Wellington Management Group LLP Purchases New Stake in First Bancorp $FBNC

Wellington Management Group LLP acquired a new position in shares of First Bancorp (NASDAQ:FBNC) in the 2nd quarter, Holdings Channel.com reports. The firm acquired 172,829 shares of the financial services provider’s stock, valued at approximately $11,049,000.

A number of other large investors have also recently bought and sold shares of FBNC. Mitsubishi UFJ Asset Management Co. Ltd. bought a new position in First Bancorp in the 2nd quarter valued at about $34,000. Summit Securities Group LLC bought a new stake in shares of First Bancorp during the 1st quarter worth approximately $34,000. EverSource Wealth Advisors LLC boosted its position in shares of First Bancorp by 2,222.6% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 720 shares of the financial services provider’s stock worth $32,000 after acquiring an additional 689 shares in the last quarter. Steward Partners Investment Advisory LLC boosted its position in shares of First Bancorp by 87.0% during the 4th quarter. Steward Partners Investment Advisory LLC now owns 819 shares of the financial services provider’s stock worth $42,000 after acquiring an additional 381 shares in the last quarter. Finally, State of Wyoming bought a new position in First Bancorp in the first quarter valued at approximately $67,000. 68.36% of the stock is currently owned by institutional investors and hedge funds.

First Bancorp Stock Performance

FBNC opened at $65.04 on Tuesday. The company has a debt-to-equity ratio of 0.04, a current ratio of 0.85 and a quick ratio of 0.85. First Bancorp has a fifty-two week low of $45.96 and a fifty-two week high of $66.78. The company’s 50 day moving average price is $64.22 and its two-hundred day moving average price is $60.36. The firm has a market capitalization of $2.69 billion, a price-to-earnings ratio of 20.20 and a beta of 0.80.

First Bancorp (NASDAQ:FBNC) last released its earnings results 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. The business had revenue of $127.30 million during the quarter, compared to the consensus estimate of $126.07 million. First Bancorp had a net margin of 22.12% and a return on equity of 11.31%. As a group, research analysts predict that First Bancorp will post 4.69 earnings per share for the current year.

Wall Street Analyst Weigh In

Several research analysts have commented on the stock. Brean Capital started coverage on shares of First Bancorp in a research report on Monday, June 8th. They set a “neutral” rating and a $65.75 price objective for the company. Keefe, Bruyette & Woods lifted their price target on First Bancorp from $67.00 to $70.00 and gave the company an “outperform” rating in a research note on Tuesday, August 4th. Raymond James Financial boosted their price target 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 objective on First Bancorp from $64.00 to $65.00 and gave the stock a “neutral” rating in a research report on Wednesday, July 29th. Finally, Weiss Ratings reaffirmed a “buy (b)” rating on shares of First Bancorp in a research note on Thursday, August 13th. 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 MarketBeat.com, the stock currently 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.