Great Lakes Advisors LLC Buys New Position in First Bancorp $FBNC

Key Points

• Great Lakes Advisors acquired 60,239 shares of First Bancorp, worth approximately $3.85 million and representing about 0.15% of the company. Several other institutions also initiated positions, with institutional investors owning 68.36% of FBNC.
• Analysts remain generally positive, with a consensus “Moderate Buy” rating and an average price target of $68.94; recent targets range from $65 to $75.
• First Bancorp recently reported quarterly EPS of $1.22, exceeding the $1.15 consensus estimate, while revenue of $127.3 million also topped expectations. Shares opened at $64.24, near their 12-month high of $66.78.

Great Lakes Advisors LLC acquired a new stake in shares of First Bancorp (NASDAQ:FBNC - Free Report) during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The firm acquired 60,239 shares of the financial services provider's stock, valued at approximately $3,851,000. Great Lakes Advisors LLC owned approximately 0.15% of First Bancorp as of its most recent filing with the SEC.

A number of other hedge funds also recently made changes to their positions in FBNC. BlackRock Inc. bought a new position in First Bancorp during the second quarter valued at approximately $16,486,000. Deutsche Bank AG bought a new stake in shares of First Bancorp in the 2nd quarter worth approximately $233,000. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new stake in shares of First Bancorp in the 2nd quarter valued at $34,000. Global Retirement Partners LLC purchased a new stake in shares of First Bancorp in the 2nd quarter valued at $53,000. Finally, SCS Capital Management LLC bought a new position in shares of First Bancorp during the 2nd quarter valued at $242,000. 68.36% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of equities analysts have commented on FBNC shares. Piper Sandler lifted 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. Raymond James Financial lifted their target price 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. Brean Capital assumed coverage on shares of First Bancorp in a report on Monday, June 8th. They issued a "neutral" rating and a $65.75 price target on the stock. Weiss Ratings reaffirmed a "buy (b)" rating on shares of First Bancorp in a research note on Thursday, August 13th. Finally, Keefe, Bruyette & Woods raised their target price on First Bancorp from $67.00 to $70.00 and gave the stock an "outperform" rating in a research note on Tuesday, August 4th. One investment analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and three have assigned a Hold rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $68.94.

First Bancorp Stock Performance

Shares of FBNC stock opened at $64.24 on Friday. The company has a current ratio of 0.85, a quick ratio of 0.85 and a debt-to-equity ratio of 0.04. The company's fifty day moving average price is $63.65 and its 200-day moving average price is $60.06. The stock has a market cap of $2.66 billion, a PE ratio of 19.95 and a beta of 0.81. First Bancorp has a 12 month low of $45.96 and a 12 month high of $66.78.

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 business had revenue of $127.30 million for the quarter, compared to analyst estimates of $126.07 million. On average, equities analysts expect that First Bancorp will post 4.69 EPS for the current fiscal year.

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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