Janney Montgomery analyst Christopher Marinac maintained a Hold rating on First Bancorp (FBNC – Research Report) today and set a price target of $49.00.
Meet Your ETF AI Analyst
- Discover how TipRanks' ETF AI Analyst can help you make smarter investment decisions
- Explore ETFs TipRanks' users love and see what insights the ETF AI Analyst reveals about the ones you follow.
Christopher Marinac’s rating is based on a combination of factors, including the anticipated improvement in the Net Interest Margin (NIM) for First Bancorp, which is expected to rise by 10 basis points following robust quarterly results. Despite this positive development, the bank’s loan growth remains limited, trailing behind the median expansion rates of mid-cap U.S. banks, which range from 5.0% to 5.5%.
Furthermore, Marinac considers the recent leadership changes at First Bancorp, with CEO Mike Mayer’s retirement and Adam Currie’s succession, as a factor in maintaining the Hold rating. Currie, who has been with the company since 2015, brings experience from his previous roles, including his tenure at RBC. While return on assets is projected to be solid, the overall outlook is tempered by these leadership transitions and modest loan growth, warranting a Neutral stance.