Beacon Pointe Advisors LLC Has $4.19 Million Position in First Bancorp $FBNC

Beacon Pointe Advisors LLC lifted its position in shares of First Bancorp (NASDAQ:FBNC) by 159.0% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 95,039 shares of the financial services provider’s stock after purchasing an additional 58,339 shares during the period. Beacon Pointe Advisors LLC owned 0.23% of First Bancorp worth $4,190,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of FBNC. Quantbot Technologies LP bought a new position in First Bancorp during the first quarter worth about $25,000. Northwestern Mutual Wealth Management Co. lifted its position in shares of First Bancorp by 1,412.9% in the first quarter. Northwestern Mutual Wealth Management Co. now owns 938 shares of the financial services provider’s stock valued at $38,000 after buying an additional 876 shares during the last quarter. GAMMA Investing LLC lifted its position in shares of First Bancorp by 33.5% in the second quarter. GAMMA Investing LLC now owns 1,895 shares of the financial services provider’s stock valued at $84,000 after buying an additional 475 shares during the last quarter. Cetera Investment Advisers bought a new position in shares of First Bancorp during the 2nd quarter worth approximately $207,000. Finally, Summit Global Investments acquired a new position in shares of First Bancorp during the 2nd quarter worth approximately $223,000. 68.36% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several equities research analysts have issued reports on FBNC shares. Wall Street Zen downgraded First Bancorp from a “hold” rating to a “sell” rating in a report on Saturday, November 15th. Zacks Research upgraded shares of First Bancorp from a “hold” rating to a “strong-buy” rating in a research note on Monday, November 3rd. Keefe, Bruyette & Woods upped their price target on shares of First Bancorp from $53.00 to $62.00 and gave the company an “outperform” rating in a research note on Tuesday, September 2nd. Finally, Weiss Ratings restated a “hold (c)” rating on shares of First Bancorp in a research report on Wednesday, October 8th. One 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, First Bancorp has an average rating of “Moderate Buy” and an average price target of $56.67.

First Bancorp Price Performance

NASDAQ:FBNC opened at $51.71 on Thursday. First Bancorp has a 52 week low of $34.50 and a 52 week high of $56.45. The firm has a market cap of $2.14 billion, a price-to-earnings ratio of 21.73 and a beta of 0.90. The firm’s 50-day simple moving average is $50.29 and its 200 day simple moving average is $48.76. The company has a debt-to-equity ratio of 0.06, a quick ratio of 0.82 and a current ratio of 0.82.

First Bancorp (NASDAQ:FBNC) last posted its quarterly earnings data on Wednesday, October 22nd. The financial services provider reported $1.01 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.93 by $0.08. First Bancorp had a net margin of 17.50% and a return on equity of 9.61%. The firm had revenue of $89.61 million during the quarter, compared to the consensus estimate of $113.47 million. As a group, sell-side analysts predict that First Bancorp will post 3.27 earnings per share for the current year.

First Bancorp 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. The company accepts deposit products, such as checking, savings, and money market accounts, as well as time deposits, including certificate of deposits and individual retirement accounts.