Bridgeway Capital Management LLC Lowers Stock Holdings in First Bancorp (NASDAQ:FBNC)

Bridgeway Capital Management LLC decreased its holdings in shares of First Bancorp (NASDAQ:FBNC - Free Report) by 24.7% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 52,075 shares of the financial services provider's stock after selling 17,105 shares during the quarter. Bridgeway Capital Management LLC owned about 0.13% of First Bancorp worth $2,290,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in FBNC. Ameriprise Financial Inc. raised 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 worth $32,654,000 after buying an additional 585,338 shares during the last quarter. Franklin Resources Inc. grew its position in First Bancorp by 23.5% during the 4th 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. Greenwood Capital Associates LLC boosted its holdings in shares of First Bancorp by 979.3% during the 4th quarter. Greenwood Capital Associates LLC now owns 247,336 shares of the financial services provider's stock valued at $10,875,000 after acquiring an additional 224,419 shares during the last quarter. Dimensional Fund Advisors LP boosted its holdings 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 worth $100,862,000 after buying an additional 77,074 shares during the last quarter. Finally, JPMorgan Chase & Co. raised its position in shares of First Bancorp by 220.6% during the third quarter. JPMorgan Chase & Co. now owns 104,609 shares of the financial services provider's stock valued at $4,351,000 after buying an additional 71,977 shares during the last quarter. 68.36% of the stock is owned by institutional investors.

First Bancorp Trading Up 0.3%

FBNC traded up $0.13 during trading on Thursday, hitting $42.25. 22,900 shares of the company's stock were exchanged, compared to its average volume of 182,452. First Bancorp has a 1 year low of $29.53 and a 1 year high of $50.34. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 0.06. The firm has a market cap of $1.75 billion, a P/E ratio of 22.96 and a beta of 0.85. The stock has a 50 day moving average price of $39.51 and a 200 day moving average price of $42.69.

First Bancorp (NASDAQ:FBNC - Get Free Report) last issued its quarterly earnings data on Wednesday, April 23rd. The financial services provider reported $0.84 earnings per share for the quarter, beating the consensus estimate of $0.78 by $0.06. First Bancorp had a net margin of 14.19% and a return on equity of 8.04%. The firm had revenue of $105.79 million for the quarter, compared to analyst estimates of $105.81 million. As a group, analysts expect that First Bancorp will post 3.27 EPS for the current fiscal year.

Analysts Set New Price Targets

Several research analysts have issued reports on the stock. StockNews.com upgraded shares of First Bancorp from a "sell" rating to a "hold" rating in a report on Monday, April 28th. Keefe, Bruyette & Woods reduced their price target on shares of First Bancorp from $51.00 to $50.00 and set an "outperform" rating for the company in a research report on Thursday, April 24th. Piper Sandler began coverage on shares of First Bancorp in a report on Tuesday. They set a "neutral" rating and a $48.00 target price for the company. Stephens upped their target price on shares of First Bancorp from $48.00 to $50.00 and gave the stock an "overweight" rating in a report on Monday, April 28th. Finally, Janney Montgomery Scott cut shares of First Bancorp from a "buy" rating to a "neutral" rating in a research report on Friday, February 7th. Three equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus target price of $49.33.

First Bancorp Profile

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.