Beacon Pointe Advisors LLC Takes Position in First Bancorp $FBNC

Beacon Pointe Advisors LLC purchased a new position in shares of First Bancorp (NASDAQ:FBNC - Free Report) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 62,033 shares of the financial services provider's stock, valued at approximately $3,966,000. Beacon Pointe Advisors LLC owned 0.15% of First Bancorp as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently bought and sold shares of the company. BlackRock Inc. acquired a new position in First Bancorp in the 2nd quarter valued at $380,347,000. Vanguard Group Inc. raised its position in shares of First Bancorp by 0.4% in the 4th quarter. Vanguard Group Inc. now owns 2,849,425 shares of the financial services provider's stock valued at $144,722,000 after buying an additional 11,439 shares in the last quarter. State Street Corp raised its position 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 buying an additional 169,363 shares in the last quarter. Bank of New York Mellon Corp bought a new stake in shares of First Bancorp during the 2nd quarter worth approximately $45,055,000. Finally, Ameriprise Financial Inc. lifted its holdings in shares of First Bancorp by 48.6% during the 3rd quarter. Ameriprise Financial Inc. now owns 1,314,341 shares of the financial services provider's stock worth $69,516,000 after acquiring an additional 429,769 shares during the period. Institutional investors own 68.36% of the company's stock.

Analyst Ratings Changes

A number of research firms have recently commented on FBNC. Piper Sandler boosted their price target on First Bancorp from $64.00 to $65.00 and gave the stock a "neutral" rating in a report on Wednesday, July 29th. Keefe, Bruyette & Woods raised their target price on shares of First Bancorp from $67.00 to $70.00 and gave the company an "outperform" rating in a research report on Tuesday, August 4th. Raymond James Financial upped their price target on shares of First Bancorp from $68.00 to $75.00 and gave the stock 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 report on Thursday, August 13th. Finally, Brean Capital began coverage on First Bancorp in a report on Monday, June 8th. They issued a "neutral" rating and a $65.75 target price for the company. One equities research 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's stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $68.94.

First Bancorp Stock Performance

Shares of FBNC stock opened at $63.99 on Friday. The stock has a market capitalization of $2.65 billion, a PE ratio of 19.87 and a beta of 0.81. The business's 50 day simple moving average is $64.05 and its 200 day simple moving average is $60.23. 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 has a one year low of $45.96 and a one year high of $66.78.

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 (EPS) for the quarter, topping the consensus estimate of $1.15 by $0.07. First Bancorp had a net margin of 22.12% and a return on equity of 11.31%. The firm had revenue of $127.30 million during the quarter, compared to analyst estimates of $126.07 million. As a group, 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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