Goldman Sachs Group Inc. Raises Stock Position in First Bancorp (NASDAQ:FBNC)

Goldman Sachs Group Inc. grew its holdings in shares of First Bancorp (NASDAQ:FBNC) by 16.1% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 325,742 shares of the financial services provider’s stock after purchasing an additional 45,067 shares during the period. Goldman Sachs Group Inc. owned about 1.12% of First Bancorp worth $8,170,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in FBNC. PNC Financial Services Group Inc. increased its stake in shares of First Bancorp by 473.6% during the second quarter. PNC Financial Services Group Inc. now owns 5,059 shares of the financial services provider’s stock worth $127,000 after buying an additional 4,177 shares during the period. Advisor Group Holdings Inc. purchased a new stake in shares of First Bancorp during the first quarter worth approximately $141,000. Denali Advisors LLC increased its stake in shares of First Bancorp by 69.2% during the second quarter. Denali Advisors LLC now owns 6,600 shares of the financial services provider’s stock worth $166,000 after buying an additional 2,700 shares during the period. Greenwood Capital Associates LLC purchased a new stake in shares of First Bancorp during the second quarter worth approximately $210,000. Finally, BNP Paribas Arbitrage SA increased its stake in shares of First Bancorp by 163.9% during the first quarter. BNP Paribas Arbitrage SA now owns 9,159 shares of the financial services provider’s stock worth $211,000 after buying an additional 5,689 shares during the period. Hedge funds and other institutional investors own 67.86% of the company’s stock.

A number of analysts recently weighed in on the stock. Zacks Investment Research upgraded shares of First Bancorp from a “sell” rating to a “hold” rating in a research note on Monday, September 7th. DA Davidson raised First Bancorp from a “neutral” rating to a “buy” rating in a report on Tuesday. ValuEngine raised First Bancorp from a “sell” rating to a “hold” rating in a report on Tuesday, September 1st. Finally, Piper Sandler lowered their price target on First Bancorp from $26.00 to $25.00 and set a “neutral” rating for the company in a report on Friday, July 24th. Three equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company. First Bancorp currently has an average rating of “Buy” and a consensus price target of $37.33.

Shares of FBNC opened at $20.90 on Wednesday. The stock has a 50 day moving average price of $21.19 and a 200 day moving average price of $23.45. The company has a quick ratio of 0.93, a current ratio of 0.94 and a debt-to-equity ratio of 0.13. The company has a market capitalization of $605.62 million, a price-to-earnings ratio of 7.66, a price-to-earnings-growth ratio of 2.86 and a beta of 1.18. First Bancorp has a 52-week low of $17.32 and a 52-week high of $41.34.

First Bancorp (NASDAQ:FBNC) last posted its quarterly earnings data on Thursday, July 23rd. The financial services provider reported $0.56 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.16 by $0.40. The business had revenue of $78.82 million during the quarter, compared to the consensus estimate of $67.34 million. First Bancorp had a return on equity of 9.41% and a net margin of 25.52%. On average, equities analysts anticipate that First Bancorp will post 1.82 EPS for the current fiscal year.

First Bancorp Company Profile

First Bancorp operates as the bank holding company for First Bank that provides banking products and services for individuals and small to medium-sized businesses primarily in North Carolina and northeastern South Carolina. It accepts deposit products, such as checking, savings, and money market accounts, as well as time deposits, including certificates of deposit and individual retirement accounts.

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Institutional Ownership by Quarter for First Bancorp (NASDAQ:FBNC)

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