Public Employees Retirement System of Ohio Makes New Investment in First Bancorp $FBNC

Public Employees Retirement System of Ohio bought a new stake in shares of First Bancorp (NASDAQ:FBNC) in the 2nd quarter, according to the company in its most recent filing with the SEC. The fund bought 120,076 shares of the financial services provider’s stock, valued at approximately $3,130,000.

A number of other large investors also recently made changes to their positions in the stock. Oregon Public Employees Retirement Fund boosted its position in shares of First Bancorp by 2.1% in the 4th quarter. Oregon Public Employees Retirement Fund now owns 9,532 shares of the financial services provider’s stock worth $484,000 after purchasing an additional 200 shares during the last quarter. SouthState Bank Corp increased its holdings in First Bancorp by 1.5% in the fourth quarter. SouthState Bank Corp now owns 13,189 shares of the financial services provider’s stock valued at $670,000 after purchasing an additional 200 shares during the last quarter. Illinois Municipal Retirement Fund increased its holdings in First Bancorp by 1.1% in the first quarter. Illinois Municipal Retirement Fund now owns 22,017 shares of the financial services provider’s stock valued at $1,241,000 after purchasing an additional 242 shares during the last quarter. Bank of Montreal Can lifted its stake in First Bancorp by 6.9% in the fourth quarter. Bank of Montreal Can now owns 4,725 shares of the financial services provider’s stock valued at $240,000 after buying an additional 305 shares during the period. Finally, Amundi lifted its stake in First Bancorp by 5.1% in the third quarter. Amundi now owns 7,154 shares of the financial services provider’s stock valued at $371,000 after buying an additional 345 shares during the period. Institutional investors and hedge funds own 68.36% of the company’s stock.

First Bancorp Stock Performance

Shares of First Bancorp stock opened at $65.04 on Friday. The stock’s fifty day simple moving average is $64.20 and its 200 day simple moving average is $60.33. The company has a current ratio of 0.85, a quick ratio of 0.85 and a debt-to-equity ratio of 0.04. The company has a market capitalization of $2.69 billion, a PE ratio of 20.20 and a beta of 0.80. First Bancorp has a 12 month low of $45.96 and a 12 month high of $66.78.

First Bancorp (NASDAQ:FBNC) last posted its earnings results on Wednesday, July 22nd. The financial services provider reported $1.22 earnings per share (EPS) for the quarter, beating 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 analysts’ expectations of $126.07 million. On average, research analysts predict that First Bancorp will post 4.69 EPS for the current year.

Analyst Upgrades and Downgrades

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