Bridgeway Capital Management LLC Has $2.29 Million Holdings in First Bancorp (NASDAQ:FBNC)

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

Other hedge funds have also recently bought and sold shares of the company. Bank of Montreal Can grew its holdings in shares of First Bancorp by 7.8% in the 4th quarter. Bank of Montreal Can now owns 6,345 shares of the financial services provider's stock valued at $279,000 after acquiring an additional 460 shares in the last quarter. Charles Schwab Investment Management Inc. raised its position in shares of First Bancorp by 2.7% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 507,297 shares of the financial services provider's stock valued at $22,306,000 after buying an additional 13,450 shares in the last quarter. Wells Fargo & Company MN lifted its position in shares of First Bancorp by 14.7% during the 4th quarter. Wells Fargo & Company MN now owns 37,423 shares of the financial services provider's stock valued at $1,645,000 after acquiring an additional 4,789 shares during the period. Federated Hermes Inc. increased its holdings in First Bancorp by 163.2% in the 4th quarter. Federated Hermes Inc. now owns 25,510 shares of the financial services provider's stock valued at $1,122,000 after buying an additional 15,819 shares during the period. Finally, JPMorgan Chase & Co. boosted its holdings in shares of First Bancorp by 220.6% in the 3rd quarter. JPMorgan Chase & Co. now owns 104,609 shares of the financial services provider's stock valued at $4,351,000 after purchasing an additional 71,977 shares in the last quarter. 68.36% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on FBNC shares. Keefe, Bruyette & Woods dropped their target price on First Bancorp from $51.00 to $50.00 and set an "outperform" rating for the company in a research report on Thursday, April 24th. StockNews.com raised First Bancorp from a "sell" rating to a "hold" rating in a research report on Monday, April 28th. Janney Montgomery Scott downgraded shares of First Bancorp from a "buy" rating to a "neutral" rating in a research report on Friday, February 7th. Finally, Stephens increased their price target on First Bancorp from $48.00 to $50.00 and gave the stock an "overweight" rating in a report on Monday, April 28th.

First Bancorp Stock Performance

Shares of FBNC stock opened at $41.76 on Friday. First Bancorp has a 12 month low of $29.53 and a 12 month high of $50.34. The firm's 50 day moving average is $39.38 and its 200 day moving average is $42.67. 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 stock has a market capitalization of $1.73 billion, a P/E ratio of 22.70 and a beta of 0.85.

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

About First Bancorp

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.

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