Public Employees Retirement System of Ohio Takes Position in First Bancorp $FBNC

Key Points

• Public Employees Retirement System of Ohio acquired 49,150 First Bancorp shares worth approximately $3.14 million, giving it a 0.12% stake. Institutional investors collectively own 68.36% of FBNC.
• First Bancorp exceeded quarterly expectations, reporting $1.22 in EPS versus the $1.15 consensus and revenue of $127.3 million versus $126.07 million expected.
• Analyst sentiment is positive, with the stock carrying a “Moderate Buy” consensus and an average price target of $68.94, compared with its reported trading price of $65.04.

Public Employees Retirement System of Ohio acquired a new position in First Bancorp (NASDAQ:FBNC - Free Report) in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund acquired 49,150 shares of the financial services provider's stock, valued at approximately $3,142,000. Public Employees Retirement System of Ohio owned 0.12% of First Bancorp at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Martin & Co. Inc. TN bought a new position in First Bancorp in the second quarter worth approximately $4,310,000. William Blair Investment Management LLC bought a new position in First Bancorp in the 2nd quarter worth $19,779,000. Bank of New York Mellon Corp purchased a new position in First Bancorp during the second quarter valued at $19,671,000. BlackRock Inc. bought a new stake in First Bancorp during the second quarter valued at about $380,347,000. Finally, First Bancorp Inc ME bought a new stake in First Bancorp during the second quarter valued at about $25,711,000. Institutional investors own 68.36% of the company's stock.

First Bancorp Trading Up 1.1%

Shares of FBNC stock opened at $65.04 on Friday. The company has a debt-to-equity ratio of 0.04, a quick ratio of 0.85 and a current ratio of 0.85. The stock has a fifty day simple moving average of $64.20 and a two-hundred day simple moving average of $60.33. The firm has a market capitalization of $2.69 billion, a PE ratio of 20.20 and a beta of 0.80. First Bancorp has a 52-week low of $45.96 and a 52-week high of $66.78.

First Bancorp (NASDAQ:FBNC - Get Free Report) last announced its quarterly earnings data on Wednesday, July 22nd. The financial services provider reported $1.22 EPS for the quarter, beating the consensus estimate of $1.15 by $0.07. The business had revenue of $127.30 million for the quarter, compared to the consensus estimate of $126.07 million. First Bancorp had a return on equity of 11.31% and a net margin of 22.12%. On average, analysts predict that First Bancorp will post 4.69 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

FBNC has been the topic of several recent research reports. Piper Sandler raised their price objective on First Bancorp from $64.00 to $65.00 and gave the stock a "neutral" rating in a research note on Wednesday, July 29th. Weiss Ratings reiterated a "buy (b)" rating on shares of First Bancorp in a research note on Thursday, August 13th. Raymond James Financial increased their target price on shares of First Bancorp from $68.00 to $75.00 and gave the stock a "strong-buy" rating in a report on Thursday, July 16th. Keefe, Bruyette & Woods raised their target price on shares of First Bancorp from $67.00 to $70.00 and gave the stock an "outperform" rating in a research note on Tuesday, August 4th. Finally, Brean Capital initiated coverage on shares of First Bancorp in a report on Monday, June 8th. They set a "neutral" rating and a $65.75 price target on the stock. One 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. Based on data from MarketBeat.com, 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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