24,169 Shares in First Bancorp $FBNC Acquired by Hsbc Holdings PLC

Key Points

• Hsbc Holdings PLC acquired 24,169 shares of First Bancorp during the second quarter, worth approximately $721,000 and representing 0.06% of the company. Institutional investors collectively own 68.36% of FBNC.
• Analyst sentiment is positive overall, with MarketBeat reporting a consensus rating of “Moderate Buy” and an average price target of $68.94. Recent target increases included Raymond James to $75 and Keefe, Bruyette & Woods to $70.
• First Bancorp exceeded quarterly expectations, reporting $1.22 in EPS versus the $1.15 consensus and revenue of $127.30 million versus estimates of $126.07 million. Shares recently traded at $64.11, near their 52-week high of $66.78.

Hsbc Holdings PLC acquired a new stake in shares of First Bancorp (NASDAQ:FBNC - Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 24,169 shares of the financial services provider's stock, valued at approximately $721,000. Hsbc Holdings PLC owned 0.06% of First Bancorp at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of FBNC. EverSource Wealth Advisors LLC raised its stake in shares of First Bancorp by 2,222.6% in the second 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 period. Summit Securities Group LLC bought a new position in shares of First Bancorp during the 1st quarter worth $34,000. Mitsubishi UFJ Asset Management Co. Ltd. bought a new position in shares of First Bancorp during the 2nd quarter worth $34,000. Steward Partners Investment Advisory LLC grew 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 acquiring an additional 381 shares during the period. Finally, State of Wyoming purchased a new stake in First Bancorp in the 1st quarter worth about $67,000. 68.36% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of brokerages recently issued reports on FBNC. Piper Sandler boosted their price objective on First Bancorp from $64.00 to $65.00 and gave the company a "neutral" rating in a research note on Wednesday, July 29th. Brean Capital began coverage on shares of First Bancorp in a research report on Monday, June 8th. They set a "neutral" rating and a $65.75 target price for the company. 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. Raymond James Financial boosted their price target on shares of First Bancorp from $68.00 to $75.00 and gave the company a "strong-buy" rating in a research report on Thursday, July 16th. Finally, Weiss Ratings restated a "buy (b)" rating on shares of First Bancorp in a research note on Thursday, August 13th. One research 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. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $68.94.

First Bancorp Price Performance

Shares of NASDAQ FBNC opened at $64.11 on Thursday. The stock has a market cap of $2.65 billion, a PE ratio of 19.91 and a beta of 0.80. First Bancorp has a fifty-two week low of $45.96 and a fifty-two week high of $66.78. The company has a debt-to-equity ratio of 0.04, a quick ratio of 0.85 and a current ratio of 0.85. The stock has a fifty day moving average of $64.14 and a 200-day moving average of $60.28.

First Bancorp (NASDAQ:FBNC - Get Free Report) last released its quarterly earnings data on Wednesday, July 22nd. The financial services provider reported $1.22 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.15 by $0.07. First Bancorp had a return on equity of 11.31% and a net margin of 22.12%.The company had revenue of $127.30 million for the quarter, compared to analyst estimates of $126.07 million. Equities research analysts anticipate 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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