Bank of New York Mellon Corp Buys Shares of 307,700 First Bancorp $FBNC

Bank of New York Mellon Corp bought a new position in First Bancorp (NASDAQ:FBNC - Free Report) in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm bought 307,700 shares of the financial services provider's stock, valued at approximately $19,671,000. Bank of New York Mellon Corp owned 0.74% of First Bancorp as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also modified their holdings of the business. Ameriprise Financial Inc. raised its position in First Bancorp by 48.6% during the third quarter. Ameriprise Financial Inc. now owns 1,314,341 shares of the financial services provider's stock valued at $69,516,000 after buying an additional 429,769 shares during the period. Segall Bryant & Hamill LLC grew its stake in First Bancorp by 176.4% during 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 acquiring an additional 274,289 shares in the last quarter. Jennison Associates LLC grew its stake in First Bancorp by 34.1% during the 1st quarter. Jennison Associates LLC now owns 974,221 shares of the financial services provider's stock valued at $54,897,000 after acquiring an additional 247,859 shares in the last quarter. State Street Corp increased its holdings in shares of First Bancorp by 9.2% in the 4th quarter. State Street Corp now owns 2,012,273 shares of the financial services provider's stock valued at $102,661,000 after purchasing an additional 169,363 shares during the period. Finally, UBS Group AG increased its holdings in shares of First Bancorp by 236.4% in the 3rd quarter. UBS Group AG now owns 233,237 shares of the financial services provider's stock valued at $12,336,000 after purchasing an additional 163,906 shares during the period. Hedge funds and other institutional investors own 68.36% of the company's stock.

First Bancorp Stock Performance

FBNC stock opened at $63.99 on Monday. The company has a quick ratio of 0.85, a current ratio of 0.85 and a debt-to-equity ratio of 0.04. The company has a market capitalization of $2.65 billion, a price-to-earnings ratio of 19.87 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 has a 50 day moving average of $64.05 and a two-hundred day moving average of $60.22.

First Bancorp (NASDAQ:FBNC - Get Free Report) last released its quarterly earnings results on Wednesday, July 22nd. The financial services provider reported $1.22 earnings per share for the quarter, beating analysts' consensus estimates of $1.15 by $0.07. First Bancorp had a net margin of 22.12% and a return on equity of 11.31%. The business had revenue of $127.30 million for the quarter, compared to the consensus estimate of $126.07 million. As a group, equities analysts anticipate that First Bancorp will post 4.69 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of research analysts recently commented on the stock. Piper Sandler boosted their price objective on shares of First Bancorp from $64.00 to $65.00 and gave the company a "neutral" rating in a research report on Wednesday, July 29th. Brean Capital began coverage on shares of First Bancorp in a research note on Monday, June 8th. They issued a "neutral" rating and a $65.75 price objective on the stock. Weiss Ratings reiterated a "buy (b)" rating on shares of First Bancorp in a research report on Thursday, August 13th. Keefe, Bruyette & Woods lifted their target price 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. Finally, 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 report on Thursday, July 16th. One investment analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat, First Bancorp currently has a consensus rating of "Moderate Buy" and an average target price of $68.94.

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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