JCSD Capital LLC reduced its stake in shares of First Bancorp (NASDAQ:FBNC) by 6.1% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 155,000 shares of the financial services provider’s stock after selling 10,000 shares during the period. First Bancorp accounts for 4.0% of JCSD Capital LLC’s portfolio, making the stock its 7th biggest holding. JCSD Capital LLC owned 0.52% of First Bancorp worth $5,526,000 as of its most recent filing with the Securities & Exchange Commission.
Several other hedge funds also recently bought and sold shares of FBNC. SG Americas Securities LLC purchased a new position in shares of First Bancorp during the 1st quarter valued at about $123,000. Acadian Asset Management LLC purchased a new position in shares of First Bancorp during the 4th quarter valued at about $125,000. Advisor Group Inc. lifted its position in shares of First Bancorp by 145.8% during the 4th quarter. Advisor Group Inc. now owns 4,056 shares of the financial services provider’s stock valued at $143,000 after buying an additional 2,406 shares in the last quarter. Envestnet Asset Management Inc. lifted its position in shares of First Bancorp by 78.0% during the 1st quarter. Envestnet Asset Management Inc. now owns 4,887 shares of the financial services provider’s stock valued at $175,000 after buying an additional 2,141 shares in the last quarter. Finally, Pitcairn Co. purchased a new position in shares of First Bancorp during the 4th quarter valued at about $207,000. 62.26% of the stock is currently owned by hedge funds and other institutional investors.
FBNC has been the topic of a number of analyst reports. Brean Capital reaffirmed a “buy” rating on shares of First Bancorp in a research report on Monday, January 29th. BidaskClub raised First Bancorp from a “hold” rating to a “buy” rating in a research report on Thursday, March 15th. Zacks Investment Research raised First Bancorp from a “hold” rating to a “buy” rating and set a $43.00 price objective on the stock in a research report on Wednesday, May 2nd. Finally, ValuEngine raised First Bancorp from a “hold” rating to a “buy” rating in a research note on Thursday, April 26th. One research analyst has rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the company. The company presently has an average rating of “Buy” and a consensus price target of $40.25.
In related news, Director Mary Clara Capel sold 2,250 shares of First Bancorp stock in a transaction that occurred on Wednesday, March 21st. The stock was sold at an average price of $37.05, for a total transaction of $83,362.50. Following the sale, the director now owns 13,746 shares of the company’s stock, valued at approximately $509,289.30. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.89% of the stock is currently owned by company insiders.
Shares of FBNC opened at $41.19 on Friday. The company has a market cap of $1.21 billion, a P/E ratio of 19.20, a price-to-earnings-growth ratio of 0.95 and a beta of 1.12. First Bancorp has a 12-month low of $40.41 and a 12-month high of $40.68. The company has a debt-to-equity ratio of 0.58, a quick ratio of 1.03 and a current ratio of 1.03.
First Bancorp (NASDAQ:FBNC) last issued its earnings results on Wednesday, April 25th. The financial services provider reported $0.77 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.60 by $0.17. The company had revenue of $66.45 million for the quarter, compared to the consensus estimate of $63.31 million. First Bancorp had a return on equity of 9.58% and a net margin of 23.54%. equities analysts expect that First Bancorp will post 2.81 EPS for the current year.
About First Bancorp
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 deposits and individual retirement accounts.
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