Clark Capital Management Group Inc. acquired a new stake in shares of First Bancorp (NASDAQ:FBNC) in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund acquired 54,002 shares of the financial services provider’s stock, valued at approximately $1,907,000. Clark Capital Management Group Inc. owned 0.18% of First Bancorp at the end of the most recent reporting period.
Several other hedge funds have also modified their holdings of FBNC. SG Americas Securities LLC bought a new stake in shares of First Bancorp during the 3rd quarter valued at $107,000. Acadian Asset Management LLC bought a new stake in shares of First Bancorp during the 4th quarter valued at $125,000. Advisor Group Inc. grew 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 acquiring an additional 2,406 shares during the period. Pitcairn Co. bought a new stake in shares of First Bancorp during the 4th quarter valued at $207,000. Finally, Meeder Asset Management Inc. lifted its stake in shares of First Bancorp by 516.0% during the 4th quarter. Meeder Asset Management Inc. now owns 6,074 shares of the financial services provider’s stock valued at $214,000 after buying an additional 5,088 shares in the last quarter. 61.56% of the stock is owned by hedge funds and other institutional investors.
FBNC has been the topic of a number of analyst reports. BidaskClub upgraded shares of First Bancorp from a “hold” rating to a “buy” rating in a research note on Thursday. Brean Capital restated a “buy” rating on shares of First Bancorp in a research note on Monday, February 5th. Piper Jaffray Companies restated a “buy” rating and set a $42.00 target price on shares of First Bancorp in a research note on Tuesday, January 9th. Zacks Investment Research upgraded shares of First Bancorp from a “hold” rating to a “buy” rating and set a $40.00 target price on the stock in a research note on Wednesday, January 3rd. Finally, ValuEngine upgraded shares of First Bancorp from a “hold” rating to a “buy” rating in a research note on Sunday, December 31st. Two investment analysts have rated the stock with a hold rating and five have given a buy rating to the company. The company presently has an average rating of “Buy” and a consensus target price of $39.50.
In other First Bancorp news, insider Suzanne S. Deferie sold 12,001 shares of the business’s stock in a transaction on Wednesday, December 27th. The shares were sold at an average price of $35.67, for a total value of $428,075.67. Following the sale, the insider now owns 113,408 shares in the company, valued at approximately $4,045,263.36. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Richard H. Moore purchased 2,755 shares of the firm’s stock in a transaction on Wednesday, December 20th. The stock was bought at an average price of $36.00 per share, for a total transaction of $99,180.00. Following the purchase, the chief executive officer now owns 121,741 shares in the company, valued at $4,382,676. The disclosure for this purchase can be found here. 1.89% of the stock is currently owned by insiders.
First Bancorp (NASDAQ FBNC) opened at $37.23 on Friday. The company has a debt-to-equity ratio of 0.59, a quick ratio of 1.03 and a current ratio of 1.03. First Bancorp has a one year low of $27.50 and a one year high of $41.76. The firm has a market cap of $1,088.03, a price-to-earnings ratio of 20.05, a P/E/G ratio of 1.02 and a beta of 1.14.
First Bancorp (NASDAQ:FBNC) last released its earnings results on Monday, January 29th. The financial services provider reported $0.44 earnings per share for the quarter, missing analysts’ consensus estimates of $0.53 by ($0.09). First Bancorp had a net margin of 20.32% and a return on equity of 8.43%. The firm had revenue of $63.72 million for the quarter, compared to analysts’ expectations of $64.12 million. research analysts expect that First Bancorp will post 2.7 earnings per share for the current year.
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First Bancorp Company Profile
First Bancorp is the bank holding company for First Bank (the Bank). The Company’s principal activity is the ownership and operation of First Bank. The Bank engages in a range of banking activities, including the acceptance of deposits and the making of loans. The Bank offers credit cards, debit cards, letters of credit, safe deposit box rentals and electronic funds transfer services, including wire transfers.
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