First Bancorp $FBNC Holdings Reduced by Dimensional Fund Advisors LP

Dimensional Fund Advisors LP lowered its position in First Bancorp (NASDAQ:FBNC - Free Report) by 8.3% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,705,538 shares of the financial services provider's stock after selling 154,867 shares during the quarter. Dimensional Fund Advisors LP owned about 4.12% of First Bancorp worth $96,106,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently made changes to their positions in the company. EverSource Wealth Advisors LLC raised its holdings in shares of First Bancorp by 2,222.6% during the second quarter. EverSource Wealth Advisors LLC now owns 720 shares of the financial services provider's stock valued at $32,000 after buying an additional 689 shares during the last quarter. Summit Securities Group LLC acquired a new stake in First Bancorp in the 1st quarter valued at approximately $34,000. First Horizon Corp raised its stake in First Bancorp by 83.7% during 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 in the last quarter. Torren Management LLC bought a new stake in First Bancorp during the 4th quarter valued at $41,000. Finally, Steward Partners Investment Advisory LLC boosted its position in First Bancorp by 87.0% during the 4th quarter. Steward Partners Investment Advisory LLC now owns 819 shares of the financial services provider's stock worth $42,000 after acquiring an additional 381 shares during the period. Institutional investors own 68.36% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on FBNC shares. Keefe, Bruyette & Woods increased their price target on First Bancorp from $65.00 to $66.00 and gave the stock an "outperform" rating in a research note on Thursday, April 23rd. Piper Sandler lifted their price objective on shares of First Bancorp from $64.00 to $65.00 and gave the company a "neutral" rating in a research note on Wednesday. Weiss Ratings upgraded shares of First Bancorp from a "buy (b-)" rating to a "buy (b)" rating in a research report on Monday, May 18th. Raymond James Financial boosted their price target 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. Finally, Brean Capital assumed coverage on shares of First Bancorp in a research note on Monday, June 8th. They issued a "neutral" rating and a $65.75 price target for the company. One equities research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and three have issued a Hold rating to the company's stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $67.94.

First Bancorp Price Performance

Shares of First Bancorp stock opened at $63.12 on Thursday. First Bancorp has a 52 week low of $45.04 and a 52 week high of $66.54. The company has a current ratio of 0.85, a quick ratio of 0.85 and a debt-to-equity ratio of 0.04. The stock has a market cap of $2.61 billion, a PE ratio of 19.60 and a beta of 0.80. The company's 50-day moving average price is $61.81 and its two-hundred day moving average price is $59.19.

First Bancorp (NASDAQ:FBNC - Get Free Report) last posted its quarterly earnings data on Wednesday, July 22nd. The financial services provider reported $1.22 earnings per share for the quarter, beating the consensus estimate of $1.15 by $0.07. The company had revenue of $127.30 million during the quarter, compared to analyst estimates of $126.07 million. First Bancorp had a net margin of 22.12% and a return on equity of 11.31%. As a group, sell-side analysts anticipate that First Bancorp will post 4.69 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Director Michael Goodwin Mayer sold 44,324 shares of the firm's stock in a transaction that occurred on Wednesday, May 20th. The shares were sold at an average price of $58.58, for a total transaction of $2,596,499.92. Following the completion of the sale, the director directly owned 41,491 shares in the company, valued at approximately $2,430,542.78. This trade represents a 51.65% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 2.04% of the stock is currently owned by corporate insiders.

First Bancorp Company Profile

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.

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