309,385 Shares in First Bancorp $FBNC Acquired by William Blair Investment Management LLC

William Blair Investment Management LLC bought a new position in shares of First Bancorp (NASDAQ:FBNC) in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 309,385 shares of the financial services provider’s stock, valued at approximately $19,779,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. SouthState Bank Corp raised its position 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 valued at $670,000 after purchasing an additional 200 shares during the period. Oregon Public Employees Retirement Fund boosted its holdings in shares of First Bancorp by 2.1% during the 4th quarter. Oregon Public Employees Retirement Fund now owns 9,532 shares of the financial services provider’s stock worth $484,000 after buying an additional 200 shares during the period. Illinois Municipal Retirement Fund boosted its holdings in shares of 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 buying an additional 242 shares during the period. Bank of Montreal Can grew its stake in First Bancorp by 6.9% in the 4th quarter. Bank of Montreal Can now owns 4,725 shares of the financial services provider’s stock valued at $240,000 after buying an additional 305 shares during the last quarter. Finally, Amundi grew 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 valued at $371,000 after buying an additional 345 shares during the last quarter. Institutional investors and hedge funds own 68.36% of the company’s stock.

First Bancorp Trading Up 0.7%

Shares of FBNC stock opened at $64.70 on Friday. First Bancorp has a 1 year low of $45.96 and a 1 year high of $66.78. The firm’s fifty day simple moving average is $63.71 and its 200 day simple moving average is $60.10. The firm has a market capitalization of $2.68 billion, a P/E ratio of 20.09 and a beta of 0.81. The company has a current ratio of 0.85, a quick ratio of 0.85 and a debt-to-equity ratio of 0.04.

First Bancorp (NASDAQ:FBNC) last issued its quarterly earnings results on Wednesday, July 22nd. The financial services provider reported $1.22 earnings per share for the quarter, beating analysts’ consensus estimates of $1.15 by $0.07. First Bancorp had a net margin of 22.12% and a return on equity of 11.31%. The firm had revenue of $127.30 million during the quarter, compared to the consensus estimate of $126.07 million. As a group, sell-side analysts predict that First Bancorp will post 4.69 EPS for the current year.

Analyst Ratings Changes

A number of research analysts have weighed in on the stock. Raymond James Financial boosted their target price on shares of First Bancorp from $68.00 to $75.00 and gave the stock a “strong-buy” rating in a research report on Thursday, July 16th. Brean Capital began coverage on First Bancorp in a research report on Monday, June 8th. They issued a “neutral” rating and a $65.75 price target on the stock. Piper Sandler lifted 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. Weiss Ratings reissued a “buy (b)” rating on shares of First Bancorp in a research report on Thursday, August 13th. Finally, Keefe, Bruyette & Woods increased their target price on First Bancorp from $67.00 to $70.00 and gave the company an “outperform” rating in a research note on Tuesday, August 4th. One research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and three have given a Hold rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price 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.