First Bancorp $FBNC Shares Purchased by DWM Financial Group Inc.

Key Points

• DWM Financial Group increased its First Bancorp stake by 56.7% in the third quarter, ending with 62,121 shares valued at approximately $3.8 million. Institutional investors and hedge funds collectively own 68.36% of FBNC.
• Analyst sentiment is mixed: First Bancorp has an average “Hold” rating and a consensus price target of $68.19, with ratings ranging from “Strong Sell” to “Buy.”
• First Bancorp shares opened at $63.60, near their 52-week high, while the bank reported quarterly earnings of $1.24 per share—beating estimates of $1.18—on revenue of $129.91 million.

DWM Financial Group Inc. raised its holdings in First Bancorp (NASDAQ:FBNC - Free Report) by 56.7% in the 3rd quarter, according to the company in its most recent filing with the SEC. The firm owned 62,121 shares of the financial services provider's stock after acquiring an additional 22,487 shares during the quarter. First Bancorp makes up about 3.0% of DWM Financial Group Inc.'s portfolio, making the stock its 8th largest holding. DWM Financial Group Inc. owned about 0.15% of First Bancorp worth $3,796,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Illinois Municipal Retirement Fund lifted its holdings in shares of First Bancorp by 1.1% during the first quarter. Illinois Municipal Retirement Fund now owns 22,017 shares of the financial services provider's stock worth $1,241,000 after purchasing an additional 242 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new stake in First Bancorp in the second quarter valued at $34,000. Summit Securities Group LLC acquired a new stake in First Bancorp in the first quarter valued at $34,000. USA Financial Formulas bought a new position in First Bancorp during the 3rd quarter worth $40,000. Finally, Contravisory Investment Management Inc. raised its position in First Bancorp by 16.8% during the 3rd quarter. Contravisory Investment Management Inc. now owns 5,588 shares of the financial services provider's stock worth $341,000 after purchasing an additional 802 shares during the last quarter. 68.36% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research analysts have commented on the company. 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. Weiss Ratings reissued a "buy (b)" rating on shares of First Bancorp in a research note on Thursday, August 13th. Piper Sandler raised their price objective on First Bancorp from $65.00 to $66.00 and gave the stock a "neutral" rating in a research report on Thursday, October 22nd. Raymond James Financial lowered First Bancorp from a "strong-buy" rating to an "outperform" rating and cut their price objective for the stock from $72.00 to $71.00 in a research note on Tuesday, October 6th. Finally, Zacks Research cut First Bancorp from a "hold" rating to a "strong sell" rating in a report on Monday, September 21st. Three equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, First Bancorp currently has an average rating of "Hold" and an average target price of $68.19.

First Bancorp Trading Down 1.0%

Shares of First Bancorp stock opened at $63.60 on Friday. The stock has a market capitalization of $2.63 billion, a PE ratio of 16.02 and a beta of 0.84. The stock has a 50 day moving average price of $62.72 and a two-hundred day moving average price of $60.57. 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 has a 52 week low of $47.83 and a 52 week high of $66.78.

First Bancorp (NASDAQ:FBNC - Get Free Report) last released its quarterly earnings data on Wednesday, October 21st. The financial services provider reported $1.24 earnings per share for the quarter, beating analysts' consensus estimates of $1.18 by $0.06. First Bancorp had a net margin of 26.81% and a return on equity of 11.76%. The firm had revenue of $129.91 million for the quarter, compared to analyst estimates of $130.01 million. As a group, equities analysts anticipate that First Bancorp will post 4.76 earnings per share for the current fiscal year.

First Bancorp Company Profile

First Bancorp is a bank holding company headquartered in Southern Pines, North Carolina. Its principal subsidiary, First Bank, is a community banking institution that provides financial services to individuals, businesses and institutions.

First Bank offers deposit accounts, consumer and commercial loans, mortgages, treasury management and other business banking services. Through its banking and related financial services operations, the company also provides wealth management, trust and investment services, insurance products and electronic banking solutions.

Founded in 1983, First Bancorp has expanded from its origins in North Carolina into a regional banking organization serving communities across North Carolina and South Carolina.

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