Segall Bryant & Hamill LLC Has $24.22 Million Holdings in First Bancorp $FBNC

Key Points

• Segall Bryant & Hamill increased its First Bancorp stake by 176.4% in the first quarter, owning 429,818 shares worth approximately $24.22 million, or 1.04% of the company. Institutional investors collectively hold 68.36% of FBNC.
• First Bancorp reported quarterly EPS of $1.22, exceeding the $1.15 consensus estimate, while revenue of $127.3 million also topped expectations. Shares opened at $62.87, near their 52-week high of $66.54.
• Analyst sentiment remains favorable, with a consensus “Moderate Buy” rating and an average price target of $67.94; Raymond James raised its target to $75. A company director separately sold 44,324 shares, reducing his holdings by 51.65%.

Segall Bryant & Hamill LLC raised its holdings in shares of First Bancorp (NASDAQ:FBNC - Free Report) by 176.4% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 429,818 shares of the financial services provider's stock after acquiring an additional 274,289 shares during the quarter. Segall Bryant & Hamill LLC owned approximately 1.04% of First Bancorp worth $24,220,000 at the end of the most recent quarter.

A number of other large investors also recently made changes to their positions in FBNC. Summit Securities Group LLC purchased a new stake in shares of First Bancorp in the first quarter worth approximately $34,000. EverSource Wealth Advisors LLC grew its position in First Bancorp by 2,222.6% during the second quarter. EverSource Wealth Advisors LLC now owns 720 shares of the financial services provider's stock valued at $32,000 after purchasing an additional 689 shares in the last quarter. First Horizon Corp grew its position in First Bancorp by 83.7% during the fourth quarter. First Horizon Corp now owns 777 shares of the financial services provider's stock valued at $39,000 after purchasing an additional 354 shares in the last quarter. Torren Management LLC acquired a new position in First Bancorp in the 4th quarter valued at approximately $41,000. Finally, Steward Partners Investment Advisory LLC increased its stake 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 buying an additional 381 shares during the period. Institutional investors and hedge funds own 68.36% of the company's stock.

First Bancorp Price Performance

NASDAQ FBNC opened at $62.87 on Friday. First Bancorp has a fifty-two week low of $45.04 and a fifty-two week high of $66.54. The stock's 50-day moving average is $61.98 and its two-hundred day moving average is $59.28. The firm has a market cap of $2.60 billion, a P/E ratio of 19.52 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 (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, topping the consensus estimate of $1.15 by $0.07. The company had revenue of $127.30 million during 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 anticipate that First Bancorp will post 4.69 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other First Bancorp news, Director Michael Goodwin Mayer sold 44,324 shares of the company's stock in a transaction that occurred on Wednesday, May 20th. The stock was sold at an average price of $58.58, for a total transaction of $2,596,499.92. Following the completion of the sale, the director owned 41,491 shares of the company's stock, valued at $2,430,542.78. This represents a 51.65% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 2.04% of the company's stock.

Analyst Ratings Changes

FBNC has been the subject of a number of research reports. Raymond James Financial lifted their target price on shares of First Bancorp from $68.00 to $75.00 and gave the company a "strong-buy" rating in a research note on Thursday, July 16th. Keefe, Bruyette & Woods upped their price target on shares of First Bancorp from $65.00 to $66.00 and gave the stock an "outperform" rating in a research note on Thursday, April 23rd. Piper Sandler increased their price objective on First Bancorp from $64.00 to $65.00 and gave the stock a "neutral" rating in a report on Wednesday. Brean Capital began coverage on First Bancorp in a research report on Monday, June 8th. They set a "neutral" rating and a $65.75 price objective for the company. Finally, Weiss Ratings upgraded First Bancorp from a "buy (b-)" rating to a "buy (b)" rating in a research note on Monday, May 18th. One investment analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and three have issued a Hold rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $67.94.

First Bancorp Company 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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