First Bancorp (FBNC) Shares Sold by Zweig DiMenna Associates LLC
Zweig DiMenna Associates LLC cut its stake in shares of First Bancorp (NASDAQ:FBNC) by 1.8% during the second quarter, according to its most recent disclosure with the SEC. The fund owned 108,645 shares of the financial services provider’s stock after selling 2,030 shares during the period. Zweig DiMenna Associates LLC owned approximately 0.44% of First Bancorp worth $3,396,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Wellington Management Group LLP boosted its position in First Bancorp by 2.7% in the first quarter. Wellington Management Group LLP now owns 1,975,197 shares of the financial services provider’s stock valued at $57,854,000 after buying an additional 51,909 shares during the period. Dimensional Fund Advisors LP boosted its position in First Bancorp by 9.6% in the first quarter. Dimensional Fund Advisors LP now owns 1,165,101 shares of the financial services provider’s stock valued at $34,126,000 after buying an additional 102,427 shares during the period. Vanguard Group Inc. boosted its position in First Bancorp by 13.3% in the first quarter. Vanguard Group Inc. now owns 802,073 shares of the financial services provider’s stock valued at $23,492,000 after buying an additional 94,334 shares during the period. Mendon Capital Advisors Corp boosted its position in First Bancorp by 279.9% in the first quarter. Mendon Capital Advisors Corp now owns 605,015 shares of the financial services provider’s stock valued at $17,721,000 after buying an additional 445,765 shares during the period. Finally, Investment Counselors of Maryland LLC boosted its position in First Bancorp by 139.8% in the second quarter. Investment Counselors of Maryland LLC now owns 302,585 shares of the financial services provider’s stock valued at $9,459,000 after buying an additional 176,386 shares during the period. Institutional investors own 60.55% of the company’s stock.
First Bancorp (NASDAQ FBNC) opened at 30.82 on Friday. The firm has a market cap of $760.58 million, a PE ratio of 21.48 and a beta of 1.18. The company’s 50-day moving average is $31.09 and its 200 day moving average is $30.04. First Bancorp has a one year low of $19.18 and a one year high of $32.99.
First Bancorp (NASDAQ:FBNC) last posted its quarterly earnings data on Tuesday, July 25th. The financial services provider reported $0.45 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.43 by $0.02. The business had revenue of $51.79 million during the quarter, compared to the consensus estimate of $49.49 million. First Bancorp had a return on equity of 7.77% and a net margin of 17.52%. Equities analysts anticipate that First Bancorp will post $1.86 earnings per share for the current year.
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Several research analysts have recently weighed in on FBNC shares. Zacks Investment Research upgraded shares of First Bancorp from a “hold” rating to a “buy” rating and set a $36.00 price target for the company in a report on Thursday, July 27th. Brean Capital started coverage on shares of First Bancorp in a report on Friday, June 9th. They issued a “buy” rating and a $33.00 price target for the company. ValuEngine upgraded shares of First Bancorp from a “hold” rating to a “buy” rating in a report on Friday, July 28th. Finally, Keefe, Bruyette & Woods reiterated a “buy” rating and issued a $34.00 price target on shares of First Bancorp in a report on Monday, June 26th. Two investment analysts have rated the stock with a hold rating and four have given a buy rating to the company. First Bancorp has a consensus rating of “Buy” and an average price target of $32.50.
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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