First Bancorp (NASDAQ:FBNC) Upgraded at StockNews.com

First Bancorp (NASDAQ:FBNC - Get Free Report) was upgraded by StockNews.com from a "sell" rating to a "hold" rating in a research report issued to clients and investors on Friday.

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

First Bancorp Price Performance

NASDAQ FBNC traded up $0.48 on Friday, reaching $42.48. 126,193 shares of the stock traded hands, compared to its average volume of 160,958. First Bancorp has a 12 month low of $26.00 and a 12 month high of $45.41. The company has a market cap of $1.75 billion, a price-to-earnings ratio of 15.34 and a beta of 1.03. The firm's fifty day simple moving average is $37.83 and its 200 day simple moving average is $34.58. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 0.07.

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

Insider Buying and Selling

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

Institutional Investors Weigh In On First Bancorp

Several large investors have recently made changes to their positions in the company. Innealta Capital LLC bought a new position in First Bancorp during the second quarter valued at approximately $44,000. TFO Wealth Partners LLC lifted its stake in shares of First Bancorp by 17,233.3% in the 4th quarter. TFO Wealth Partners LLC now owns 1,560 shares of the financial services provider's stock valued at $58,000 after purchasing an additional 1,551 shares during the last quarter. SG Americas Securities LLC bought a new stake in First Bancorp in the first quarter worth $185,000. PNC Financial Services Group Inc. increased its position in First Bancorp by 5.4% during the fourth quarter. PNC Financial Services Group Inc. now owns 5,562 shares of the financial services provider's stock worth $206,000 after buying an additional 283 shares during the last quarter. Finally, Novare Capital Management LLC acquired a new position in First Bancorp during the second quarter worth $216,000. Institutional investors own 68.36% of the company's stock.

About First Bancorp

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.