10,990 Shares in First Bancorp $FBNC Purchased by Sanctuary Advisors LLC

Sanctuary Advisors LLC bought a new position in First Bancorp (NASDAQ:FBNC) in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The firm bought 10,990 shares of the financial services provider’s stock, valued at approximately $703,000.

Other hedge funds have also added to or reduced their stakes in the company. SouthState Bank Corp lifted its holdings in shares of First Bancorp by 1.5% in the fourth quarter. SouthState Bank Corp now owns 13,189 shares of the financial services provider’s stock worth $670,000 after buying an additional 200 shares in the last quarter. Oregon Public Employees Retirement Fund grew its stake in First Bancorp by 2.1% during the fourth quarter. Oregon Public Employees Retirement Fund now owns 9,532 shares of the financial services provider’s stock valued at $484,000 after acquiring an additional 200 shares in the last quarter. Illinois Municipal Retirement Fund increased its holdings in First Bancorp by 1.1% during the 1st quarter. Illinois Municipal Retirement Fund now owns 22,017 shares of the financial services provider’s stock worth $1,241,000 after acquiring an additional 242 shares during the period. Bank of Montreal Can increased its holdings in First Bancorp by 6.9% during the 4th quarter. Bank of Montreal Can now owns 4,725 shares of the financial services provider’s stock worth $240,000 after acquiring an additional 305 shares during the period. Finally, Amundi lifted its stake in First Bancorp by 5.1% in the 3rd quarter. Amundi now owns 7,154 shares of the financial services provider’s stock worth $371,000 after purchasing an additional 345 shares in the last quarter. Hedge funds and other institutional investors own 68.36% of the company’s stock.

First Bancorp Stock Up 0.6%

Shares of NASDAQ:FBNC opened at $63.99 on Friday. The firm has a market capitalization of $2.65 billion, a PE ratio of 19.87 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. First Bancorp has a 52-week low of $45.96 and a 52-week high of $66.78. The firm has a fifty day moving average of $64.05 and a 200 day moving average of $60.23.

First Bancorp (NASDAQ:FBNC) last issued its quarterly earnings results on Wednesday, July 22nd. The financial services provider reported $1.22 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.15 by $0.07. First Bancorp had a return on equity of 11.31% and a net margin of 22.12%.The firm had revenue of $127.30 million during the quarter, compared to analyst estimates of $126.07 million. As a group, research 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 have recently commented on FBNC shares. Weiss Ratings restated a “buy (b)” rating on shares of First Bancorp in a research report on Thursday, August 13th. Keefe, Bruyette & Woods increased their price objective on First Bancorp from $67.00 to $70.00 and gave the stock an “outperform” rating in a research report on Tuesday, August 4th. Raymond James Financial lifted their price objective 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. Piper Sandler boosted their target price 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, Brean Capital initiated coverage on First Bancorp in a research note on Monday, June 8th. They issued a “neutral” rating and a $65.75 target price on the stock. One research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and three have given a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently 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.