Deutsche Bank AG Invests $2.75 Million in First Bancorp $FBNC

Deutsche Bank AG purchased a new stake in shares of First Bancorp (NASDAQ:FBNC - Free Report) during the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 43,081 shares of the financial services provider's stock, valued at approximately $2,754,000. Deutsche Bank AG owned 0.10% of First Bancorp as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in the business. Vanguard Group Inc. raised its holdings 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 acquiring an additional 11,439 shares in the last quarter. State Street Corp grew its holdings 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 purchasing an additional 169,363 shares during the last quarter. Bank of New York Mellon Corp bought a new position in shares of First Bancorp during the second quarter valued at about $45,055,000. Ameriprise Financial Inc. increased its stake in First Bancorp by 48.6% in the 3rd quarter. Ameriprise Financial Inc. now owns 1,314,341 shares of the financial services provider's stock worth $69,516,000 after purchasing an additional 429,769 shares during the period. Finally, Jennison Associates LLC increased its stake in shares of First Bancorp by 34.1% in the first quarter. Jennison Associates LLC now owns 974,221 shares of the financial services provider's stock worth $54,897,000 after buying an additional 247,859 shares during the period. Hedge funds and other institutional investors own 68.36% of the company's stock.

Analyst Upgrades and Downgrades

A number of analysts recently commented on the company. Weiss Ratings reaffirmed a "buy (b)" rating on shares of First Bancorp in a research note on Thursday, August 13th. Brean Capital initiated coverage on First Bancorp in a research report on Monday, June 8th. They issued a "neutral" rating and a $65.75 price target on the stock. Raymond James Financial increased their price objective on shares of First Bancorp from $68.00 to $75.00 and gave the company a "strong-buy" rating in a research report on Thursday, July 16th. Keefe, Bruyette & Woods lifted their target price on First Bancorp from $67.00 to $70.00 and gave the stock an "outperform" rating in a report on Tuesday, August 4th. Finally, Piper Sandler lifted their price target on shares of First Bancorp from $64.00 to $65.00 and gave the stock a "neutral" rating in a research note on Wednesday, July 29th. One investment 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 stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $68.94.

First Bancorp Stock Down 0.5%

NASDAQ FBNC opened at $63.58 on Friday. First Bancorp has a one year low of $45.96 and a one year high of $66.78. The company has a market capitalization of $2.63 billion, a P/E ratio of 19.75 and a beta of 0.81. The stock has a 50 day moving average price of $63.99 and a 200-day moving average price of $60.20. 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 posted its quarterly earnings data on Wednesday, July 22nd. The financial services provider reported $1.22 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 company had revenue of $127.30 million during the quarter, compared to analyst estimates of $126.07 million. As a group, equities analysts predict that First Bancorp will post 4.69 EPS for the current fiscal year.

First Bancorp Company 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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