5,057 Shares in First Bancorp $FBNC Acquired by Summit Global Investments

Summit Global Investments purchased a new stake in First Bancorp (NASDAQ:FBNC) in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 5,057 shares of the financial services provider’s stock, valued at approximately $223,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Teacher Retirement System of Texas boosted its holdings in shares of First Bancorp by 3.9% in the 2nd quarter. Teacher Retirement System of Texas now owns 6,277 shares of the financial services provider’s stock valued at $277,000 after buying an additional 234 shares in the last quarter. First Citizens Bank & Trust Co. grew its holdings in shares of First Bancorp by 3.2% during the second quarter. First Citizens Bank & Trust Co. now owns 8,357 shares of the financial services provider’s stock worth $368,000 after purchasing an additional 257 shares during the last quarter. GAMMA Investing LLC increased its position in shares of First Bancorp by 33.5% during the second quarter. GAMMA Investing LLC now owns 1,895 shares of the financial services provider’s stock worth $84,000 after purchasing an additional 475 shares in the last quarter. Great Lakes Advisors LLC increased its position in shares of First Bancorp by 0.7% during the first quarter. Great Lakes Advisors LLC now owns 74,336 shares of the financial services provider’s stock worth $2,984,000 after purchasing an additional 490 shares in the last quarter. Finally, SageView Advisory Group LLC lifted its holdings in shares of First Bancorp by 8.6% in the 1st quarter. SageView Advisory Group LLC now owns 6,843 shares of the financial services provider’s stock valued at $275,000 after purchasing an additional 540 shares during the last quarter. Institutional investors and hedge funds own 68.36% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the company. Piper Sandler raised their price target on First Bancorp from $48.00 to $51.00 and gave the stock a “neutral” rating in a research note on Friday, August 1st. Keefe, Bruyette & Woods upped their price target on shares of First Bancorp from $53.00 to $62.00 and gave the company an “outperform” rating in a research report on Tuesday, September 2nd. Zacks Research raised shares of First Bancorp from a “hold” rating to a “strong-buy” rating in a research report on Monday, November 3rd. Weiss Ratings restated a “hold (c)” rating on shares of First Bancorp in a research note on Wednesday, October 8th. Finally, Wall Street Zen downgraded shares of First Bancorp from a “hold” rating to a “sell” rating in a research note on Saturday, November 15th. One analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and three have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $56.67.

First Bancorp Stock Performance

NASDAQ:FBNC opened at $51.39 on Thursday. The firm’s fifty day simple moving average is $50.52 and its 200-day simple moving average is $48.45. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 0.06. The stock has a market cap of $2.13 billion, a PE ratio of 21.59 and a beta of 1.06. First Bancorp has a fifty-two week low of $34.50 and a fifty-two week high of $56.45.

First Bancorp (NASDAQ:FBNC) last released its quarterly earnings data on Wednesday, October 22nd. The financial services provider reported $1.01 EPS for the quarter, topping analysts’ consensus estimates of $0.93 by $0.08. First Bancorp had a net margin of 17.50% and a return on equity of 9.61%. The firm had revenue of $89.61 million for the quarter, compared to the consensus estimate of $113.47 million. Analysts expect that First Bancorp will post 3.27 earnings per share for the current fiscal year.

First Bancorp Company Profile

First Bancorp operates as the bank holding company for First Bank that provides banking products and services for individuals and small to medium-sized businesses. The company accepts deposit products, such as checking, savings, and money market accounts, as well as time deposits, including certificate of deposits and individual retirement accounts.