First Bancorp Inc ME Makes New $25.71 Million Investment in First Bancorp $FBNC

First Bancorp Inc ME purchased a new stake in First Bancorp (NASDAQ:FBNC) during the second quarter, according to the company in its most recent filing with the SEC. The firm purchased 738,401 shares of the financial services provider’s stock, valued at approximately $25,711,000. First Bancorp comprises 10.1% of First Bancorp Inc ME’s investment portfolio, making the stock its biggest position.

Other institutional investors and hedge funds have also made changes to their positions in the company. Jupiter Topco LLC purchased a new position in shares of First Bancorp in the 2nd quarter worth $1,123,000. Hsbc Holdings PLC acquired a new stake in First Bancorp during the second quarter worth about $721,000. Ancora Advisors LLC acquired a new stake in First Bancorp during the second quarter worth about $1,877,000. Legal & General Group Plc purchased a new position in shares of First Bancorp in the 2nd quarter worth about $28,000. Finally, The Manufacturers Life Insurance Company purchased a new position in shares of First Bancorp in the 2nd quarter worth about $1,289,000. 68.36% of the stock is currently owned by institutional investors and hedge funds.

First Bancorp Stock Performance

First Bancorp stock opened at $63.96 on Wednesday. First Bancorp has a 12-month low of $45.96 and a 12-month high of $66.78. 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 company has a market capitalization of $2.65 billion, a price-to-earnings ratio of 19.86 and a beta of 0.81. The firm’s fifty day moving average price is $63.86 and its 200 day moving average price is $60.17.

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, beating analysts’ consensus estimates of $1.15 by $0.07. First Bancorp had a net margin of 22.12% and a return on equity of 11.31%. The company had revenue of $127.30 million during the quarter, compared to analysts’ expectations of $126.07 million. On average, research analysts forecast that First Bancorp will post 4.69 EPS for the current fiscal year.

Analysts Set New Price Targets

FBNC has been the subject of a number of research reports. Raymond James Financial boosted 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. Weiss Ratings reiterated a “buy (b)” rating on shares of First Bancorp in a research note on Thursday, August 13th. Keefe, Bruyette & Woods increased their price objective 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. Piper Sandler raised their target price on shares of First Bancorp from $64.00 to $65.00 and gave the company a “neutral” rating in a research note on Wednesday, July 29th. Finally, Brean Capital began coverage on shares of First Bancorp in a report on Monday, June 8th. They set a “neutral” rating and a $65.75 target price on the stock. One investment 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 company’s stock. According to MarketBeat.com, First Bancorp has a consensus rating of “Moderate Buy” and an average 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.