Martin & Co. Inc. TN purchased a new stake in First Bancorp (NASDAQ:FBNC – Free Report) in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 67,414 shares of the financial services provider’s stock, valued at approximately $4,310,000.
Other institutional investors have also added to or reduced their stakes in the company. Jennison Associates LLC grew its stake in shares of First Bancorp by 20.4% during the fourth quarter. Jennison Associates LLC now owns 726,362 shares of the financial services provider’s stock worth $36,892,000 after acquiring an additional 123,283 shares during the last quarter. Segall Bryant & Hamill LLC raised its position in shares of First Bancorp by 176.4% in the 1st quarter. Segall Bryant & Hamill LLC now owns 429,818 shares of the financial services provider’s stock valued at $24,220,000 after purchasing an additional 274,289 shares during the last quarter. Louisiana State Employees Retirement System acquired a new stake in First Bancorp in the 1st quarter worth approximately $1,037,000. Principal Financial Group Inc. boosted its stake in First Bancorp by 26.5% in the 1st quarter. Principal Financial Group Inc. now owns 250,027 shares of the financial services provider’s stock worth $14,089,000 after purchasing an additional 52,451 shares in the last quarter. Finally, Pinnacle Wealth Management Advisory Group LLC purchased a new stake in First Bancorp during the 4th quarter worth approximately $518,000. Institutional investors and hedge funds own 68.36% of the company’s stock.
Analysts Set New Price Targets
A number of research analysts have issued reports on FBNC shares. Keefe, Bruyette & Woods upped their price target on shares of First Bancorp from $67.00 to $70.00 and gave the company an “outperform” rating in a research note on Tuesday, August 4th. Raymond James Financial lifted their price objective on shares of First Bancorp from $68.00 to $75.00 and gave the stock a “strong-buy” rating in a research note on Thursday, July 16th. Brean Capital initiated coverage on First Bancorp in a research report on Monday, June 8th. They issued a “neutral” rating and a $65.75 target price on the stock. Weiss Ratings restated a “buy (b)” rating on shares of First Bancorp in a research note on Thursday, August 13th. Finally, Piper Sandler lifted their price target on First Bancorp from $64.00 to $65.00 and gave the stock a “neutral” rating in a research report on Wednesday, July 29th. One analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat, First Bancorp presently has an average rating of “Moderate Buy” and an average target price of $68.94.
First Bancorp Stock Up 0.7%
FBNC stock opened at $64.70 on Friday. The company has a market capitalization of $2.68 billion, a P/E ratio of 20.09 and a beta of 0.81. First Bancorp has a 12 month low of $45.96 and a 12 month high of $66.78. The firm’s fifty day simple moving average is $63.71 and its 200-day simple moving average is $60.10. The company has a debt-to-equity ratio of 0.04, a current ratio of 0.85 and a quick ratio of 0.85.
First Bancorp (NASDAQ:FBNC – Get Free Report) last issued its earnings results on Wednesday, July 22nd. The financial services provider reported $1.22 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.15 by $0.07. The firm had revenue of $127.30 million during the quarter, compared to analysts’ expectations of $126.07 million. First Bancorp had a net margin of 22.12% and a return on equity of 11.31%. As a group, equities research analysts forecast that First Bancorp will post 4.69 earnings per share for the current year.
About First Bancorp
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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