Dimensional Fund Advisors LP Has $96.11 Million Stock Position in First Bancorp $FBNC

Dimensional Fund Advisors LP lowered its stake in First Bancorp (NASDAQ:FBNC) by 8.3% during the first quarter, HoldingsChannel reports. The firm owned 1,705,538 shares of the financial services provider’s stock after selling 154,867 shares during the period. Dimensional Fund Advisors LP’s holdings in First Bancorp were worth $96,106,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of FBNC. Vanguard Group Inc. lifted its stake in First Bancorp by 0.4% during the fourth quarter. Vanguard Group Inc. now owns 2,849,425 shares of the financial services provider’s stock valued at $144,722,000 after buying an additional 11,439 shares in the last quarter. State Street Corp raised its holdings in shares of First Bancorp by 9.2% during the fourth quarter. State Street Corp now owns 2,012,273 shares of the financial services provider’s stock valued at $102,661,000 after acquiring an additional 169,363 shares during the period. Ameriprise Financial Inc. raised its holdings in shares of First Bancorp by 48.6% during the third quarter. Ameriprise Financial Inc. now owns 1,314,341 shares of the financial services provider’s stock valued at $69,516,000 after acquiring an additional 429,769 shares during the period. Jennison Associates LLC lifted its position in shares of First Bancorp by 34.1% in the 1st quarter. Jennison Associates LLC now owns 974,221 shares of the financial services provider’s stock valued at $54,897,000 after acquiring an additional 247,859 shares in the last quarter. Finally, Invesco Ltd. lifted its position in shares of First Bancorp by 10.7% in the 4th quarter. Invesco Ltd. now owns 289,012 shares of the financial services provider’s stock valued at $14,679,000 after acquiring an additional 27,849 shares in the last quarter. Institutional investors and hedge funds own 68.36% of the company’s stock.

First Bancorp Trading Down 1.7%

NASDAQ:FBNC opened at $63.12 on Thursday. First Bancorp has a 12 month low of $45.04 and a 12 month high of $66.54. The firm has a market cap of $2.61 billion, a price-to-earnings ratio of 19.60 and a beta of 0.80. The company has a quick ratio of 0.85, a current ratio of 0.85 and a debt-to-equity ratio of 0.04. The company’s 50 day moving average is $61.81 and its 200-day moving average is $59.19.

First Bancorp (NASDAQ:FBNC) last posted its quarterly earnings data on Wednesday, July 22nd. The financial services provider reported $1.22 EPS for the quarter, topping analysts’ consensus estimates of $1.15 by $0.07. The business had revenue of $127.30 million for the quarter, compared to analyst estimates of $126.07 million. First Bancorp had a return on equity of 11.31% and a net margin of 22.12%. Equities analysts anticipate that First Bancorp will post 4.69 EPS for the current year.

Wall Street Analyst Weigh In

Several research firms have weighed in on FBNC. Raymond James Financial lifted their price objective on shares of First Bancorp from $68.00 to $75.00 and gave the stock a “strong-buy” rating in a research report on Thursday, July 16th. Brean Capital assumed coverage on First Bancorp in a report on Monday, June 8th. They issued a “neutral” rating and a $65.75 target price for the company. Piper Sandler raised their target price on First Bancorp from $64.00 to $65.00 and gave the stock a “neutral” rating in a research report on Wednesday. Keefe, Bruyette & Woods lifted their price target on First Bancorp from $65.00 to $66.00 and gave the company an “outperform” rating in a report on Thursday, April 23rd. Finally, Weiss Ratings upgraded First Bancorp from a “buy (b-)” rating to a “buy (b)” rating in a report on Monday, May 18th. One investment analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $67.94.

Insider Buying and Selling

In other First Bancorp news, Director Michael Goodwin Mayer sold 44,324 shares of the company’s stock in a transaction that occurred on Wednesday, May 20th. The stock was sold at an average price of $58.58, for a total value of $2,596,499.92. Following the completion of the transaction, the director owned 41,491 shares of the company’s stock, valued at $2,430,542.78. This represents a 51.65% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 2.04% of the stock is currently owned by company insiders.

About First Bancorp

First Bancorp operates as the bank holding company for First Bank, offering a broad range of commercial and consumer banking services. Its core offerings include business lending, treasury and cash management, residential and commercial mortgage financing, and consumer deposit products. Through its subsidiary, First Bank provides online and branch-based banking solutions, including checking and savings accounts, certificate of deposits, and digital banking tools designed to meet the needs of individuals, small- to mid-sized businesses, and professional institutions.

The company maintains a network of full-service banking centers and loan production offices across North Carolina and South Carolina, with a focus on markets in the Piedmont, Sandhills and coastal regions.