Basswood Capital Management L.L.C. Invests $7.88 Million in First Bancorp $FBNC

Basswood Capital Management L.L.C. purchased a new position in shares of First Bancorp (NASDAQ:FBNC) during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 123,266 shares of the financial services provider’s stock, valued at approximately $7,880,000. Basswood Capital Management L.L.C. owned about 0.30% of First Bancorp as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in FBNC. Man Group plc purchased a new stake in First Bancorp during the 2nd quarter valued at approximately $301,000. First Bancorp Inc ME purchased a new position in shares of First Bancorp in the 2nd quarter valued at approximately $48,000. First Bancorp Inc ME purchased a new position in shares of First Bancorp in the 2nd quarter valued at approximately $25,711,000. Jupiter Topco LLC acquired a new position in shares of First Bancorp in the second quarter valued at approximately $1,123,000. Finally, Hsbc Holdings PLC acquired a new position in shares of First Bancorp in the second quarter valued at approximately $721,000. Institutional investors and hedge funds own 68.36% of the company’s stock.

First Bancorp Trading Down 0.1%

Shares of FBNC stock opened at $63.87 on Thursday. The business’s fifty day moving average price is $63.93 and its 200 day moving average price is $60.19. The firm has a market capitalization of $2.64 billion, a PE ratio of 19.84 and a beta of 0.81. 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 1-year low of $45.96 and a 1-year high of $66.78.

First Bancorp (NASDAQ:FBNC) last released its earnings results 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 return on equity of 11.31% and a net margin of 22.12%. As a group, sell-side analysts forecast that First Bancorp will post 4.69 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on FBNC. Raymond James Financial increased 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. Keefe, Bruyette & Woods boosted their price objective on shares of First Bancorp from $67.00 to $70.00 and gave the company an “outperform” rating in a research note on Tuesday, August 4th. 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 report on Wednesday, July 29th. Weiss Ratings restated a “buy (b)” rating on shares of First Bancorp in a research note on Thursday, August 13th. Finally, Brean Capital started coverage on shares of First Bancorp in a report on Monday, June 8th. They issued a “neutral” rating and a $65.75 target price on the stock. One equities research 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. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $68.94.

About First Bancorp

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.