The stock of First Bancorp (NASDAQ:FBNC) hit a new 52-week high and has $27.50 target or 8.00% above today’s $25.46 share price. The 9 months bullish chart indicates low risk for the $516.94 million company. The 1-year high was reported on Nov, 28 by Barchart.com. If the $27.50 price target is reached, the company will be worth $41.36M more.
The 52-week high event is an important milestone for every stock because it shows very positive momentum and is time when buyers come in. During such notable technical setup, fundamental investors usually stay away and are careful shorting or selling the stock. About 56,902 shares traded hands. First Bancorp (NASDAQ:FBNC) has risen 26.17% since April 25, 2016 and is uptrending. It has outperformed by 20.16% the S&P500.
Analysts await First Bancorp (NASDAQ:FBNC) to report earnings on January, 26. They expect $0.37 earnings per share, up 12.12% or $0.04 from last year’s $0.33 per share. FBNC’s profit will be $7.51 million for 17.20 P/E if the $0.37 EPS becomes a reality. After $0.23 actual earnings per share reported by First Bancorp for the previous quarter, Wall Street now forecasts 60.87% EPS growth.
First Bancorp (NASDAQ:FBNC) Ratings Coverage
Out of 6 analysts covering First Bancorp (NASDAQ:FBNC), 2 rate it a “Buy”, 1 “Sell”, while 3 “Hold”. This means 33% are positive. First Bancorp has been the topic of 8 analyst reports since August 3, 2015 according to StockzIntelligence Inc. Piper Jaffray initiated the shares of FBNC in a report on Wednesday, November 16 with “Overweight” rating. FIG Partners downgraded the shares of FBNC in a report on Wednesday, May 11 to “Market Perform” rating. The firm earned “Sell” rating on Tuesday, August 11 by Zacks. The firm has “Sell” rating given on Wednesday, September 2 by Zacks. Stifel Nicolaus maintained it with “Market Perform” rating and $20 target price in Monday, August 3 report. As per Monday, November 14, the company rating was downgraded by Gabelli. The firm has “Sell” rating by Zacks given on Monday, August 24. The firm has “Outperform” rating given on Tuesday, August 23 by Keefe Bruyette & Woods.
According to Zacks Investment Research, “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.”
Insitutional Activity: The institutional sentiment increased to 1.96 in 2016 Q2. Its up 0.63, from 1.33 in 2016Q1. The ratio improved, as 6 funds sold all First Bancorp shares owned while 27 reduced positions. 11 funds bought stakes while 33 increased positions. They now own 10.56 million shares or 3.46% less from 10.94 million shares in 2016Q1.
Huber Capital Lc has 0.02% invested in the company for 21,767 shares. The California-based Los Angeles Capital Mgmt And Equity Rech Incorporated has invested 0% in First Bancorp (NASDAQ:FBNC). Mendon Cap Advsrs Corp has invested 0.29% of its portfolio in First Bancorp (NASDAQ:FBNC). Credit Suisse Ag has invested 0% of its portfolio in First Bancorp (NASDAQ:FBNC). Dalton Greiner Hartman Maher And owns 66,281 shares or 0.07% of their US portfolio. Nationwide Fund Advsrs has 0% invested in the company for 14,630 shares. Legal General Gru Public owns 3,997 shares or 0% of their US portfolio. Wellington Mngmt Gp Llp accumulated 0.01% or 1.34 million shares. Us Fincl Bank De has invested 0% of its portfolio in First Bancorp (NASDAQ:FBNC). Blackrock Gp Limited has 6,935 shares for 0% of their US portfolio. Panagora Asset Inc reported 8,320 shares or 0% of all its holdings. Vanguard Inc last reported 682,173 shares in the company. Zurcher Kantonalbank (Zurich Cantonalbank) owns 944 shares or 0% of their US portfolio. Menta Capital Ltd reported 17,273 shares or 0.04% of all its holdings. Banc Funds Com Ltd Liability Com holds 450,164 shares or 0.46% of its portfolio.
Insider Transactions: Since August 15, 2016, the stock had 2 insider purchases, and 0 insider sales for $87,503 net activity. 2,000 shares were bought by CRAWFORD JAMES C III, worth $37,260 on Monday, August 15. Sloan O. Temple III bought 2,550 shares worth $50,243.
Another recent and important First Bancorp (NASDAQ:FBNC) news was published by Businesswire.com which published an article titled: “Fitch Affirms First Bancorp’s L-T & S-T IDRs at ‘B-/B’; Outlook Revised to …” on November 22, 2016.
FBNC Company Profile
First Bancorp, incorporated on December 8, 1983, is the bank holding firm 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. In addition, the Bank offers Internet banking, mobile banking, cash management and bank-by-phone capabilities to its customers. It also offers a mobile check deposit feature for its mobile banking clients to deposit checks through their smartphone. The Bank offers remote deposit capture for its business customers.
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