First Bancorp (NASDAQ:FBNC) Downgraded by StockNews.com

First Bancorp (NASDAQ:FBNC - Get Free Report) was downgraded by equities researchers at StockNews.com from a "hold" rating to a "sell" rating in a report released on Wednesday.

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

First Bancorp Price Performance

FBNC traded down $0.03 during trading on Wednesday, reaching $40.95. 79,688 shares of the stock were exchanged, compared to its average volume of 162,183. The company has a debt-to-equity ratio of 0.07, a current ratio of 0.82 and a quick ratio of 0.82. The company has a market capitalization of $1.69 billion, a price-to-earnings ratio of 14.79 and a beta of 1.03. First Bancorp has a 1 year low of $26.00 and a 1 year high of $45.41. The business's 50 day moving average price is $35.99 and its two-hundred day moving average price is $34.18.

First Bancorp (NASDAQ:FBNC - Get Free Report) last released its quarterly earnings results on Wednesday, July 24th. The financial services provider reported $0.70 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.59 by $0.11. The business had revenue of $143.42 million during the quarter, compared to the consensus estimate of $94.00 million. First Bancorp had a return on equity of 8.39% and a net margin of 20.17%. As a group, equities research analysts anticipate that First Bancorp will post 2.66 earnings per share for the current year.

Insider Buying and Selling

In other news, Director Mason Y. Garrett sold 22,800 shares of the business's stock in a transaction 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 directly owns 196,416 shares of the company's stock, valued at approximately $8,526,418.56. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, Director Mason Y. Garrett sold 22,800 shares of First Bancorp stock in a transaction dated Friday, July 26th. The stock was sold at an average price of $43.41, for a total value of $989,748.00. Following the transaction, the director now directly owns 196,416 shares of the company's stock, valued at approximately $8,526,418.56. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Mary Clara Capel sold 1,015 shares of the business's stock in a transaction dated Wednesday, June 26th. The stock was sold at an average price of $30.05, for a total value of $30,500.75. Following the sale, the director now owns 11,569 shares of the company's stock, valued at approximately $347,648.45. The disclosure for this sale can be found here. Corporate insiders own 3.65% of the company's stock.

Hedge Funds Weigh In On First Bancorp

Several hedge funds and other institutional investors have recently made changes to their positions in FBNC. Vanguard Group Inc. increased its holdings in First Bancorp by 0.4% in the 1st quarter. Vanguard Group Inc. now owns 2,799,602 shares of the financial services provider's stock valued at $101,122,000 after purchasing an additional 10,414 shares in the last quarter. Dimensional Fund Advisors LP grew its stake in shares of First Bancorp by 6.9% in the second quarter. Dimensional Fund Advisors LP now owns 2,104,258 shares of the financial services provider's stock valued at $67,166,000 after buying an additional 136,002 shares in the last quarter. Westwood Holdings Group Inc. grew its stake in shares of First Bancorp by 0.4% in the first quarter. Westwood Holdings Group Inc. now owns 1,828,306 shares of the financial services provider's stock valued at $66,038,000 after buying an additional 6,907 shares in the last quarter. Franklin Resources Inc. raised its holdings in shares of First Bancorp by 91.7% during the 4th quarter. Franklin Resources Inc. now owns 1,245,024 shares of the financial services provider's stock valued at $46,078,000 after buying an additional 595,695 shares during the period. Finally, Jennison Associates LLC lifted its position in First Bancorp by 77.7% during the 1st quarter. Jennison Associates LLC now owns 1,041,332 shares of the financial services provider's stock worth $37,613,000 after acquiring an additional 455,406 shares in the last quarter. Institutional investors and hedge funds own 68.36% 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. 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.