20,167 Shares in First Bancorp $FBNC Bought by The Manufacturers Life Insurance Company

The Manufacturers Life Insurance Company bought a new stake in First Bancorp (NASDAQ:FBNC) in the second quarter, HoldingsChannel reports. The fund bought 20,167 shares of the financial services provider’s stock, valued at approximately $1,289,000.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Royal Bank of Canada lifted its position in First Bancorp by 6.8% during the 1st quarter. Royal Bank of Canada now owns 43,558 shares of the financial services provider’s stock worth $1,749,000 after buying an additional 2,781 shares in the last quarter. AQR Capital Management LLC bought a new position in shares of First Bancorp in the 1st quarter valued at about $318,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in shares of First Bancorp by 5.1% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 23,935 shares of the financial services provider’s stock valued at $961,000 after acquiring an additional 1,160 shares in the last quarter. Millennium Management LLC acquired a new stake in shares of First Bancorp in the first quarter valued at about $4,046,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in shares of First Bancorp by 6.4% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 258,671 shares of the financial services provider’s stock valued at $10,383,000 after acquiring an additional 15,570 shares during the last quarter. 68.36% of the stock is currently owned by institutional investors and hedge funds.

First Bancorp Stock Up 1.1%

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 company’s 50-day moving average is $64.20 and its 200-day moving average is $60.33. The firm has a market capitalization of $2.69 billion, a PE ratio of 20.20 and a beta of 0.80. First Bancorp has a fifty-two week low of $45.96 and a fifty-two week high of $66.78.

First Bancorp (NASDAQ:FBNC) last issued its earnings results on Wednesday, July 22nd. The financial services provider reported $1.22 earnings per share (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 the consensus estimate of $126.07 million. Sell-side analysts anticipate that First Bancorp will post 4.69 earnings per share for the current year.

Analyst Ratings Changes

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