Rhumbline Advisers Has $4.79 Million Stock Holdings in First Bancorp (NASDAQ:FBNC)

Rhumbline Advisers lessened its stake in shares of First Bancorp (NASDAQ:FBNCFree Report) by 4.3% during the 1st quarter, HoldingsChannel reports. The firm owned 119,200 shares of the financial services provider’s stock after selling 5,341 shares during the quarter. Rhumbline Advisers’ holdings in First Bancorp were worth $4,785,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in FBNC. Ameriprise Financial Inc. grew its holdings in First Bancorp by 372.1% during the fourth quarter. Ameriprise Financial Inc. now owns 742,637 shares of the financial services provider’s stock valued at $32,654,000 after purchasing an additional 585,338 shares during the last quarter. Franklin Resources Inc. grew its holdings in First Bancorp by 23.5% during the fourth quarter. Franklin Resources Inc. now owns 2,202,960 shares of the financial services provider’s stock valued at $96,864,000 after purchasing an additional 418,752 shares during the last quarter. Dimensional Fund Advisors LP boosted its position in shares of First Bancorp by 3.5% in the fourth quarter. Dimensional Fund Advisors LP now owns 2,293,843 shares of the financial services provider’s stock valued at $100,862,000 after acquiring an additional 77,074 shares during the period. Old North State Trust LLC bought a new stake in shares of First Bancorp in the fourth quarter valued at approximately $3,206,000. Finally, Rockefeller Capital Management L.P. boosted its position in shares of First Bancorp by 15.0% in the fourth quarter. Rockefeller Capital Management L.P. now owns 486,772 shares of the financial services provider’s stock valued at $21,403,000 after acquiring an additional 63,311 shares during the period. Institutional investors and hedge funds own 68.36% of the company’s stock.

Analysts Set New Price Targets

FBNC has been the subject of several research reports. Keefe, Bruyette & Woods reduced their price objective on First Bancorp from $51.00 to $50.00 and set an “outperform” rating for the company in a research report on Thursday, April 24th. Wall Street Zen raised First Bancorp from a “sell” rating to a “hold” rating in a research report on Monday, April 28th. Stephens increased their price objective on First Bancorp from $48.00 to $50.00 and gave the company an “overweight” rating in a research report on Monday, April 28th. Finally, Piper Sandler initiated coverage on First Bancorp in a research report on Tuesday, May 13th. They issued a “neutral” rating and a $48.00 price objective for the company. Three analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $49.33.

Get Our Latest Research Report on First Bancorp

First Bancorp Stock Down 1.8%

Shares of FBNC stock opened at $40.70 on Friday. First Bancorp has a one year low of $29.53 and a one year high of $50.34. The company has a debt-to-equity ratio of 0.06, a current ratio of 0.81 and a quick ratio of 0.81. The stock has a fifty day moving average price of $40.39 and a 200 day moving average price of $42.15. The stock has a market cap of $1.69 billion, a P/E ratio of 22.12 and a beta of 0.86.

First Bancorp (NASDAQ:FBNCGet Free Report) last announced its quarterly earnings data on Wednesday, April 23rd. The financial services provider reported $0.84 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.78 by $0.06. First Bancorp had a net margin of 14.19% and a return on equity of 8.04%. The company had revenue of $105.79 million during the quarter, compared to analysts’ expectations of $105.81 million. Analysts predict that First Bancorp will post 3.27 earnings per share for the current year.

First Bancorp Company Profile

(Free Report)

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.

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

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