Legal & General Group Plc Sells 8,688 Shares of First Bancorp $FBNC

Legal & General Group Plc reduced its stake in First Bancorp (NASDAQ:FBNC) by 8.0% during the fourth quarter, HoldingsChannel.com reports. The fund owned 100,312 shares of the financial services provider’s stock after selling 8,688 shares during the quarter. Legal & General Group Plc’s holdings in First Bancorp were worth $5,095,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Smartleaf Asset Management LLC increased its holdings in First Bancorp by 183.6% in the 3rd quarter. Smartleaf Asset Management LLC now owns 553 shares of the financial services provider’s stock valued at $29,000 after acquiring an additional 358 shares during the last quarter. EverSource Wealth Advisors LLC increased its holdings in First Bancorp by 2,222.6% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 720 shares of the financial services provider’s stock valued at $32,000 after acquiring an additional 689 shares during the last quarter. First Horizon Corp increased its holdings in First Bancorp by 83.7% in the 4th quarter. First Horizon Corp now owns 777 shares of the financial services provider’s stock valued at $39,000 after acquiring an additional 354 shares during the last quarter. Torren Management LLC bought a new stake in First Bancorp in the 4th quarter valued at $41,000. Finally, Valley National Advisers Inc. bought a new stake in First Bancorp in the 4th quarter valued at $49,000. 68.36% of the stock is currently owned by institutional investors.

Insider Buying and Selling at First Bancorp

In other news, Director Michael Goodwin Mayer sold 44,324 shares of the business’s stock in a transaction dated Wednesday, May 20th. The shares were sold at an average price of $58.58, for a total value of $2,596,499.92. Following the sale, the director directly owned 41,491 shares in the company, valued at $2,430,542.78. The trade was a 51.65% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 2.04% of the stock is currently owned by company insiders.

First Bancorp Stock Performance

First Bancorp stock opened at $59.27 on Monday. The company’s 50-day moving average price is $58.17 and its 200-day moving average price is $56.22. First Bancorp has a twelve month low of $40.00 and a twelve month high of $62.64. The company has a quick ratio of 0.84, a current ratio of 0.85 and a debt-to-equity ratio of 0.04. The company has a market cap of $2.45 billion, a PE ratio of 20.23 and a beta of 0.81.

First Bancorp (NASDAQ:FBNC) last posted its earnings results on Wednesday, April 22nd. The financial services provider reported $1.13 earnings per share for the quarter, topping analysts’ consensus estimates of $1.09 by $0.04. First Bancorp had a net margin of 20.59% and a return on equity of 10.86%. The firm had revenue of $122.29 million for the quarter, compared to the consensus estimate of $123.21 million. On average, equities research analysts forecast that First Bancorp will post 4.75 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on the stock. Zacks Research upgraded shares of First Bancorp from a “strong sell” rating to a “hold” rating in a report on Monday, March 9th. Keefe, Bruyette & Woods lifted their price target on shares of First Bancorp from $65.00 to $66.00 and gave the company an “outperform” rating in a report on Thursday, April 23rd. Weiss Ratings upgraded shares of First Bancorp from a “buy (b-)” rating to a “buy (b)” rating in a report on Monday, May 18th. Finally, Wall Street Zen upgraded shares of First Bancorp from a “sell” rating to a “hold” rating in a report on Saturday, February 28th. One equities research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $62.25.

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.