Jennison Associates LLC Acquires 123,283 Shares of First Bancorp $FBNC

Key Points

• Jennison Associates LLC raised its stake in First Bancorp by 20.4%, buying 123,283 shares to own 726,362 shares (about 1.75% of the company) valued at $36.89 million at the end of the quarter.
• First Bancorp reported $1.13 EPS last quarter (beating the $1.09 estimate), has a market cap of $2.39 billion and a P/E of 19.72, and carries a consensus rating of Moderate Buy with an average target price of $62.25.
• Several other institutional investors (Ameriprise, UBS, Schroder, Invesco) also increased positions—institutions own 68.36% of the stock—while insider Mary Clara Capel sold 5,000 shares, leaving insiders with 2.04% ownership.

Jennison Associates LLC lifted its holdings in shares of First Bancorp (NASDAQ:FBNC - Free Report) by 20.4% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 726,362 shares of the financial services provider's stock after purchasing an additional 123,283 shares during the period. Jennison Associates LLC owned about 1.75% of First Bancorp worth $36,892,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in FBNC. Ameriprise Financial Inc. raised its stake in shares of First Bancorp by 48.6% during 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. UBS Group AG increased its holdings in First Bancorp by 236.4% in the 3rd quarter. UBS Group AG now owns 233,237 shares of the financial services provider's stock worth $12,336,000 after acquiring an additional 163,906 shares during the last quarter. Schroder Investment Management Group increased its holdings in First Bancorp by 39.4% in the 3rd quarter. Schroder Investment Management Group now owns 576,596 shares of the financial services provider's stock worth $30,502,000 after acquiring an additional 163,026 shares during the last quarter. Invesco Ltd. increased its holdings in First Bancorp by 149.1% in the 3rd quarter. Invesco Ltd. now owns 261,163 shares of the financial services provider's stock worth $13,813,000 after acquiring an additional 156,311 shares during the last quarter. Finally, Millennium Management LLC purchased a new stake in First Bancorp in the 1st quarter worth about $4,046,000. 68.36% of the stock is currently owned by institutional investors.

First Bancorp Trading Up 0.1%

Shares of FBNC opened at $57.79 on Friday. The company has a debt-to-equity ratio of 0.04, a quick ratio of 0.84 and a current ratio of 0.85. The firm has a market cap of $2.39 billion, a P/E ratio of 19.72 and a beta of 0.84. First Bancorp has a fifty-two week low of $40.00 and a fifty-two week high of $62.64. The business has a 50-day moving average of $56.98 and a 200 day moving average of $54.60.

First Bancorp (NASDAQ:FBNC - Get Free Report) last posted its earnings results on Wednesday, April 22nd. The financial services provider reported $1.13 earnings per share for the quarter, beating analysts' consensus estimates of $1.09 by $0.04. The business had revenue of $122.29 million during the quarter, compared to analyst estimates of $123.21 million. First Bancorp had a return on equity of 10.86% and a net margin of 20.59%. As a group, research analysts forecast that First Bancorp will post 4.75 EPS for the current year.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on FBNC shares. Wall Street Zen raised First Bancorp from a "sell" rating to a "hold" rating in a report on Saturday, February 28th. Piper Sandler lowered First Bancorp from an "overweight" rating to a "neutral" rating and lifted their price objective for the stock from $58.00 to $64.00 in a report on Saturday, February 7th. Zacks Research raised First Bancorp from a "strong sell" rating to a "hold" rating in a report on Monday, March 9th. Weiss Ratings raised First Bancorp from a "hold (c+)" rating to a "buy (b-)" rating in a report on Friday, March 20th. Finally, Raymond James Financial raised First Bancorp from a "market perform" rating to a "strong-buy" rating and set a $62.00 price objective for the company in a report on Wednesday, January 7th. One research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $62.25.

Insiders Place Their Bets

In other First Bancorp news, insider Mary Clara Capel sold 5,000 shares of First Bancorp stock in a transaction dated Tuesday, February 3rd. The stock was sold at an average price of $59.31, for a total transaction of $296,550.00. Following the completion of the transaction, the insider owned 20,400 shares of the company's stock, valued at $1,209,924. The trade was a 19.69% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 2.04% of the stock is owned by insiders.

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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