Great Lakes Advisors LLC Buys Shares of 60,239 First Bancorp $FBNC

Great Lakes Advisors LLC bought a new position in First Bancorp (NASDAQ:FBNC) during the 2nd quarter, Holdings Channel reports. The institutional investor bought 60,239 shares of the financial services provider’s stock, valued at approximately $3,851,000.

Other institutional investors and hedge funds have also bought and sold shares of the company. BlackRock Inc. purchased a new stake in shares of First Bancorp during the 2nd quarter valued at about $16,486,000. Deutsche Bank AG bought a new stake in First Bancorp during the second quarter valued at approximately $233,000. Mitsubishi UFJ Asset Management Co. Ltd. bought a new stake in First Bancorp during the second quarter valued at approximately $34,000. Global Retirement Partners LLC bought a new position in First Bancorp in the second quarter worth approximately $53,000. Finally, SCS Capital Management LLC purchased a new position in shares of First Bancorp during the 2nd quarter worth $242,000. 68.36% of the stock is owned by hedge funds and other institutional investors.

First Bancorp Price Performance

NASDAQ:FBNC opened at $64.24 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 business’s 50-day simple moving average is $63.65 and its two-hundred day simple moving average is $60.06. The stock has a market cap of $2.66 billion, a PE ratio of 19.95 and a beta of 0.81. First Bancorp has a 52 week low of $45.96 and a 52 week high of $66.78.

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

Analysts Set New Price Targets

A number of equities analysts recently commented on the company. Raymond James Financial raised their target price on First Bancorp from $68.00 to $75.00 and gave the stock a “strong-buy” rating in a report on Thursday, July 16th. Piper Sandler upped their price target on First Bancorp from $64.00 to $65.00 and gave the stock a “neutral” rating in a research report on Wednesday, July 29th. Brean Capital initiated coverage on First Bancorp in a research note on Monday, June 8th. They issued a “neutral” rating and a $65.75 price objective on the stock. Keefe, Bruyette & Woods lifted their price objective on First Bancorp from $67.00 to $70.00 and gave the company an “outperform” rating in a research report on Tuesday, August 4th. Finally, Weiss Ratings reiterated a “buy (b)” rating on shares of First Bancorp in a research note on Thursday, August 13th. One analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price 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.