The Manufacturers Life Insurance Company Buys Shares of 20,167 First Bancorp $FBNC

Key Points

• The Manufacturers Life Insurance Company acquired 20,167 shares of First Bancorp valued at approximately $1.29 million during the second quarter. Institutional investors collectively own 68.36% of FBNC.
• First Bancorp reported quarterly EPS of $1.22, exceeding estimates of $1.15, while revenue reached $127.3 million versus the $126.07 million consensus forecast.
• Analyst sentiment is moderately bullish, with an average rating of “Moderate Buy” and a $68.94 price target; shares recently opened at $65.04, near their one-year high of $66.78.

The Manufacturers Life Insurance Company bought a new position in First Bancorp (NASDAQ:FBNC - Free Report) during the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm bought 20,167 shares of the financial services provider's stock, valued at approximately $1,289,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. EverSource Wealth Advisors LLC increased its position in shares of First Bancorp by 2,222.6% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 720 shares of the financial services provider's stock valued at $32,000 after buying an additional 689 shares in the last quarter. Summit Securities Group LLC bought a new position in First Bancorp during the first quarter worth about $34,000. Mitsubishi UFJ Asset Management Co. Ltd. bought a new position in First Bancorp during the second quarter worth about $34,000. Steward Partners Investment Advisory LLC grew its stake in 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 acquiring an additional 381 shares during the period. Finally, State of Wyoming acquired a new position in First Bancorp in the first quarter valued at about $67,000. 68.36% of the stock is owned by institutional investors.

First Bancorp Price Performance

FBNC stock opened at $65.04 on Friday. The stock has a 50-day moving average price of $64.20 and a two-hundred day moving average price of $60.33. First Bancorp has a 1 year low of $45.96 and a 1 year high of $66.78. The stock has a market cap of $2.69 billion, a PE ratio of 20.20 and a beta of 0.80. The company has a current ratio of 0.85, a quick ratio of 0.85 and a debt-to-equity ratio of 0.04.

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

Analyst Ratings Changes

A number of equities research analysts have recently commented on the company. Weiss Ratings reaffirmed a "buy (b)" rating on shares of First Bancorp in a research report on Thursday, August 13th. Keefe, Bruyette & Woods boosted 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. Brean Capital started coverage on First Bancorp in a research note on Monday, June 8th. They set a "neutral" rating and a $65.75 target price for the company. Raymond James Financial raised 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. Finally, Piper Sandler lifted their price target on shares of First Bancorp from $64.00 to $65.00 and gave the company a "neutral" rating in a research note on Wednesday, July 29th. One 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 stock. Based on data from MarketBeat.com, First Bancorp currently has an average rating of "Moderate Buy" and an average price target of $68.94.

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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