First Bancorp Inc ME Makes New Investment in First Bancorp $FBNC

Key Points

• First Bancorp Inc. ME acquired 738,401 shares of First Bancorp (FBNC) during the second quarter, worth about $25.7 million. The position represents 10.1% of its portfolio and 1.78% of FBNC’s outstanding shares.
• FBNC shares opened at $63.96, down 2.0%, while the company reported quarterly EPS of $1.22, beating estimates by $0.07, and revenue of $127.3 million, above expectations.
• Analysts remain generally positive, with a consensus rating of “Moderate Buy” and an average price target of $68.94; Raymond James raised its target to $75.

First Bancorp Inc ME purchased a new stake in First Bancorp (NASDAQ:FBNC - Free Report) in the second quarter, according to the company in its most recent filing with the SEC. The firm purchased 738,401 shares of the financial services provider's stock, valued at approximately $25,711,000. First Bancorp makes up about 10.1% of First Bancorp Inc ME's investment portfolio, making the stock its biggest holding. First Bancorp Inc ME owned 1.78% of First Bancorp at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in FBNC. SouthState Bank Corp increased its holdings in First Bancorp by 1.5% in the fourth quarter. SouthState Bank Corp now owns 13,189 shares of the financial services provider's stock valued at $670,000 after buying an additional 200 shares in the last quarter. Oregon Public Employees Retirement Fund boosted its position in First Bancorp by 2.1% during the fourth quarter. Oregon Public Employees Retirement Fund now owns 9,532 shares of the financial services provider's stock worth $484,000 after purchasing an additional 200 shares in the last quarter. Illinois Municipal Retirement Fund grew its holdings in First Bancorp by 1.1% in the first quarter. Illinois Municipal Retirement Fund now owns 22,017 shares of the financial services provider's stock valued at $1,241,000 after purchasing an additional 242 shares during the last quarter. Bank of Montreal Can increased its position in shares of First Bancorp by 6.9% in the fourth quarter. Bank of Montreal Can now owns 4,725 shares of the financial services provider's stock valued at $240,000 after buying an additional 305 shares in the last quarter. Finally, Amundi increased its position in shares of First Bancorp by 5.1% in the third quarter. Amundi now owns 7,154 shares of the financial services provider's stock valued at $371,000 after buying an additional 345 shares in the last quarter. Hedge funds and other institutional investors own 68.36% of the company's stock.

First Bancorp Trading Down 2.0%

Shares of First Bancorp stock opened at $63.96 on Wednesday. First Bancorp has a fifty-two week low of $45.96 and a fifty-two week high of $66.78. The business's fifty day moving average is $63.86 and its two-hundred day moving average is $60.17. The company has a quick ratio of 0.85, a current ratio of 0.85 and a debt-to-equity ratio of 0.04. The firm has a market cap of $2.65 billion, a PE ratio of 19.86 and a beta of 0.81.

First Bancorp (NASDAQ:FBNC - Get Free Report) last announced its quarterly earnings data on Wednesday, July 22nd. The financial services provider reported $1.22 EPS for the quarter, beating analysts' consensus estimates of $1.15 by $0.07. The business had revenue of $127.30 million during the quarter, compared to the consensus estimate of $126.07 million. First Bancorp had a return on equity of 11.31% and a net margin of 22.12%. Analysts anticipate that First Bancorp will post 4.69 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on FBNC. 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 note on Thursday, July 16th. Piper Sandler upped their target price on First Bancorp from $64.00 to $65.00 and gave the company a "neutral" rating in a research note on Wednesday, July 29th. Keefe, Bruyette & Woods increased their target price on First Bancorp from $67.00 to $70.00 and gave the company 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. Finally, Brean Capital initiated coverage on First Bancorp in a report on Monday, June 8th. They issued a "neutral" rating and a $65.75 price target for the company. One research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat.com, First Bancorp presently has a consensus 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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