Wellington Management Group LLP Takes Position in First Bancorp $FBNC

Wellington Management Group LLP bought a new stake in First Bancorp (NASDAQ:FBNC) during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 172,829 shares of the financial services provider’s stock, valued at approximately $11,049,000. Wellington Management Group LLP owned about 0.42% of First Bancorp as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also bought and sold shares of the company. EverSource Wealth Advisors LLC boosted its position in First Bancorp by 2,222.6% during the second quarter. EverSource Wealth Advisors LLC now owns 720 shares of the financial services provider’s stock valued at $32,000 after purchasing an additional 689 shares during the last quarter. Summit Securities Group LLC acquired a new position in shares of First Bancorp during the 1st quarter worth approximately $34,000. Mitsubishi UFJ Asset Management Co. Ltd. bought a new stake in shares of First Bancorp during the 2nd quarter worth approximately $34,000. Steward Partners Investment Advisory LLC boosted its holdings in shares of First Bancorp by 87.0% in the 4th quarter. Steward Partners Investment Advisory LLC now owns 819 shares of the financial services provider’s stock valued at $42,000 after buying an additional 381 shares during the last quarter. Finally, First Bancorp Inc ME acquired a new stake in shares of First Bancorp in the 2nd quarter valued at approximately $48,000. Institutional investors own 68.36% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on FBNC shares. 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 report on Thursday, July 16th. Brean Capital assumed 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. Keefe, Bruyette & Woods raised their target price on shares of First Bancorp from $67.00 to $70.00 and gave the company an “outperform” rating in a research note on Tuesday, August 4th. Weiss Ratings reiterated a “buy (b)” rating on shares of First Bancorp in a report on Thursday, August 13th. Finally, Piper Sandler upped their price objective on First Bancorp from $64.00 to $65.00 and gave the company a “neutral” rating in a research note on Wednesday, July 29th. One investment analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and three have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $68.94.

First Bancorp Price Performance

NASDAQ:FBNC opened at $65.04 on Tuesday. First Bancorp has a 52 week low of $45.96 and a 52 week high of $66.78. The firm has a market cap of $2.69 billion, a price-to-earnings ratio of 20.20 and a beta of 0.80. The firm’s 50-day simple moving average is $64.22 and its 200 day simple moving average is $60.36. The company has a debt-to-equity ratio of 0.04, a quick ratio of 0.85 and a current ratio of 0.85.

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