Hsbc Holdings PLC Makes New Investment in First Bancorp $FBNC

Hsbc Holdings PLC purchased a new stake in First Bancorp (NASDAQ:FBNC) in the 2nd quarter, HoldingsChannel.com reports. The fund purchased 24,169 shares of the financial services provider’s stock, valued at approximately $721,000.

A number of other hedge funds have also recently made changes to their positions in the company. Oregon Public Employees Retirement Fund increased its holdings in shares of First Bancorp by 2.1% in the fourth quarter. Oregon Public Employees Retirement Fund now owns 9,532 shares of the financial services provider’s stock worth $484,000 after purchasing an additional 200 shares during the period. SouthState Bank Corp boosted its stake in First Bancorp by 1.5% during the fourth quarter. SouthState Bank Corp now owns 13,189 shares of the financial services provider’s stock valued at $670,000 after buying an additional 200 shares during the period. Illinois Municipal Retirement Fund boosted its stake in First Bancorp by 1.1% during the first quarter. Illinois Municipal Retirement Fund now owns 22,017 shares of the financial services provider’s stock valued at $1,241,000 after buying an additional 242 shares during the period. Bank of Montreal Can grew its position in First Bancorp by 6.9% during the fourth quarter. Bank of Montreal Can now owns 4,725 shares of the financial services provider’s stock worth $240,000 after buying an additional 305 shares in the last quarter. Finally, Amundi grew its position in First Bancorp by 5.1% during the third quarter. Amundi now owns 7,154 shares of the financial services provider’s stock worth $371,000 after buying an additional 345 shares in the last quarter. 68.36% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on the company. Brean Capital started coverage on First Bancorp in a report on Monday, June 8th. They issued a “neutral” rating and a $65.75 price target on the stock. Piper Sandler boosted their price objective on First Bancorp from $64.00 to $65.00 and gave the stock a “neutral” rating in a report on Wednesday, July 29th. Weiss Ratings restated a “buy (b)” rating on shares of First Bancorp in a research report on Thursday, August 13th. Raymond James Financial raised their target price on shares of First Bancorp from $68.00 to $75.00 and gave the company a “strong-buy” rating in a research note on Thursday, July 16th. Finally, Keefe, Bruyette & Woods lifted their target price on shares of First Bancorp from $67.00 to $70.00 and gave the company an “outperform” rating in a research 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 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 price target of $68.94.

First Bancorp Price Performance

Shares of First Bancorp stock opened at $64.11 on Thursday. The company has a current ratio of 0.85, a quick ratio of 0.85 and a debt-to-equity ratio of 0.04. The firm has a market capitalization of $2.65 billion, a PE ratio of 19.91 and a beta of 0.80. The business’s 50-day moving average price is $64.14 and its 200-day moving average price is $60.28. First Bancorp has a 12 month low of $45.96 and a 12 month high of $66.78.

First Bancorp (NASDAQ:FBNC) last released its earnings results on Wednesday, July 22nd. The financial services provider reported $1.22 earnings per share for the quarter, topping 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%. Sell-side analysts forecast that First Bancorp will post 4.69 EPS 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.