The Manufacturers Life Insurance Company Invests $11.10 Million in First Bancorp $FBNC

Key Points

• The Manufacturers Life Insurance Company acquired 339,510 First Bancorp shares worth approximately $11.1 million, representing about 0.82% of the company. Institutional investors and hedge funds collectively own 68.36% of FBNC.
• Analysts maintain a generally positive outlook, with First Bancorp carrying a consensus “Moderate Buy” rating and an average price target of $68.94.
• First Bancorp exceeded quarterly expectations, reporting $1.22 in EPS versus the $1.15 consensus and revenue of $127.3 million versus estimates of $126.07 million. The stock opened at $63.99, near its 52-week high of $66.78.

The Manufacturers Life Insurance Company purchased a new position in shares of First Bancorp (NASDAQ:FBNC - Free Report) during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 339,510 shares of the financial services provider's stock, valued at approximately $11,095,000. The Manufacturers Life Insurance Company owned about 0.82% of First Bancorp as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also bought and sold shares of the company. EverSource Wealth Advisors LLC grew 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 worth $32,000 after acquiring an additional 689 shares in the last quarter. Summit Securities Group LLC acquired a new position in First Bancorp in the first quarter worth $34,000. Mitsubishi UFJ Asset Management Co. Ltd. bought a new stake in First Bancorp during the second quarter valued at $34,000. Steward Partners Investment Advisory LLC increased its stake in First Bancorp by 87.0% during 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, Global Retirement Partners LLC acquired a new stake in shares of First Bancorp during the second quarter worth $53,000. 68.36% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research firms have recently commented on FBNC. 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 report on Wednesday, July 29th. Raymond James Financial increased 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. Weiss Ratings restated a "buy (b)" rating on shares of First Bancorp in a research report on Thursday, August 13th. 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 for the company. Finally, Keefe, Bruyette & Woods lifted their price objective on shares of First Bancorp from $67.00 to $70.00 and gave the company an "outperform" rating in a research report on Tuesday, August 4th. One investment analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat.com, First Bancorp currently has a consensus rating of "Moderate Buy" and a consensus target price of $68.94.

First Bancorp Stock Up 0.6%

FBNC opened at $63.99 on Friday. The stock's 50 day moving average price is $64.05 and its 200 day moving average price is $60.23. The company has a debt-to-equity ratio of 0.04, a current ratio of 0.85 and a quick ratio of 0.85. The stock has a market cap of $2.65 billion, a P/E ratio of 19.87 and a beta of 0.81. First Bancorp has a 12 month low of $45.96 and a 12 month high of $66.78.

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

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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