First Bancorp’s (FBNC) Buy Rating Reaffirmed at Brean Capital

Brean Capital reissued their buy rating on shares of First Bancorp (NASDAQ:FBNC) in a research note issued to investors on Tuesday.

A number of other research analysts have also issued reports on FBNC. Piper Jaffray Companies reiterated an overweight rating and issued a $37.00 target price on shares of First Bancorp in a research note on Thursday, October 5th. Zacks Investment Research upgraded shares of First Bancorp from a hold rating to a buy rating and set a $39.00 target price on the stock in a research note on Thursday, October 5th. Finally, Stephens initiated coverage on shares of First Bancorp in a research note on Monday. They issued an equal weight rating on the stock. One analyst has rated the stock with a hold rating and five have given a buy rating to the company’s stock. First Bancorp presently has a consensus rating of Buy and an average price target of $36.25.

First Bancorp (NASDAQ:FBNC) opened at $37.90 on Tuesday. First Bancorp has a 12 month low of $25.35 and a 12 month high of $39.11. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.78. The stock has a market cap of $1,134.77, a price-to-earnings ratio of 21.39, a P/E/G ratio of 1.51 and a beta of 1.09.

A number of hedge funds and other institutional investors have recently bought and sold shares of FBNC. Teachers Advisors LLC grew its position in First Bancorp by 1.9% in the 1st quarter. Teachers Advisors LLC now owns 46,900 shares of the financial services provider’s stock worth $1,374,000 after purchasing an additional 876 shares during the last quarter. Vanguard Group Inc. grew its position in First Bancorp by 13.3% in the 1st quarter. Vanguard Group Inc. now owns 802,073 shares of the financial services provider’s stock worth $23,492,000 after purchasing an additional 94,334 shares during the last quarter. Schwab Charles Investment Management Inc. grew its position in First Bancorp by 18.7% in the 1st quarter. Schwab Charles Investment Management Inc. now owns 79,221 shares of the financial services provider’s stock worth $2,321,000 after purchasing an additional 12,498 shares during the last quarter. Bank of America Corp DE grew its position in First Bancorp by 107.5% in the 1st quarter. Bank of America Corp DE now owns 37,652 shares of the financial services provider’s stock worth $1,103,000 after purchasing an additional 19,504 shares during the last quarter. Finally, Credit Suisse AG grew its position in First Bancorp by 9.3% in the 1st quarter. Credit Suisse AG now owns 42,834 shares of the financial services provider’s stock worth $1,254,000 after purchasing an additional 3,627 shares during the last quarter. Institutional investors own 56.53% of the company’s stock.

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About First Bancorp

First Bancorp is the bank holding company for First Bank (the Bank). The Company’s principal activity is the ownership and operation of First Bank. The Bank engages in a range of banking activities, including the acceptance of deposits and the making of loans. The Bank offers credit cards, debit cards, letters of credit, safe deposit box rentals and electronic funds transfer services, including wire transfers.

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