First Bancorp (NASDAQ:FBNC) Downgraded to “Sell” at StockNews.com

First Bancorp (NASDAQ:FBNC) was downgraded by investment analysts at StockNews.com from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Thursday.

First Bancorp Stock Down 8.6 %

Shares of NASDAQ:FBNC traded down $2.95 during mid-day trading on Thursday, hitting $31.55. 256,236 shares of the company traded hands, compared to its average volume of 142,215. The firm has a market cap of $1.30 billion, a P/E ratio of 12.47 and a beta of 1.00. First Bancorp has a 52-week low of $26.00 and a 52-week high of $38.51. The firm’s 50 day simple moving average is $34.14 and its 200 day simple moving average is $33.40. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.83 and a current ratio of 0.83.

First Bancorp (NASDAQ:FBNC) last posted its earnings results on Wednesday, January 24th. The financial services provider reported $0.72 EPS for the quarter, topping analysts’ consensus estimates of $0.66 by $0.06. The business had revenue of $97.03 million for the quarter, compared to analysts’ expectations of $99.63 million. First Bancorp had a net margin of 19.06% and a return on equity of 7.97%. On average, equities analysts anticipate that First Bancorp will post 2.7 EPS for the current year.

Institutional Trading of First Bancorp

A number of hedge funds and other institutional investors have recently made changes to their positions in FBNC. Illinois Municipal Retirement Fund acquired a new position in First Bancorp in the third quarter worth approximately $683,000. Charles Schwab Investment Management Inc. raised its position in shares of First Bancorp by 4.9% during the third quarter. Charles Schwab Investment Management Inc. now owns 400,597 shares of the financial services provider’s stock worth $11,273,000 after purchasing an additional 18,567 shares during the period. Great Lakes Advisors LLC lifted its holdings in shares of First Bancorp by 89.3% during the third quarter. Great Lakes Advisors LLC now owns 44,278 shares of the financial services provider’s stock valued at $1,246,000 after purchasing an additional 20,888 shares during the last quarter. Wagner Wealth Management LLC acquired a new position in shares of First Bancorp in the 4th quarter valued at $240,000. Finally, Everence Capital Management Inc. purchased a new position in First Bancorp in the 4th quarter worth about $213,000. 68.36% of the stock is currently owned by institutional investors.

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.