Legal & General Group Plc Takes $5.79 Million Position in First Bancorp $FBNC

Key Points

• Legal & General Group Plc acquired 90,616 First Bancorp shares worth approximately $5.79 million, representing about 0.22% of the company. Institutional investors collectively own 68.36% of FBNC.
• First Bancorp shares opened at $64.34, near their 52-week high of $66.78. The bank recently reported quarterly EPS of $1.22, beating analyst expectations of $1.15, with revenue of $127.3 million.
• Analysts maintain a “Moderate Buy” consensus rating and an average price target of $68.94, with several firms recently raising their targets.

Legal & General Group Plc purchased a new position in shares of First Bancorp (NASDAQ:FBNC - Free Report) in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 90,616 shares of the financial services provider's stock, valued at approximately $5,793,000. Legal & General Group Plc owned about 0.22% of First Bancorp as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in the business. EverSource Wealth Advisors LLC increased its holdings in First Bancorp by 2,222.6% during 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 in the last quarter. Summit Securities Group LLC purchased a new stake in shares of First Bancorp in the first quarter valued at about $34,000. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new stake in shares of First Bancorp in the second quarter valued at about $34,000. Steward Partners Investment Advisory LLC grew its position in shares of First Bancorp by 87.0% in the fourth 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 during the last quarter. Finally, State of Wyoming acquired a new stake in shares of First Bancorp in the first quarter valued at approximately $67,000. 68.36% of the stock is currently owned by hedge funds and other institutional investors.

First Bancorp Stock Performance

Shares of FBNC opened at $64.34 on Friday. First Bancorp has a 1 year low of $45.96 and a 1 year high of $66.78. The company's 50 day simple moving average is $64.17 and its 200 day simple moving average is $60.30. The company has a market capitalization of $2.66 billion, a price-to-earnings ratio of 19.98 and a beta of 0.80. The company has a debt-to-equity ratio of 0.04, a quick ratio of 0.85 and a current ratio of 0.85.

First Bancorp (NASDAQ:FBNC - Get Free Report) last released its earnings results 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. The firm 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%. On average, sell-side analysts predict that First Bancorp will post 4.69 EPS for the current year.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on FBNC shares. Weiss Ratings restated a "buy (b)" rating on shares of First Bancorp in a research report on Thursday, August 13th. Raymond James Financial raised 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 boosted their price target on First Bancorp from $64.00 to $65.00 and gave the stock a "neutral" rating in a report on Wednesday, July 29th. Keefe, Bruyette & Woods upped their price objective on First Bancorp from $67.00 to $70.00 and gave the company an "outperform" rating in a research report on Tuesday, August 4th. Finally, Brean Capital initiated coverage on First Bancorp in a research note on Monday, June 8th. They set a "neutral" rating and a $65.75 price objective on the stock. One equities 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 company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus 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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