Bank of New York Mellon Corp Purchases Shares of 1,728,218 First Bancorp $FBNC

Key Points

• Bank of New York Mellon purchased 1.73 million First Bancorp shares worth approximately $45.1 million, acquiring a 4.18% stake. Institutional investors and hedge funds collectively own 68.36% of the company.
• Analysts maintain a “Moderate Buy” consensus on FBNC, with an average price target of $68.94; recent targets range from $65 to $75.
• First Bancorp recently beat quarterly earnings expectations, reporting $1.22 EPS versus a $1.15 estimate and revenue of $127.3 million versus $126.1 million expected. Shares opened at $63.58, down 0.5%.

Bank of New York Mellon Corp purchased a new position in shares of First Bancorp (NASDAQ:FBNC - Free Report) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 1,728,218 shares of the financial services provider's stock, valued at approximately $45,055,000. Bank of New York Mellon Corp owned 4.18% of First Bancorp as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. Ameriprise Financial Inc. increased its stake in First Bancorp by 48.6% in 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 purchasing an additional 429,769 shares during the last quarter. Segall Bryant & Hamill LLC grew its holdings in 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 buying an additional 274,289 shares during the period. Jennison Associates LLC grew its holdings in First Bancorp by 34.1% in the 1st quarter. Jennison Associates LLC now owns 974,221 shares of the financial services provider's stock valued at $54,897,000 after buying an additional 247,859 shares during the period. State Street Corp increased its stake in shares of First Bancorp by 9.2% during 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 acquiring an additional 169,363 shares during the last quarter. Finally, UBS Group AG increased its stake in shares of First Bancorp by 236.4% during the 3rd quarter. UBS Group AG now owns 233,237 shares of the financial services provider's stock valued at $12,336,000 after acquiring an additional 163,906 shares during the last quarter. Institutional investors and hedge funds own 68.36% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on the stock. Keefe, Bruyette & Woods boosted their target price on shares of First Bancorp from $67.00 to $70.00 and gave the company an "outperform" rating in a report on Tuesday, August 4th. Brean Capital initiated coverage on shares of First Bancorp in a research note on Monday, June 8th. They set a "neutral" rating and a $65.75 price target on the stock. Raymond James Financial lifted 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. Weiss Ratings reissued a "buy (b)" rating on shares of First Bancorp in a research note on Thursday, August 13th. Finally, Piper Sandler upped their price target on First Bancorp from $64.00 to $65.00 and gave the stock a "neutral" rating in a research note on Wednesday, July 29th. One equities research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $68.94.

First Bancorp Stock Down 0.5%

Shares of First Bancorp stock opened at $63.58 on Friday. First Bancorp has a twelve month low of $45.96 and a twelve month high of $66.78. The stock has a market cap of $2.63 billion, a price-to-earnings ratio of 19.75 and a beta of 0.81. 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 company has a fifty day moving average price of $63.99 and a 200 day moving average price of $60.20.

First Bancorp (NASDAQ:FBNC - Get Free Report) last released its quarterly earnings data on Wednesday, July 22nd. The financial services provider reported $1.22 EPS for the quarter, beating the consensus estimate 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 forecast that First Bancorp will post 4.69 earnings per share for the current fiscal 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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