Public Employees Retirement System of Ohio Invests $3.14 Million in First Bancorp $FBNC

Public Employees Retirement System of Ohio bought a new position in shares of First Bancorp (NASDAQ:FBNC) in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 49,150 shares of the financial services provider’s stock, valued at approximately $3,142,000.

Other institutional investors also recently bought and sold shares of the company. BlackRock Inc. purchased a new stake in First Bancorp in the 2nd quarter worth $380,347,000. Bank of New York Mellon Corp purchased a new position in shares of First Bancorp during the second quarter valued at about $45,055,000. First Bancorp Inc ME bought a new stake in shares of First Bancorp in the second quarter worth about $25,711,000. Ameriprise Financial Inc. increased its holdings in shares of First Bancorp by 48.6% in the third quarter. Ameriprise Financial Inc. now owns 1,314,341 shares of the financial services provider’s stock worth $69,516,000 after purchasing an additional 429,769 shares during the last quarter. Finally, William Blair Investment Management LLC purchased a new stake in shares of First Bancorp during the 2nd quarter worth approximately $19,779,000. 68.36% of the stock is owned by hedge funds and other institutional investors.

First Bancorp Stock Up 1.1%

Shares of First Bancorp stock opened at $65.04 on Friday. 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 cap of $2.69 billion, a price-to-earnings ratio of 20.20 and a beta of 0.80. The firm’s 50-day moving average is $64.20 and its two-hundred day moving average is $60.33. First Bancorp has a 1 year low of $45.96 and a 1 year high of $66.78.

First Bancorp (NASDAQ:FBNC) last posted its quarterly earnings results 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. 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 during the quarter, compared to analyst estimates of $126.07 million. As a group, research analysts expect that First Bancorp will post 4.69 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on FBNC. Piper Sandler upped their target price on shares of First Bancorp from $64.00 to $65.00 and gave the company a “neutral” rating in a research report on Wednesday, July 29th. Raymond James Financial boosted their target price on shares of First Bancorp from $68.00 to $75.00 and gave the company a “strong-buy” rating in a research note on Thursday, July 16th. 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 research report on Tuesday, August 4th. Brean Capital initiated 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 for the company. Finally, Weiss Ratings reiterated a “buy (b)” rating on shares of First Bancorp in a report on Thursday, August 13th. 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, First Bancorp has an average rating of “Moderate Buy” and a consensus price target of $68.94.

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.