First Bancorp $FBNC Holdings Raised by First Trust Advisors LP

First Trust Advisors LP lifted its holdings in First Bancorp (NASDAQ:FBNC) by 56.5% during the first quarter, according to the company in its most recent filing with the SEC. The fund owned 44,353 shares of the financial services provider’s stock after buying an additional 16,018 shares during the quarter. First Trust Advisors LP owned approximately 0.11% of First Bancorp worth $2,499,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Royal Bank of Canada boosted its holdings in shares of First Bancorp by 6.8% during the first quarter. Royal Bank of Canada now owns 43,558 shares of the financial services provider’s stock valued at $1,749,000 after acquiring an additional 2,781 shares during the period. AQR Capital Management LLC acquired a new position in shares of First Bancorp during the first quarter valued at approximately $318,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in shares of First Bancorp by 5.1% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 23,935 shares of the financial services provider’s stock worth $961,000 after buying an additional 1,160 shares in the last quarter. Millennium Management LLC bought a new stake in First Bancorp in the first quarter worth about $4,046,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in shares of First Bancorp by 6.4% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 258,671 shares of the financial services provider’s stock worth $10,383,000 after purchasing an additional 15,570 shares in the last quarter. Institutional investors and hedge funds own 68.36% of the company’s stock.

Insider Activity at First Bancorp

In related news, Director Michael Goodwin Mayer sold 44,324 shares of the business’s stock in a transaction that occurred on Wednesday, May 20th. The shares were 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 directly owned 41,491 shares of the company’s stock, valued at $2,430,542.78. The trade was a 51.65% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. 2.04% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several research analysts have commented on FBNC shares. Keefe, Bruyette & Woods raised their target price on shares of First Bancorp from $67.00 to $70.00 and gave the stock an “outperform” rating in a report on Tuesday. Piper Sandler boosted their target price on First Bancorp from $64.00 to $65.00 and gave the company a “neutral” rating in a research note on Wednesday, July 29th. Brean Capital began coverage on shares of First Bancorp in a research note on Monday, June 8th. They set a “neutral” rating and a $65.75 price target on the stock. Weiss Ratings raised First Bancorp from a “buy (b-)” rating to a “buy (b)” rating in a research note on Monday, May 18th. Finally, Raymond James Financial lifted 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. 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 stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $68.94.

First Bancorp Stock Up 0.7%

Shares of NASDAQ:FBNC opened at $64.67 on Friday. The company has a quick ratio of 0.85, a current ratio of 0.85 and a debt-to-equity ratio of 0.04. The firm has a market cap of $2.68 billion, a P/E ratio of 20.08 and a beta of 0.81. The company’s 50-day moving average price is $62.56 and its two-hundred day moving average price is $59.59. First Bancorp has a 12 month low of $45.96 and a 12 month high of $66.54.

First Bancorp (NASDAQ:FBNC) last posted its quarterly earnings data on Wednesday, July 22nd. The financial services provider reported $1.22 earnings per share for the quarter, topping the consensus estimate of $1.15 by $0.07. The firm had revenue of $127.30 million during the quarter, compared to analysts’ expectations of $126.07 million. First Bancorp had a net margin of 22.12% and a return on equity of 11.31%. As a group, research analysts forecast that First Bancorp will post 4.69 EPS for the current fiscal 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.