First Bancorp (FBNC) Position Boosted by BlueMountain Capital Management LLC

BlueMountain Capital Management LLC increased its position in shares of First Bancorp (NASDAQ:FBNC) by 60.5% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 24,693 shares of the financial services provider’s stock after buying an additional 9,307 shares during the period. BlueMountain Capital Management LLC owned 0.08% of First Bancorp worth $1,010,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Mount Yale Investment Advisors LLC acquired a new position in First Bancorp during the first quarter worth $115,000. SG Americas Securities LLC acquired a new position in First Bancorp during the first quarter worth $123,000. Parkside Financial Bank & Trust acquired a new position in First Bancorp during the second quarter worth $123,000. Sei Investments Co. increased its holdings in First Bancorp by 60.0% during the first quarter. Sei Investments Co. now owns 3,517 shares of the financial services provider’s stock worth $126,000 after buying an additional 1,319 shares during the last quarter. Finally, Envestnet Asset Management Inc. increased its holdings in First Bancorp by 78.0% during the first quarter. Envestnet Asset Management Inc. now owns 4,887 shares of the financial services provider’s stock worth $175,000 after buying an additional 2,141 shares during the last quarter. Institutional investors and hedge funds own 65.04% of the company’s stock.

NASDAQ:FBNC opened at $39.91 on Friday. First Bancorp has a one year low of $30.68 and a one year high of $43.14. The firm has a market capitalization of $1.23 billion, a price-to-earnings ratio of 21.57, a P/E/G ratio of 1.16 and a beta of 0.95. The company has a debt-to-equity ratio of 0.56, a quick ratio of 1.03 and a current ratio of 1.03.

First Bancorp (NASDAQ:FBNC) last released its quarterly earnings data on Thursday, July 26th. The financial services provider reported $0.79 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.69 by $0.10. First Bancorp had a net margin of 26.25% and a return on equity of 10.53%. The firm had revenue of $67.34 million for the quarter, compared to the consensus estimate of $68.24 million. analysts predict that First Bancorp will post 3.02 earnings per share for the current fiscal year.

In other First Bancorp news, Director Mary Clara Capel sold 750 shares of the company’s stock in a transaction on Monday, August 20th. The shares were sold at an average price of $42.39, for a total value of $31,792.50. Following the transaction, the director now directly owns 13,759 shares in the company, valued at $583,244.01. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 1.89% of the stock is owned by insiders.

FBNC has been the topic of a number of recent analyst reports. Zacks Investment Research downgraded shares of First Bancorp from a “buy” rating to a “hold” rating in a report on Tuesday, June 5th. Brean Capital restated a “buy” rating on shares of First Bancorp in a report on Monday, August 27th. BidaskClub downgraded shares of First Bancorp from a “strong-buy” rating to a “buy” rating in a report on Tuesday, June 12th. Sandler O’Neill downgraded shares of First Bancorp from a “buy” rating to a “hold” rating in a report on Thursday, July 26th. Finally, Piper Jaffray Companies upped their price objective on shares of First Bancorp from $44.00 to $46.00 and gave the company a “buy” rating in a report on Friday, July 27th. One analyst has rated the stock with a sell rating, five have issued a hold rating and three have issued a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus price target of $41.25.

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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Institutional Ownership by Quarter for First Bancorp (NASDAQ:FBNC)

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