Basswood Capital Management L.L.C. acquired a new stake in First Bancorp (NASDAQ:FBNC – Free Report) in the 2nd quarter, Holdings Channel reports. The firm acquired 123,266 shares of the financial services provider’s stock, valued at approximately $7,880,000.
Several other hedge funds and other institutional investors have also recently bought and sold shares of FBNC. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new stake in First Bancorp in the second quarter valued at $34,000. Summit Securities Group LLC acquired a new stake in shares of First Bancorp in the first quarter valued at approximately $34,000. EverSource Wealth Advisors LLC grew its holdings in First Bancorp by 2,222.6% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 720 shares of the financial services provider’s stock valued at $32,000 after buying an additional 689 shares during the last quarter. Torren Management LLC purchased a new stake in First Bancorp during the 4th quarter worth about $41,000. Finally, Steward Partners Investment Advisory LLC boosted its stake in shares of First Bancorp by 87.0% during the 4th quarter. Steward Partners Investment Advisory LLC now owns 819 shares of the financial services provider’s stock worth $42,000 after purchasing an additional 381 shares during the last quarter. 68.36% of the stock is owned by institutional investors and hedge funds.
Wall Street Analyst Weigh In
A number of equities analysts have recently weighed in on the stock. Weiss Ratings reissued a “buy (b)” rating on shares of First Bancorp in a research report on Thursday, August 13th. Raymond James Financial raised their target price on shares of First Bancorp from $68.00 to $75.00 and gave the stock a “strong-buy” rating in a research report on Thursday, July 16th. Keefe, Bruyette & Woods lifted their target price on shares of First Bancorp from $67.00 to $70.00 and gave the stock an “outperform” rating in a research note on Tuesday, August 4th. Piper Sandler boosted their price target on First Bancorp from $64.00 to $65.00 and gave the company a “neutral” rating in a report on Wednesday, July 29th. Finally, Brean Capital began coverage on First Bancorp in a research note on Monday, June 8th. They set a “neutral” rating and a $65.75 price target on the stock. One analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $68.94.
First Bancorp Price Performance
Shares of First Bancorp stock opened at $63.87 on Thursday. The business’s fifty day moving average price is $63.93 and its 200 day moving average price is $60.19. First Bancorp has a twelve month low of $45.96 and a twelve month high of $66.78. The company has a current ratio of 0.85, a quick ratio of 0.85 and a debt-to-equity ratio of 0.04. The stock has a market capitalization of $2.64 billion, a P/E ratio of 19.84 and a beta of 0.81.
First Bancorp (NASDAQ:FBNC – Get Free Report) last announced its quarterly earnings results on Wednesday, July 22nd. The financial services provider reported $1.22 EPS for the quarter, topping the consensus estimate of $1.15 by $0.07. The company had revenue of $127.30 million during the quarter, compared to analyst estimates of $126.07 million. First Bancorp had a return on equity of 11.31% and a net margin of 22.12%. As a group, research analysts anticipate that First Bancorp will post 4.69 earnings per share for the current year.
First Bancorp Profile
First Bancorp operates as the bank holding company for First Bank, offering a broad range of commercial and consumer banking services. Its core offerings include business lending, treasury and cash management, residential and commercial mortgage financing, and consumer deposit products. Through its subsidiary, First Bank provides online and branch-based banking solutions, including checking and savings accounts, certificate of deposits, and digital banking tools designed to meet the needs of individuals, small- to mid-sized businesses, and professional institutions.
The company maintains a network of full-service banking centers and loan production offices across North Carolina and South Carolina, with a focus on markets in the Piedmont, Sandhills and coastal regions.
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