacks, “First Bancorp is a one-bank holding company. The principal activity of the Company is the ownership and operation of First Bank. They also own and operate two nonbank subsidiaries, Montgomery Data Services, Inc. and First Bancorp Financial Services, Inc. “

Several other equities research analysts have also recently weighed in on FBNC. Brean Capital reiterated a “buy” rating on shares of Community Bankers Trust in a research note on Monday, March 18th. Gabelli reiterated a “buy” rating on shares of T. Rowe Price Group in a research note on Thursday, April 25th. BidaskClub upgraded shares of Zynerba Pharmaceuticals from a “hold” rating to a “buy” rating in a research note on Thursday, July 4th. Sandler O’Neill upgraded shares of First Bancorp from a “hold” rating to a “buy” rating in a research note on Monday, March 25th. Finally, ValuEngine cut shares of Zumiez from a “hold” rating to a “sell” rating in a research note on Tuesday, July 2nd. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and five have issued a buy rating to the stock. The stock has an average rating of “Hold” and an average price target of $41.40.



Shares of NASDAQ FBNC traded down $0.11 during mid-day trading on Thursday, hitting $35.56. The company had a trading volume of 48,848 shares, compared to its average volume of 94,841. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.99 and a current ratio of 0.99. The firm’s 50-day moving average price is $36.11. First Bancorp has a 12 month low of $30.50 and a 12 month high of $43.14. The company has a market cap of $1.06 billion, a price-to-earnings ratio of 11.81, a P/E/G ratio of 2.70 and a beta of 1.20.

First Bancorp (NASDAQ:FBNC) last released its earnings results on Tuesday, April 23rd. The financial services provider reported $0.75 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.71 by $0.04. First Bancorp had a net margin of 30.44% and a return on equity of 12.04%. The business had revenue of $68.24 million during the quarter, compared to analysts’ expectations of $67.41 million. Analysts anticipate that First Bancorp will post 3.09 EPS for the current fiscal year.

In other First Bancorp news, Director Mary Clara Capel sold 1,000 shares of the firm’s stock in a transaction dated Friday, June 14th. The shares were sold at an average price of $36.30, for a total transaction of $36,300.00. Following the completion of the transaction, the director now owns 14,912 shares in the company, valued at $541,305.60. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Thomas F. Phillips sold 2,250 shares of the firm’s stock in a transaction dated Tuesday, May 28th. The stock was sold at an average price of $35.58, for a total transaction of $80,055.00. Following the transaction, the director now owns 84,212 shares of the company’s stock, valued at approximately $2,996,262.96. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 4,250 shares of company stock valued at $151,855. Corporate insiders own 2.37% of the company’s stock.

A number of institutional investors and hedge funds have recently made changes to their positions in FBNC. Legal & General Group Plc increased its holdings in shares of First Bancorp by 23.9% during the fourth quarter. Legal & General Group Plc now owns 5,705 shares of the financial services provider’s stock worth $186,000 after buying an additional 1,102 shares in the last quarter. Campbell & CO Investment Adviser LLC acquired a new stake in shares of First Bancorp during the second quarter worth approximately $200,000. Squarepoint Ops LLC increased its holdings in shares of First Bancorp by 26.8% during the fourth quarter. Squarepoint Ops LLC now owns 6,276 shares of the financial services provider’s stock worth $205,000 after buying an additional 1,325 shares in the last quarter. BNP Paribas Arbitrage SA increased its holdings in shares of First Bancorp by 363.1% during the first quarter. BNP Paribas Arbitrage SA now owns 6,094 shares of the financial services provider’s stock worth $212,000 after buying an additional 4,778 shares in the last quarter. Finally, Intrust Bank NA increased its holdings in shares of First Bancorp by 6.8% during the first quarter. Intrust Bank NA now owns 7,840 shares of the financial services provider’s stock worth $273,000 after buying an additional 496 shares in the last quarter. Hedge funds and other institutional investors own 66.00% of the company’s stock.

First Bancorp Company Profile

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 deposit and individual retirement accounts.

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