Deutsche Bank AG Acquires New Position in First Bancorp $FBNC

Deutsche Bank AG acquired a new position in shares of First Bancorp (NASDAQ:FBNC) in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund acquired 43,081 shares of the financial services provider’s stock, valued at approximately $2,754,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Royal Bank of Canada boosted its position in First Bancorp by 6.8% in the 1st quarter. Royal Bank of Canada now owns 43,558 shares of the financial services provider’s stock worth $1,749,000 after purchasing an additional 2,781 shares in the last quarter. AQR Capital Management LLC acquired a new position in shares of First Bancorp during the 1st quarter worth about $318,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in shares of First Bancorp by 5.1% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 23,935 shares of the financial services provider’s stock worth $961,000 after acquiring an additional 1,160 shares during the last quarter. Millennium Management LLC acquired a new stake in First Bancorp during the 1st quarter worth $4,046,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in First Bancorp by 6.4% during the 1st 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 in the last quarter. Institutional investors and hedge funds own 68.36% of the company’s stock.

First Bancorp Stock Performance

First Bancorp stock opened at $63.58 on Friday. The company has a market capitalization of $2.63 billion, a price-to-earnings ratio of 19.75 and a beta of 0.81. The stock has a fifty day moving average of $63.99 and a two-hundred day moving average of $60.20. First Bancorp has a fifty-two week low of $45.96 and a fifty-two week high of $66.78. The company has a debt-to-equity ratio of 0.04, a quick ratio of 0.85 and a current ratio of 0.85.

First Bancorp (NASDAQ:FBNC) last posted its quarterly earnings data on Wednesday, July 22nd. The financial services provider reported $1.22 EPS for the quarter, beating analysts’ consensus estimates of $1.15 by $0.07. The company 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%. On average, analysts anticipate that First Bancorp will post 4.69 EPS for the current fiscal year.

Analysts Set New Price Targets

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