14,071 Shares in First Bancorp $FBNC Purchased by one8zero8 LLC

one8zero8 LLC acquired a new stake in First Bancorp (NASDAQ:FBNC) in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 14,071 shares of the financial services provider’s stock, valued at approximately $900,000.

Other institutional investors and hedge funds have also bought and sold shares of the company. Mitsubishi UFJ Asset Management Co. Ltd. bought a new stake in First Bancorp in the 2nd quarter valued at $34,000. Summit Securities Group LLC bought a new position in shares of First Bancorp during the 1st quarter worth about $34,000. EverSource Wealth Advisors LLC raised its position in shares of 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 buying an additional 689 shares during the last quarter. First Horizon Corp raised its position in shares of 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 buying an additional 354 shares during the last quarter. Finally, Torren Management LLC bought a new stake in shares of First Bancorp in the fourth quarter valued at about $41,000. Institutional investors own 68.36% of the company’s stock.

First Bancorp Price Performance

FBNC opened at $64.47 on Thursday. 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 capitalization of $2.67 billion, a P/E ratio of 20.02 and a beta of 0.81. The company’s 50 day simple moving average is $63.59 and its 200-day simple moving average is $60.02. First Bancorp has a one year low of $45.96 and a one year high of $66.78.

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

Wall Street Analyst Weigh In

Several analysts have recently weighed in on FBNC shares. Weiss Ratings reissued a “buy (b)” rating on shares of First Bancorp in a report on Thursday, August 13th. Brean Capital began coverage on First Bancorp in a research note on Monday, June 8th. They issued a “neutral” rating and a $65.75 target price for the company. Piper Sandler raised 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. Raymond James Financial lifted their price target on shares of First Bancorp from $68.00 to $75.00 and gave the stock a “strong-buy” rating in a research note on Thursday, July 16th. Finally, Keefe, Bruyette & Woods increased their price objective on shares of First Bancorp from $67.00 to $70.00 and gave the company an “outperform” rating in a research note on Tuesday, August 4th. One investment analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and three have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price 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.