UBS Group AG Reduces Stock Holdings in First Bancorp $FBNC

UBS Group AG decreased its holdings in First Bancorp (NASDAQ:FBNC) by 22.7% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 180,212 shares of the financial services provider’s stock after selling 53,025 shares during the quarter. UBS Group AG owned about 0.43% of First Bancorp worth $9,153,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Vanguard Group Inc. lifted its stake in First Bancorp by 0.4% in the fourth quarter. Vanguard Group Inc. now owns 2,849,425 shares of the financial services provider’s stock worth $144,722,000 after acquiring an additional 11,439 shares during the period. Ameriprise Financial Inc. lifted its position in First Bancorp by 48.6% during the third quarter. Ameriprise Financial Inc. now owns 1,314,341 shares of the financial services provider’s stock valued at $69,516,000 after buying an additional 429,769 shares during the period. Schroder Investment Management Group boosted its holdings in shares of First Bancorp by 39.4% during the 3rd quarter. Schroder Investment Management Group now owns 576,596 shares of the financial services provider’s stock valued at $30,502,000 after buying an additional 163,026 shares in the last quarter. Invesco Ltd. boosted its holdings in shares of First Bancorp by 149.1% during the 3rd quarter. Invesco Ltd. now owns 261,163 shares of the financial services provider’s stock valued at $13,813,000 after buying an additional 156,311 shares in the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in shares of First Bancorp by 6.4% during 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 valued at $10,383,000 after buying an additional 15,570 shares in the last quarter. Hedge funds and other institutional investors own 68.36% of the company’s stock.

First Bancorp Price Performance

FBNC opened at $57.37 on Monday. The stock has a 50-day moving average price of $56.86 and a 200-day moving average price of $55.29. The company has a debt-to-equity ratio of 0.04, a current ratio of 0.85 and a quick ratio of 0.84. The firm has a market cap of $2.37 billion, a PE ratio of 19.58 and a beta of 0.82. First Bancorp has a 1 year low of $40.00 and a 1 year high of $62.64.

First Bancorp (NASDAQ:FBNC) last posted its quarterly earnings results on Wednesday, April 22nd. The financial services provider reported $1.13 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.09 by $0.04. The firm had revenue of $122.29 million during the quarter, compared to analyst estimates of $123.21 million. First Bancorp had a return on equity of 10.86% and a net margin of 20.59%. Sell-side analysts predict that First Bancorp will post 4.75 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on FBNC. Wall Street Zen upgraded shares of First Bancorp from a “sell” rating to a “hold” rating in a report on Saturday, February 28th. Weiss Ratings upgraded shares of First Bancorp from a “hold (c+)” rating to a “buy (b-)” rating in a report on Friday, March 20th. Zacks Research upgraded shares of First Bancorp from a “strong sell” rating to a “hold” rating in a report on Monday, March 9th. Keefe, Bruyette & Woods boosted their target price on shares of First Bancorp from $65.00 to $66.00 and gave the company an “outperform” rating in a report on Thursday, April 23rd. Finally, Piper Sandler cut shares of First Bancorp from an “overweight” rating to a “neutral” rating and boosted their target price for the company from $58.00 to $64.00 in a report on Saturday, February 7th. One analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and two have given a Hold rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $62.25.

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.