Raymond James Increases First Bancorp (NASDAQ:FBNC) Price Target to $43.00

First Bancorp (NASDAQ:FBNCGet Rating) had its target price upped by investment analysts at Raymond James from $40.00 to $43.00 in a research note issued to investors on Monday, The Fly reports. The brokerage currently has a “maintains” rating on the financial services provider’s stock. Raymond James’ target price would indicate a potential upside of 20.55% from the stock’s previous close.

First Bancorp Stock Down 3.5 %

First Bancorp stock opened at $35.67 on Monday. First Bancorp has a twelve month low of $32.90 and a twelve month high of $50.92. The firm has a 50 day moving average price of $35.87 and a 200-day moving average price of $39.69. The company has a market capitalization of $1.27 billion, a P/E ratio of 10.98 and a beta of 1.15. The company has a quick ratio of 0.70, a current ratio of 0.71 and a debt-to-equity ratio of 0.06.

First Bancorp (NASDAQ:FBNCGet Rating) last released its earnings results on Wednesday, July 27th. The financial services provider reported $1.04 earnings per share for the quarter, beating analysts’ consensus estimates of $1.02 by $0.02. First Bancorp had a net margin of 29.83% and a return on equity of 11.20%. As a group, equities analysts predict that First Bancorp will post 3.83 EPS for the current year.

Insider Buying and Selling

In other First Bancorp news, Director Dexter V. Perry acquired 973 shares of the business’s stock in a transaction that occurred on Wednesday, June 29th. The stock was bought at an average cost of $34.78 per share, with a total value of $33,840.94. Following the acquisition, the director now owns 3,485 shares in the company, valued at $121,208.30. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other news, Director Carlie C. Mclamb, Jr. bought 1,238 shares of the stock in a transaction on Monday, May 16th. The shares were acquired at an average cost of $35.99 per share, for a total transaction of $44,555.62. Following the purchase, the director now directly owns 21,838 shares of the company’s stock, valued at approximately $785,949.62. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Dexter V. Perry bought 973 shares of the stock in a transaction on Wednesday, June 29th. The stock was purchased at an average price of $34.78 per share, for a total transaction of $33,840.94. Following the completion of the purchase, the director now directly owns 3,485 shares in the company, valued at $121,208.30. The disclosure for this purchase can be found here. 1.90% of the stock is owned by insiders.

Institutional Trading of First Bancorp

Institutional investors and hedge funds have recently bought and sold shares of the company. Allegheny Financial Group LTD purchased a new stake in shares of First Bancorp during the 4th quarter valued at $31,000. Northwestern Mutual Wealth Management Co. purchased a new stake in shares of First Bancorp during the 4th quarter valued at $32,000. Geneos Wealth Management Inc. raised its position in shares of First Bancorp by 67.9% during the 4th quarter. Geneos Wealth Management Inc. now owns 779 shares of the financial services provider’s stock valued at $35,000 after buying an additional 315 shares in the last quarter. Nisa Investment Advisors LLC raised its position in shares of First Bancorp by 200.0% during the 4th quarter. Nisa Investment Advisors LLC now owns 1,050 shares of the financial services provider’s stock valued at $46,000 after buying an additional 700 shares in the last quarter. Finally, SG Americas Securities LLC purchased a new stake in shares of First Bancorp during the 1st quarter valued at $158,000. 68.57% of the stock is currently owned by hedge funds and other institutional investors.

First Bancorp Company Profile

(Get Rating)

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 certificate of deposits and individual retirement accounts.

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