First Bancorp (NASDAQ:FBNC) Lowered to Sell at StockNews.com

First Bancorp (NASDAQ:FBNC) was downgraded by analysts at StockNews.com from a “hold” rating to a “sell” rating in a report released on Thursday.

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

First Bancorp Trading Down 1.9 %

FBNC traded down $0.82 during trading on Thursday, hitting $41.57. 160,771 shares of the stock were exchanged, compared to its average volume of 161,430. The company has a debt-to-equity ratio of 0.07, a quick ratio of 0.82 and a current ratio of 0.82. The firm has a 50 day simple moving average of $42.06 and a 200 day simple moving average of $36.63. The firm has a market cap of $1.71 billion, a price-to-earnings ratio of 15.01 and a beta of 1.03. First Bancorp has a 1 year low of $26.00 and a 1 year high of $45.41.

First Bancorp (NASDAQ:FBNC) last announced its quarterly earnings results on Wednesday, July 24th. The financial services provider reported $0.70 EPS for the quarter, beating the consensus estimate of $0.59 by $0.11. First Bancorp had a return on equity of 8.39% and a net margin of 20.17%. The firm had revenue of $143.42 million for the quarter, compared to analyst estimates of $94.00 million. As a group, equities analysts expect that First Bancorp will post 2.72 EPS for the current year.

Insider Activity

In related news, Director Mason Y. Garrett sold 22,800 shares of the company’s stock in a transaction on Friday, July 26th. The stock was 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 $8,526,418.56. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. In other news, Director Suzanne S. Deferie sold 2,036 shares of First Bancorp 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 transaction, 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 position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Mason Y. Garrett sold 22,800 shares of the firm’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 owns 196,416 shares of the company’s stock, valued at approximately $8,526,418.56. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 42,586 shares of company stock worth $1,859,154. 3.65% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On First Bancorp

A number of large investors have recently made changes to their positions in FBNC. Wealth Enhancement Advisory Services LLC raised its stake in First Bancorp by 1.8% in the third quarter. Wealth Enhancement Advisory Services LLC now owns 19,994 shares of the financial services provider’s stock valued at $832,000 after buying an additional 347 shares during the last quarter. Everence Capital Management Inc. purchased a new position in shares of First Bancorp in the 3rd quarter valued at approximately $240,000. First Citizens Bank & Trust Co. raised its position in shares of First Bancorp by 33.5% in the 3rd quarter. First Citizens Bank & Trust Co. now owns 10,812 shares of the financial services provider’s stock valued at $450,000 after purchasing an additional 2,712 shares during the last quarter. Handelsbanken Fonder AB boosted its stake in First Bancorp by 24.8% in the 3rd quarter. Handelsbanken Fonder AB now owns 8,544 shares of the financial services provider’s stock worth $355,000 after purchasing an additional 1,700 shares in the last quarter. Finally, Sanctuary Advisors LLC purchased a new stake in First Bancorp during the 2nd quarter worth approximately $316,000. 68.36% of the stock is 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. 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.