BlackRock Inc. Invests $16.49 Million in First Bancorp $FBNC

BlackRock Inc. acquired a new stake in shares of First Bancorp (NASDAQ:FBNC - Free Report) in the second quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 549,166 shares of the financial services provider's stock, valued at approximately $16,486,000. BlackRock Inc. owned approximately 1.33% of First Bancorp as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in FBNC. Mitsubishi UFJ Asset Management Co. Ltd. bought a new position in shares of First Bancorp during the second quarter valued at $34,000. Summit Securities Group LLC purchased a new stake in First Bancorp during the 1st quarter valued at about $34,000. EverSource Wealth Advisors LLC increased its stake in First Bancorp by 2,222.6% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 720 shares of the financial services provider's stock valued at $32,000 after purchasing an additional 689 shares in the last quarter. Steward Partners Investment Advisory LLC increased its stake in 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 valued at $42,000 after purchasing an additional 381 shares in the last quarter. Finally, State of Wyoming purchased a new position in First Bancorp in the first quarter worth about $67,000. Hedge funds and other institutional investors own 68.36% of the company's stock.

First Bancorp Stock Up 0.4%

FBNC stock opened at $64.34 on Friday. First Bancorp has a fifty-two week low of $45.96 and a fifty-two week high of $66.78. The business's 50-day moving average is $64.17 and its two-hundred day moving average is $60.30. 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 company has a market cap of $2.66 billion, a price-to-earnings ratio of 19.98 and a beta of 0.80.

First Bancorp (NASDAQ:FBNC - Get Free Report) last posted its quarterly earnings data on Wednesday, July 22nd. The financial services provider reported $1.22 earnings per share (EPS) for the quarter, topping 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 company had revenue of $127.30 million for the quarter, compared to the consensus estimate of $126.07 million. As a group, analysts forecast that First Bancorp will post 4.69 earnings per share for the current year.

Analysts Set New Price Targets

A number of research firms have recently commented on FBNC. Keefe, Bruyette & Woods increased their price target 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. Raymond James Financial boosted their price objective 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 reaffirmed a "buy (b)" rating on shares of First Bancorp in a research report on Thursday, August 13th. Brean Capital assumed 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. Finally, Piper Sandler boosted 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 given a Buy rating and three have given a Hold rating to the stock. According to MarketBeat, First Bancorp currently has an average 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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