339,510 Shares in First Bancorp $FBNC Acquired by The Manufacturers Life Insurance Company

The Manufacturers Life Insurance Company bought a new position in First Bancorp (NASDAQ:FBNC) in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 339,510 shares of the financial services provider’s stock, valued at approximately $11,095,000.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in FBNC. Martin & Co. Inc. TN acquired a new position in First Bancorp during the second quarter worth about $4,310,000. William Blair Investment Management LLC acquired a new stake in First Bancorp during the 2nd quarter worth about $19,779,000. Bank of America Corp DE raised its holdings in First Bancorp by 15.8% during the 1st quarter. Bank of America Corp DE now owns 214,917 shares of the financial services provider’s stock worth $12,111,000 after buying an additional 29,251 shares during the period. BlackRock Inc. acquired a new stake in shares of First Bancorp during the second quarter valued at approximately $380,347,000. Finally, Great Lakes Advisors LLC purchased a new stake in shares of First Bancorp in the 2nd quarter valued at approximately $477,000. 68.36% of the stock is owned by institutional investors.

First Bancorp Trading Up 0.6%

First Bancorp stock opened at $63.99 on Friday. First Bancorp has a 12 month low of $45.96 and a 12 month high of $66.78. The company has a quick ratio of 0.85, a current ratio of 0.85 and a debt-to-equity ratio of 0.04. The stock has a market cap of $2.65 billion, a P/E ratio of 19.87 and a beta of 0.81. The company’s fifty day simple moving average is $64.05 and its 200-day simple moving average is $60.23.

First Bancorp (NASDAQ:FBNC) last issued its earnings results on Wednesday, July 22nd. The financial services provider reported $1.22 earnings per share 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 company had revenue of $127.30 million for the quarter, compared to analyst estimates of $126.07 million. As a group, sell-side analysts forecast that First Bancorp will post 4.69 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

FBNC has been the subject of a number of recent analyst reports. Weiss Ratings reaffirmed a “buy (b)” rating on shares of First Bancorp in a research note on Thursday, August 13th. 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 report on Tuesday, August 4th. Raymond James Financial upped their price target on First Bancorp from $68.00 to $75.00 and gave the company a “strong-buy” rating in a research report on Thursday, July 16th. Piper Sandler increased their price objective on First Bancorp from $64.00 to $65.00 and gave the stock a “neutral” rating in a research note on Wednesday, July 29th. Finally, Brean Capital started coverage on First Bancorp in a research report on Monday, June 8th. They set a “neutral” rating and a $65.75 price objective for the company. One research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target 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.