William Blair Investment Management LLC Buys Shares of 309,385 First Bancorp $FBNC

Key Points

• William Blair Investment Management acquired 309,385 shares of First Bancorp, valued at approximately $19.8 million, giving it a 0.75% stake. Institutional investors collectively own 68.36% of FBNC.
• Analyst sentiment is positive, with First Bancorp carrying a consensus “Moderate Buy” rating and an average price target of $68.94. Raymond James raised its target to $75, while Keefe, Bruyette & Woods increased its target to $70.
• First Bancorp recently exceeded quarterly expectations, reporting $1.22 in EPS versus the $1.15 consensus estimate and revenue of $127.3 million compared with estimates of $126.07 million. Shares opened at $64.70, near their 12-month high of $66.78.

William Blair Investment Management LLC bought a new stake in First Bancorp (NASDAQ:FBNC - Free Report) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor bought 309,385 shares of the financial services provider's stock, valued at approximately $19,779,000. William Blair Investment Management LLC owned 0.75% of First Bancorp at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. Jennison Associates LLC grew its position in First Bancorp by 20.4% during the fourth quarter. Jennison Associates LLC now owns 726,362 shares of the financial services provider's stock valued at $36,892,000 after purchasing an additional 123,283 shares in the last quarter. Segall Bryant & Hamill LLC increased its stake in First Bancorp by 176.4% in the 1st quarter. Segall Bryant & Hamill LLC now owns 429,818 shares of the financial services provider's stock valued at $24,220,000 after buying an additional 274,289 shares during the period. Louisiana State Employees Retirement System purchased a new stake in First Bancorp in the 1st quarter worth approximately $1,037,000. Principal Financial Group Inc. lifted its position in First Bancorp by 26.5% in the 1st quarter. Principal Financial Group Inc. now owns 250,027 shares of the financial services provider's stock worth $14,089,000 after buying an additional 52,451 shares in the last quarter. Finally, Pinnacle Wealth Management Advisory Group LLC acquired a new stake in shares of First Bancorp during the 4th quarter valued at $518,000. 68.36% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on FBNC shares. Brean Capital began 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. Raymond James Financial increased their price objective on First Bancorp from $68.00 to $75.00 and gave the stock a "strong-buy" rating in a report on Thursday, July 16th. Weiss Ratings reissued a "buy (b)" rating on shares of First Bancorp in a research report on Thursday, August 13th. Keefe, Bruyette & Woods boosted their target price on First Bancorp from $67.00 to $70.00 and gave the company an "outperform" rating in a research note on Tuesday, August 4th. Finally, Piper Sandler upped their target price on First Bancorp from $64.00 to $65.00 and gave the stock a "neutral" rating in a research report on Wednesday, July 29th. One equities research 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. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $68.94.

First Bancorp Stock Performance

Shares of FBNC opened at $64.70 on Friday. The firm has a market cap of $2.68 billion, a price-to-earnings ratio of 20.09 and a beta of 0.81. The company's fifty day moving average is $63.71 and its 200-day moving average is $60.10. The company has a quick ratio of 0.85, a current ratio of 0.85 and a debt-to-equity ratio of 0.04. 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 released its quarterly earnings data on Wednesday, July 22nd. The financial services provider reported $1.22 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.15 by $0.07. The business had revenue of $127.30 million during the quarter, compared to analyst estimates of $126.07 million. First Bancorp had a net margin of 22.12% and a return on equity of 11.31%. Equities analysts expect that First Bancorp will post 4.69 EPS for the current fiscal year.

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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