On First BanCorp FBNC's $97 million acquisition of Carolina Bank Holdings Inc. CLBH, Keefe, Bruyette & Woods thought the deal wasn't all that surprising.
Given First BanCorp management has been actively seeking acquisition possibilities, KBW anticipated a move soon. The deal should net First Bancorp a solid presence in Greensboro market and help provide to its balance sheet growth in KBW's opinion.
Despite the positive views on the acquisition, the analyst maintained a Market Perform with a $20 price target. They hedge this maintained rating, as they remain "favorably inclined on this growing NC franchise."
Shares of First BanCorp remain relatively unchanged for the day at $18.29.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
date | ticker | name | Price Target | Upside/Downside | Recommendation | Firm |
|---|
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
