First Bancorp (NASDAQ:FBNC) Stake Lifted by Empowered Funds LLC

Empowered Funds LLC raised its stake in First Bancorp (NASDAQ:FBNC) by 5.3% during the third quarter, HoldingsChannel.com reports. The institutional investor owned 69,180 shares of the financial services provider’s stock after buying an additional 3,484 shares during the quarter. Empowered Funds LLC’s holdings in First Bancorp were worth $2,877,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently modified their holdings of FBNC. Innealta Capital LLC bought a new stake in First Bancorp in the 2nd quarter valued at about $44,000. Aptus Capital Advisors LLC bought a new stake in shares of First Bancorp during the third quarter valued at approximately $212,000. SG Americas Securities LLC acquired a new position in shares of First Bancorp during the first quarter worth approximately $185,000. Olympiad Research LP bought a new position in First Bancorp in the 3rd quarter worth approximately $217,000. Finally, Everence Capital Management Inc. acquired a new stake in First Bancorp in the 3rd quarter valued at approximately $240,000. Institutional investors and hedge funds own 68.36% of the company’s stock.

First Bancorp Stock Down 0.4 %

Shares of FBNC stock opened at $45.32 on Wednesday. First Bancorp has a 1 year low of $29.53 and a 1 year high of $48.21. The company has a debt-to-equity ratio of 0.06, a quick ratio of 0.82 and a current ratio of 0.83. The business’s fifty day moving average is $42.97 and its 200-day moving average is $38.21. The stock has a market cap of $1.87 billion, a PE ratio of 18.27 and a beta of 1.02.

First Bancorp (NASDAQ:FBNC) last released its earnings results on Wednesday, October 23rd. The financial services provider reported $0.70 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.70. First Bancorp had a return on equity of 8.00% and a net margin of 17.98%. The firm had revenue of $144.99 million for the quarter, compared to analyst estimates of $97.00 million. Equities analysts expect that First Bancorp will post 2.72 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director Suzanne S. Deferie sold 2,036 shares of First Bancorp stock in a transaction on Monday, September 23rd. The stock was sold at an average price of $43.77, for a total value of $89,115.72. Following the transaction, the director now directly owns 65,618 shares in the company, valued at $2,872,099.86. The trade was a 3.01 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Insiders own 3.65% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have recently issued reports on the company. Keefe, Bruyette & Woods increased their price target on First Bancorp from $40.00 to $45.00 and gave the stock an “outperform” rating in a research note on Thursday, July 25th. StockNews.com cut shares of First Bancorp from a “hold” rating to a “sell” rating in a research note on Thursday, October 24th.

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.