First Bancorp (NASDAQ:FBNC) Downgraded by Zacks Investment Research

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

FBNC has been the subject of several other research reports. DA Davidson upgraded shares of First Bancorp from a “neutral” rating to a “buy” rating in a research note on Tuesday. ValuEngine upgraded shares of First Bancorp from a “sell” rating to a “hold” rating in a research note on Tuesday, September 1st. Finally, Piper Sandler reduced their price objective on shares of First Bancorp from $26.00 to $25.00 and set a “neutral” rating for the company in a research note on Friday, July 24th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and four have given a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus target price of $37.33.

Shares of NASDAQ:FBNC traded up $0.37 during trading hours on Wednesday, hitting $21.27. The company’s stock had a trading volume of 140,606 shares, compared to its average volume of 122,189. First Bancorp has a 52 week low of $17.32 and a 52 week high of $41.34. The company has a debt-to-equity ratio of 0.13, a current ratio of 0.94 and a quick ratio of 0.93. The company has a market capitalization of $616.34 million, a price-to-earnings ratio of 7.79, a P/E/G ratio of 2.86 and a beta of 1.18. The firm’s fifty day moving average price is $21.17 and its 200 day moving average price is $23.38.

First Bancorp (NASDAQ:FBNC) last posted its quarterly earnings data on Thursday, July 23rd. The financial services provider reported $0.56 EPS for the quarter, topping the consensus estimate of $0.16 by $0.40. The firm had revenue of $78.82 million during the quarter, compared to analyst estimates of $67.34 million. First Bancorp had a net margin of 25.52% and a return on equity of 9.41%. On average, equities research analysts predict that First Bancorp will post 1.82 earnings per share for the current fiscal year.

Hedge funds have recently added to or reduced their stakes in the company. Private Advisor Group LLC purchased a new stake in shares of First Bancorp in the 2nd quarter valued at $89,000. PNC Financial Services Group Inc. boosted its holdings in shares of First Bancorp by 473.6% in the 2nd quarter. PNC Financial Services Group Inc. now owns 5,059 shares of the financial services provider’s stock valued at $127,000 after acquiring an additional 4,177 shares during the last quarter. Advisor Group Holdings Inc. purchased a new stake in shares of First Bancorp in the 1st quarter valued at $141,000. Denali Advisors LLC boosted its holdings in shares of First Bancorp by 69.2% in the 2nd quarter. Denali Advisors LLC now owns 6,600 shares of the financial services provider’s stock valued at $166,000 after acquiring an additional 2,700 shares during the last quarter. Finally, Greenwood Capital Associates LLC purchased a new stake in shares of First Bancorp in the 2nd quarter valued at $210,000. 67.86% of the stock is currently owned by institutional investors and hedge funds.

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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