Jennison Associates LLC Sells 43,910 Shares of First Bancorp (NASDAQ:FBNC)

Jennison Associates LLC lessened its position in shares of First Bancorp (NASDAQ:FBNC) by 9.0% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 446,357 shares of the financial services provider’s stock after selling 43,910 shares during the period. Jennison Associates LLC’s holdings in First Bancorp were worth $19,626,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also bought and sold shares of the company. The Manufacturers Life Insurance Company grew its position in shares of First Bancorp by 2.8% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 20,933 shares of the financial services provider’s stock valued at $668,000 after purchasing an additional 566 shares in the last quarter. Truist Financial Corp grew its position in First Bancorp by 165.2% during the second quarter. Truist Financial Corp now owns 34,911 shares of the financial services provider’s stock worth $1,114,000 after buying an additional 21,749 shares in the last quarter. Sanctuary Advisors LLC bought a new position in First Bancorp in the 2nd quarter worth about $316,000. Handelsbanken Fonder AB raised its holdings in shares of First Bancorp by 24.8% in the 3rd quarter. Handelsbanken Fonder AB now owns 8,544 shares of the financial services provider’s stock valued at $355,000 after acquiring an additional 1,700 shares in the last quarter. Finally, First Citizens Bank & Trust Co. boosted its position in shares of First Bancorp by 33.5% during the 3rd quarter. First Citizens Bank & Trust Co. now owns 10,812 shares of the financial services provider’s stock valued at $450,000 after acquiring an additional 2,712 shares during the last quarter. 68.36% of the stock is currently owned by hedge funds and other institutional investors.

First Bancorp Trading Up 1.9 %

Shares of FBNC stock opened at $45.50 on Thursday. The business has a 50-day moving average price of $44.85 and a two-hundred day moving average price of $43.27. First Bancorp has a 12-month low of $29.53 and a 12-month high of $50.34. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 0.06. The firm has a market cap of $1.88 billion, a P/E ratio of 24.73 and a beta of 1.04.

First Bancorp (NASDAQ:FBNC) last released its earnings results on Wednesday, January 29th. The financial services provider reported $0.76 earnings per share for the quarter, topping analysts’ consensus estimates of $0.72 by $0.04. First Bancorp had a return on equity of 8.04% and a net margin of 14.19%. Equities analysts anticipate that First Bancorp will post 3.09 EPS for the current fiscal year.

Analysts Set New Price Targets

FBNC has been the topic of several research analyst reports. Keefe, Bruyette & Woods upped their price objective on shares of First Bancorp from $49.00 to $56.00 and gave the stock an “outperform” rating in a research report on Wednesday, December 4th. StockNews.com lowered shares of First Bancorp from a “hold” rating to a “sell” rating in a report on Thursday, October 24th.

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. 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.