Great Lakes Advisors LLC acquired a new position in shares of First Bancorp (NASDAQ:FBNC - Free Report) in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund acquired 18,295 shares of the financial services provider's stock, valued at approximately $477,000.
Several other large investors also recently made changes to their positions in the business. EverSource Wealth Advisors LLC raised its stake in shares of First Bancorp by 2,222.6% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 720 shares of the financial services provider's stock valued at $32,000 after acquiring an additional 689 shares during the period. Summit Securities Group LLC purchased a new stake in First Bancorp during the 1st quarter worth $34,000. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new stake in First Bancorp during the 2nd quarter worth $34,000. Torren Management LLC acquired a new stake in First Bancorp in the 4th quarter valued at $41,000. Finally, Steward Partners Investment Advisory LLC increased its holdings in First Bancorp by 87.0% in the 4th quarter. Steward Partners Investment Advisory LLC now owns 819 shares of the financial services provider's stock valued at $42,000 after purchasing an additional 381 shares in the last quarter. Institutional investors and hedge funds own 68.36% of the company's stock.
First Bancorp Stock Performance
Shares of FBNC stock opened at $64.70 on Monday. The company has a debt-to-equity ratio of 0.04, a current ratio of 0.85 and a quick ratio of 0.85. The company's fifty day moving average price is $63.71 and its two-hundred day moving average price is $60.11. The firm has a market capitalization of $2.68 billion, a P/E ratio of 20.09 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 announced its earnings results on Wednesday, July 22nd. The financial services provider reported $1.22 earnings per share for the quarter, beating the consensus estimate of $1.15 by $0.07. First Bancorp had a return on equity of 11.31% and a net margin of 22.12%.The company had revenue of $127.30 million during the quarter, compared to the consensus estimate of $126.07 million. On average, research analysts anticipate that First Bancorp will post 4.69 earnings per share for the current fiscal year.
Wall Street Analyst Weigh In
Several research analysts have commented on FBNC shares. Brean Capital started coverage on First Bancorp in a research report on Monday, June 8th. They issued a "neutral" rating and a $65.75 price objective on the stock. Keefe, Bruyette & Woods upped their target price on First Bancorp from $67.00 to $70.00 and gave the stock an "outperform" rating in a research report on Tuesday, August 4th. Weiss Ratings reiterated a "buy (b)" rating on shares of First Bancorp in a research note on Thursday, August 13th. Piper Sandler raised their target price on First Bancorp from $64.00 to $65.00 and gave the company a "neutral" rating in a report on Wednesday, July 29th. Finally, Raymond James Financial boosted their price target on First Bancorp from $68.00 to $75.00 and gave the stock a "strong-buy" rating in a research report on Thursday, July 16th. One research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and three have given a Hold rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $68.94.
Check Out Our Latest Stock Report on First Bancorp
About First Bancorp
(
Free Report)
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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