DWM Financial Group Inc. Purchases 22,487 Shares of First Bancorp $FBNC

DWM Financial Group Inc. boosted its stake in First Bancorp (NASDAQ:FBNC) by 56.7% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 62,121 shares of the financial services provider’s stock after purchasing an additional 22,487 shares during the quarter. First Bancorp comprises approximately 3.0% of DWM Financial Group Inc.’s portfolio, making the stock its 8th biggest holding. DWM Financial Group Inc.’s holdings in First Bancorp were worth $3,796,000 as of its most recent SEC filing.

A number of other institutional investors also recently made changes to their positions in FBNC. BlackRock Inc. bought a new stake in First Bancorp during the 2nd quarter valued at $380,347,000. Bank of New York Mellon Corp purchased a new stake in shares of First Bancorp in the 2nd quarter worth about $45,055,000. Jennison Associates LLC boosted its stake in shares of First Bancorp by 34.1% during the 1st quarter. Jennison Associates LLC now owns 974,221 shares of the financial services provider’s stock valued at $54,897,000 after purchasing an additional 247,859 shares in the last quarter. First Bancorp Inc ME bought a new stake in shares of First Bancorp during the 2nd quarter valued at about $25,711,000. Finally, Segall Bryant & Hamill LLC increased its position 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 buying an additional 274,289 shares during the period. Hedge funds and other institutional investors own 68.36% of the company’s stock.

Wall Street Analysts Forecast Growth

FBNC has been the subject of several research analyst reports. Weiss Ratings restated a “buy (b)” rating on shares of First Bancorp in a report on Thursday, August 13th. Keefe, Bruyette & Woods raised their price objective on First Bancorp from $67.00 to $70.00 and gave the company an “outperform” rating in a research report on Tuesday, August 4th. Raymond James Financial cut shares of First Bancorp from a “strong-buy” rating to an “outperform” rating and dropped their target price for the company from $72.00 to $71.00 in a report on Tuesday, October 6th. Piper Sandler upped their target price on shares of First Bancorp from $65.00 to $66.00 and gave the stock a “neutral” rating in a research report on Thursday, October 22nd. Finally, Zacks Research lowered shares of First Bancorp from a “hold” rating to a “strong sell” rating in a research note on Monday, September 21st. Three equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $68.19.

First Bancorp Stock Down 1.0%

FBNC stock opened at $63.60 on Friday. The business has a 50 day moving average of $62.72 and a 200 day moving average of $60.57. The firm has a market cap of $2.63 billion, a PE ratio of 16.02 and a beta of 0.84. First Bancorp has a twelve month low of $47.83 and a twelve 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.

First Bancorp (NASDAQ:FBNC) last released its earnings results on Wednesday, October 21st. The financial services provider reported $1.24 EPS for the quarter, topping the consensus estimate of $1.18 by $0.06. First Bancorp had a return on equity of 11.76% and a net margin of 26.81%. The business had revenue of $129.91 million for the quarter, compared to the consensus estimate of $130.01 million. On average, research analysts forecast that First Bancorp will post 4.76 EPS for the current fiscal year.

First Bancorp Profile

First Bancorp is a bank holding company headquartered in Southern Pines, North Carolina. Its principal subsidiary, First Bank, is a community banking institution that provides financial services to individuals, businesses and institutions.

First Bank offers deposit accounts, consumer and commercial loans, mortgages, treasury management and other business banking services. Through its banking and related financial services operations, the company also provides wealth management, trust and investment services, insurance products and electronic banking solutions.

Founded in 1983, First Bancorp has expanded from its origins in North Carolina into a regional banking organization serving communities across North Carolina and South Carolina.