Jupiter Topco LLC Buys Shares of 17,567 First Bancorp $FBNC

Key Points

• Jupiter Topco LLC acquired 17,567 shares of First Bancorp in the second quarter, valued at approximately $1.12 million. Institutional investors collectively own 68.36% of the company.
• First Bancorp reported quarterly EPS of $1.22, exceeding the $1.15 analyst consensus, while revenue of $127.3 million also topped expectations.
• Analysts maintain a “Moderate Buy” consensus rating, with an average price target of $68.94 versus the stock’s reported price of $65.04.

Jupiter Topco LLC bought a new position in First Bancorp (NASDAQ:FBNC - Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 17,567 shares of the financial services provider's stock, valued at approximately $1,123,000.

Several other large investors also recently added to or reduced their stakes in the business. Royal Bank of Canada raised its holdings in shares of First Bancorp by 6.8% during the 1st quarter. Royal Bank of Canada now owns 43,558 shares of the financial services provider's stock valued at $1,749,000 after purchasing an additional 2,781 shares in the last quarter. AQR Capital Management LLC bought a new stake in First Bancorp in the first quarter worth $318,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in First Bancorp by 5.1% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 23,935 shares of the financial services provider's stock worth $961,000 after purchasing an additional 1,160 shares in the last quarter. Millennium Management LLC acquired a new position in First Bancorp during the first quarter worth $4,046,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in First Bancorp by 6.4% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 258,671 shares of the financial services provider's stock worth $10,383,000 after buying an additional 15,570 shares during the last quarter. 68.36% of the stock is owned by institutional investors.

First Bancorp Stock Performance

Shares of FBNC opened at $65.04 on Friday. The company has a market capitalization of $2.69 billion, a PE ratio of 20.20 and a beta of 0.80. The company has a debt-to-equity ratio of 0.04, a current ratio of 0.85 and a quick ratio of 0.85. First Bancorp has a one year low of $45.96 and a one year high of $66.78. The company's fifty day moving average price is $64.20 and its 200 day moving average price is $60.33.

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

Wall Street Analyst Weigh In

A number of brokerages have weighed in on FBNC. 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. Piper Sandler increased their price objective on First Bancorp from $64.00 to $65.00 and gave the company a "neutral" rating in a report on Wednesday, July 29th. Weiss Ratings reissued a "buy (b)" rating on shares of First Bancorp in a research note on Thursday, August 13th. Keefe, Bruyette & Woods boosted 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. Finally, Brean Capital assumed coverage on First Bancorp in a research report on Monday, June 8th. They set a "neutral" rating and a $65.75 target price for the company. One investment 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 company. According to data from MarketBeat, the company 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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