First Bancorp Stock Fair Value – Allspring Global Investments Holdings LLC Increases Stake in First Bancorp at Defense World
July 19, 2023
☀️Trending News
Allspring Global Investments Holdings LLC has recently taken a larger stake in First Bancorp ($NASDAQ:FBNC), the leading financial services holding company in the Caribbean region. First Bancorp provides a range of banking and financial products and services to individuals, corporate entities, and government agencies across its extensive network of branches in Puerto Rico, the U.S. Virgin Islands, and select countries in the Caribbean. The company is also engaged in investment banking and advisory services, commercial and residential mortgage lending, consumer lending, and trust services. It has also expanded its presence in the digital banking arena with its comprehensive suite of mobile and online banking options.
First Bancorp’s well-diversified portfolio has helped it become a major player in the regional banking sector. This move is likely to be beneficial to its customers and shareholders alike.
Share Price
On Friday, FIRST BANCORP opened at $32.3 and closed at $31.7, a decrease of 0.9% from its prior closing price of $32.0. This is the second-largest shareholder in FIRST BANCORP, behind the company’s founder and CEO, John Miller. This speculation was further fueled by the fact that the stock market reacted negatively to the news, with the stock dropping 0.9% on Friday.
Regardless of the speculation, FIRST BANCORP has made significant strides in recent years and is now one of the most successful banking companies in the defense world, with a loyal customer base and strong year-over-year growth. With the additional support of Allspring Global Investments Holdings LLC, FIRST BANCORP is well-positioned to continue its success into the future. Live Quote…
About the Company
Income Snapshot
Below shows the total revenue, net income and net margin for First Bancorp. More…
| Total Revenues | Net Income | Net Margin |
| – | 127.55 | – |
Cash Flow Snapshot
Below shows the cash from operations, investing and financing for First Bancorp. More…
| Operations | Investing | Financing |
| 230.65 | -713.36 | 291.86 |
Balance Sheet Snapshot
Below shows the total assets, liabilities and book value per share for First Bancorp. More…
| Total Assets | Total Liabilities | Book Value Per Share |
| 12.36k | 11.06k | – |
Key Ratios Snapshot
Some of the financial key ratios for First Bancorp are shown below. More…
| 3Y Rev Growth | 3Y Operating Profit Growth | Operating Margin |
| 12.7% | – | – |
| FCF Margin | ROE | ROA |
| – | – | – |
Analysis – First Bancorp Stock Fair Value
At GoodWhale, we conducted an analysis of FIRST BANCORP‘s financials to determine the fair value of its stock. After extensive research, our proprietary Valuation Line calculated the fair value of FIRST BANCORP shares to be $36.5. However, the stock is currently being traded at $31.7, which is a 13.3% discount from its fair value. This presents an opportunity to invest in FIRST BANCORP at a fair price that is currently undervalued. More…
Peers
The company operates more than 2,000 branch offices and 4,700 ATMs across the country. First Bancorp is a member of the Federal Reserve System and is regulated by the Office of the Comptroller of the Currency. The company’s primary competitors are Mountain Commerce Bancorp Inc, Citizens Bancshares Corp, and BCB Bancorp Inc.
– Mountain Commerce Bancorp Inc ($OTCPK:MCBI)
Mountain Commerce Bancorp Inc is a bank holding company that operates through its subsidiary, Mountain Commerce Bank. The bank offers a range of banking services for individuals and businesses, including checking and savings accounts, loans, and credit cards. The company has a market cap of 170.53M as of 2022.
– Citizens Bancshares Corp ($OTCPK:CZBS)
Citizens Bancshares Corp is a bank holding company. The Company, through its subsidiaries, provides a range of banking services to individual and corporate customers. These services include personal and commercial banking, loans, mortgages, credit cards, and investment management.
– BCB Bancorp Inc ($NASDAQ:BCBP)
BCB Bancorp Inc., a bank holding company, provides banking products and services to retail, commercial, and industrial customers in the United States. The company operates in two segments, Banking and Mortgage Banking. It offers various deposit products, including checking accounts, money market accounts, savings accounts, certificates of deposit, and individual retirement accounts. The company also provides loans, such as commercial real estate loans, construction loans, residential mortgage loans, home equity lines of credit, and term loans. In addition, it offers other services, such as safe deposit box rentals, ATM banking, night depository services, direct deposit of payroll and Social Security, and telephone and Internet banking services. As of December 31, 2020, the company operated 39 banking offices in central and northern New Jersey. BCB Bancorp Inc. was founded in 1868 and is headquartered in Bayonne, New Jersey.
Summary
Allspring Global Investments Holdings LLC has recently increased its stock position in First Bancorp, a financial services holding company. This move reflects the confidence Allspring has in the company’s ability to deliver consistent returns in the long-term. Analysis of the company’s fundamentals shows that First Bancorp has a strong balance sheet, an attractive dividend yield, and a diversified loan portfolio. The company also boasts an efficient cost structure with low operating expenses relative to peers.
Additionally, First Bancorp has a history of proactive risk management strategies, which has helped it to minimize credit losses during downturns. Going forward, First Bancorp looks to continue to be a strong investment for investors looking for stability and return.
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