First Trust Advisors LP Acquires 16,018 Shares of First Bancorp $FBNC

First Trust Advisors LP grew its position in First Bancorp (NASDAQ:FBNC) by 56.5% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 44,353 shares of the financial services provider’s stock after purchasing an additional 16,018 shares during the period. First Trust Advisors LP’s holdings in First Bancorp were worth $2,499,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also bought and sold shares of the company. Jennison Associates LLC grew its holdings in First Bancorp by 34.1% during the first quarter. Jennison Associates LLC now owns 974,221 shares of the financial services provider’s stock worth $54,897,000 after purchasing an additional 247,859 shares during the period. Illinois Municipal Retirement Fund lifted its holdings in shares of First Bancorp by 1.1% during the first quarter. Illinois Municipal Retirement Fund now owns 22,017 shares of the financial services provider’s stock worth $1,241,000 after buying an additional 242 shares in the last quarter. Principal Financial Group Inc. boosted its holdings 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 valued at $14,089,000 after purchasing an additional 52,451 shares during the period. Fifth Third Bancorp grew its position in First Bancorp by 8,167.6% during the first quarter. Fifth Third Bancorp now owns 9,177 shares of the financial services provider’s stock worth $517,000 after buying an additional 9,066 shares in the last quarter. Finally, Summit Securities Group LLC acquired a new stake in shares of First Bancorp during the 1st quarter worth $34,000. Institutional investors own 68.36% of the company’s stock.

Insider Transactions at First Bancorp

In other news, Director Michael Goodwin Mayer sold 44,324 shares of the business’s stock in a transaction 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 transaction, the director directly owned 41,491 shares in the company, valued at $2,430,542.78. The trade was a 51.65% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 2.04% of the company’s stock.

First Bancorp Price Performance

Shares of NASDAQ:FBNC opened at $64.67 on Friday. The company has a market capitalization of $2.68 billion, a P/E ratio of 20.08 and a beta of 0.81. The company’s 50-day moving average is $62.56 and its 200 day moving average is $59.59. The company has a debt-to-equity ratio of 0.04, a quick ratio of 0.85 and a current ratio of 0.85. First Bancorp has a fifty-two week low of $45.96 and a fifty-two week 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 EPS for the quarter, beating the consensus estimate of $1.15 by $0.07. The business had revenue of $127.30 million for the quarter, compared to the consensus estimate of $126.07 million. First Bancorp had a return on equity of 11.31% and a net margin of 22.12%. On average, equities research analysts forecast that First Bancorp will post 4.69 earnings per share for the current year.

Analysts Set New Price Targets

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