BlackRock Inc. Invests $380.35 Million in First Bancorp $FBNC

Key Points

• BlackRock acquired a new 14.38% stake in First Bancorp, purchasing 5.95 million shares valued at approximately $380.35 million. Institutional investors collectively own 68.36% of the company.
• First Bancorp exceeded quarterly expectations, reporting $1.22 in EPS versus the $1.15 consensus estimate and revenue of $127.30 million, above the $126.07 million forecast.
• Analysts maintain a generally positive outlook, with the stock carrying a “Moderate Buy” consensus rating and an average price target of $68.94, compared with its reported price of $63.96.

BlackRock Inc. acquired a new stake in First Bancorp (NASDAQ:FBNC - Free Report) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 5,949,433 shares of the financial services provider's stock, valued at approximately $380,347,000. BlackRock Inc. owned approximately 14.38% of First Bancorp at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Deutsche Bank AG purchased a new position in First Bancorp during the 2nd quarter valued at about $233,000. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new stake in First Bancorp during the second quarter worth about $34,000. Global Retirement Partners LLC purchased a new stake in First Bancorp during the second quarter worth about $53,000. SCS Capital Management LLC acquired a new stake in shares of First Bancorp during the second quarter worth about $242,000. Finally, Bank of New York Mellon Corp acquired a new stake in shares of First Bancorp during the second quarter worth about $19,671,000. Hedge funds and other institutional investors own 68.36% of the company's stock.

First Bancorp Stock Down 2.0%

FBNC stock opened at $63.96 on Wednesday. The company's 50 day moving average price is $63.86 and its 200 day moving average price is $60.17. The firm has a market capitalization of $2.65 billion, a price-to-earnings ratio of 19.86 and a beta of 0.81. 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.

First Bancorp (NASDAQ:FBNC - Get Free Report) last issued its quarterly earnings results 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 during the quarter, compared to the consensus estimate of $126.07 million. On average, equities research analysts anticipate that First Bancorp will post 4.69 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

FBNC has been the subject of several recent research reports. Brean Capital started 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 for the company. Keefe, Bruyette & Woods increased their target price on shares of First Bancorp from $67.00 to $70.00 and gave the stock an "outperform" rating in a report on Tuesday, August 4th. Weiss Ratings reissued a "buy (b)" rating on shares of First Bancorp in a research report on Thursday, August 13th. Raymond James Financial boosted their price target on shares of First Bancorp from $68.00 to $75.00 and gave the stock a "strong-buy" rating in a research note on Thursday, July 16th. Finally, Piper Sandler upped their price objective on First Bancorp from $64.00 to $65.00 and gave the stock a "neutral" rating in a research report 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 assigned a Hold rating to the company's stock. According to MarketBeat.com, First Bancorp currently has an average rating of "Moderate Buy" and an average target price of $68.94.

First Bancorp Profile

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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