Victory Capital Management Inc. boosted its holdings in shares of First Bancorp (NASDAQ:FBNC) by 5.4% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 44,241 shares of the financial services provider’s stock after buying an additional 2,271 shares during the quarter. Victory Capital Management Inc. owned approximately 0.15% of First Bancorp worth $1,792,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Parkside Financial Bank & Trust purchased a new position in First Bancorp in the second quarter worth $123,000. Sei Investments Co. grew its holdings in First Bancorp by 43.9% in the second quarter. Sei Investments Co. now owns 5,061 shares of the financial services provider’s stock worth $207,000 after purchasing an additional 1,544 shares during the last quarter. Engineers Gate Manager LP purchased a new position in First Bancorp in the second quarter worth $283,000. Connor Clark & Lunn Investment Management Ltd. purchased a new position in First Bancorp in the second quarter worth $296,000. Finally, Tower Research Capital LLC TRC purchased a new position in First Bancorp in the second quarter worth $375,000. 67.93% of the stock is currently owned by institutional investors and hedge funds.
Several equities analysts have issued reports on FBNC shares. Brean Capital reaffirmed a “buy” rating on shares of First Bancorp in a report on Monday, July 30th. BidaskClub lowered shares of First Bancorp from a “hold” rating to a “sell” rating in a report on Friday, September 14th. Finally, Zacks Investment Research raised shares of First Bancorp from a “hold” rating to a “buy” rating and set a $45.00 price target on the stock in a report on Tuesday, September 25th. Five research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. First Bancorp currently has an average rating of “Hold” and a consensus price target of $42.75.
In related news, CEO Richard H. Moore acquired 1,250 shares of the company’s stock in a transaction dated Wednesday, September 19th. The shares were purchased at an average cost of $39.79 per share, with a total value of $49,737.50. Following the completion of the acquisition, the chief executive officer now directly owns 139,935 shares of the company’s stock, valued at $5,568,013.65. The acquisition was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Suzanne S. Deferie acquired 5,000 shares of the company’s stock in a transaction dated Wednesday, September 19th. The shares were bought at an average cost of $39.80 per share, for a total transaction of $199,000.00. Following the completion of the acquisition, the insider now directly owns 132,545 shares of the company’s stock, valued at $5,275,291. The disclosure for this purchase can be found here. 2.30% of the stock is owned by insiders.
Shares of FBNC opened at $39.49 on Monday. The firm has a market cap of $1.17 billion, a PE ratio of 21.35, a P/E/G ratio of 1.11 and a beta of 1.03. The company has a debt-to-equity ratio of 0.55, a quick ratio of 1.04 and a current ratio of 1.04. First Bancorp has a 1-year low of $33.88 and a 1-year high of $43.14.
First Bancorp (NASDAQ:FBNC) last announced its quarterly earnings data on Tuesday, October 23rd. The financial services provider reported $0.74 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.74. The firm had revenue of $67.22 million for the quarter, compared to analyst estimates of $67.43 million. First Bancorp had a net margin of 27.88% and a return on equity of 10.92%. Sell-side analysts anticipate that First Bancorp will post 3.01 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 deposits and individual retirement accounts.
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