Martin & Co. Inc. TN Makes New Investment in First Bancorp $FBNC

Martin & Co. Inc. TN bought a new position in shares of First Bancorp (NASDAQ:FBNC) in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 67,414 shares of the financial services provider’s stock, valued at approximately $4,310,000. Martin & Co. Inc. TN owned about 0.16% of First Bancorp at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in the stock. BlackRock Inc. bought a new stake in First Bancorp during the 2nd quarter valued at about $380,347,000. Bank of New York Mellon Corp bought a new position in First Bancorp in the 2nd quarter worth about $45,055,000. Ameriprise Financial Inc. grew its stake in First Bancorp by 48.6% in the 3rd quarter. Ameriprise Financial Inc. now owns 1,314,341 shares of the financial services provider’s stock worth $69,516,000 after acquiring an additional 429,769 shares in the last quarter. William Blair Investment Management LLC purchased a new position in shares of First Bancorp during the second quarter worth approximately $19,779,000. Finally, Segall Bryant & Hamill LLC raised its stake in shares of First Bancorp by 176.4% during the first quarter. Segall Bryant & Hamill LLC now owns 429,818 shares of the financial services provider’s stock valued at $24,220,000 after acquiring an additional 274,289 shares in the last quarter. 68.36% of the stock is owned by hedge funds and other institutional investors.

First Bancorp Stock Performance

FBNC stock opened at $64.70 on Friday. First Bancorp has a one year low of $45.96 and a one year high of $66.78. The firm has a market cap of $2.68 billion, a price-to-earnings ratio of 20.09 and a beta of 0.81. The company has a debt-to-equity ratio of 0.04, a quick ratio of 0.85 and a current ratio of 0.85. The firm has a 50-day simple moving average of $63.71 and a two-hundred day simple moving average of $60.10.

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, topping 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 firm had revenue of $127.30 million during the quarter, compared to analyst estimates of $126.07 million. On average, equities analysts forecast that First Bancorp will post 4.69 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on FBNC. Weiss Ratings reissued a “buy (b)” rating on shares of First Bancorp in a research note on Thursday, August 13th. Brean Capital began coverage on First Bancorp in a research report on Monday, June 8th. They set a “neutral” rating and a $65.75 price target on the stock. Raymond James Financial raised their price target on First Bancorp from $68.00 to $75.00 and gave the company a “strong-buy” rating in a research note on Thursday, July 16th. Keefe, Bruyette & Woods lifted 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. Finally, Piper Sandler upped 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. One equities research 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. Based on data from MarketBeat, the stock currently has an average 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.