14,071 Shares in First Bancorp $FBNC Bought by one8zero8 LLC

one8zero8 LLC purchased a new position in First Bancorp (NASDAQ:FBNC) during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund purchased 14,071 shares of the financial services provider’s stock, valued at approximately $900,000.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. BlackRock Inc. acquired a new stake in shares of First Bancorp in the 2nd quarter valued at about $380,347,000. Vanguard Group Inc. increased its holdings in First Bancorp by 0.4% in the fourth quarter. Vanguard Group Inc. now owns 2,849,425 shares of the financial services provider’s stock valued at $144,722,000 after buying an additional 11,439 shares during the last quarter. State Street Corp increased its holdings in First Bancorp by 9.2% in the fourth quarter. State Street Corp now owns 2,012,273 shares of the financial services provider’s stock valued at $102,661,000 after buying an additional 169,363 shares during the last quarter. Bank of New York Mellon Corp acquired a new stake in First Bancorp during the second quarter valued at approximately $45,055,000. Finally, Ameriprise Financial Inc. raised its stake in First Bancorp by 48.6% during the third quarter. Ameriprise Financial Inc. now owns 1,314,341 shares of the financial services provider’s stock valued at $69,516,000 after buying an additional 429,769 shares in the last quarter. Hedge funds and other institutional investors own 68.36% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on the stock. Weiss Ratings restated a “buy (b)” rating on shares of First Bancorp in a research report on Thursday, August 13th. Brean Capital began coverage on shares of First Bancorp in a research note on Monday, June 8th. They set a “neutral” rating and a $65.75 price objective on the stock. Raymond James Financial raised their target price on shares of First Bancorp from $68.00 to $75.00 and gave the stock a “strong-buy” rating in a report on Thursday, July 16th. Piper Sandler lifted their target price on First Bancorp from $64.00 to $65.00 and gave the company a “neutral” rating in a research note on Wednesday, July 29th. Finally, Keefe, Bruyette & Woods upped their target price on First Bancorp from $67.00 to $70.00 and gave the company an “outperform” rating in a report on Tuesday, August 4th. One investment analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $68.94.

First Bancorp Price Performance

Shares of NASDAQ:FBNC opened at $64.47 on Thursday. First Bancorp has a 12 month low of $45.96 and a 12 month high of $66.78. The stock has a market cap of $2.67 billion, a price-to-earnings ratio of 20.02 and a beta of 0.81. The stock’s 50 day moving average price is $63.59 and its 200 day moving average price is $60.02. 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 (NASDAQ:FBNC) last announced its quarterly earnings data 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. The company had revenue of $127.30 million for the quarter, compared to analysts’ expectations of $126.07 million. First Bancorp had a net margin of 22.12% and a return on equity of 11.31%. Equities research analysts anticipate that First Bancorp will post 4.69 earnings per share for the current fiscal year.

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.