First Bancorp $FBNC Shares Sold by William Blair Investment Management LLC

Key Points

• William Blair Investment Management cut its First Bancorp stake by 43% in the fourth quarter, though it still held 379,138 shares worth about $19.3 million at the end of the reporting period.
• First Bancorp’s latest quarterly earnings beat analysts’ EPS expectations, reporting $1.13 per share versus $1.09 expected. Revenue came in slightly below consensus at $122.29 million.
• Analyst sentiment remains generally positive, with a Moderate Buy consensus and a price target of $62.25, while shares recently traded around $58.65.

William Blair Investment Management LLC reduced its position in First Bancorp (NASDAQ:FBNC - Free Report) by 43.0% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 379,138 shares of the financial services provider's stock after selling 285,879 shares during the quarter. William Blair Investment Management LLC owned about 0.91% of First Bancorp worth $19,256,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Public Sector Pension Investment Board grew its stake in shares of First Bancorp by 14.5% in the 3rd quarter. Public Sector Pension Investment Board now owns 161,719 shares of the financial services provider's stock valued at $8,553,000 after purchasing an additional 20,520 shares during the last quarter. Schroder Investment Management Group grew its stake in shares of First Bancorp by 39.4% in the 3rd quarter. Schroder Investment Management Group now owns 576,596 shares of the financial services provider's stock valued at $30,502,000 after purchasing an additional 163,026 shares during the last quarter. Jennison Associates LLC grew its stake in shares of First Bancorp by 20.4% in the 4th quarter. Jennison Associates LLC now owns 726,362 shares of the financial services provider's stock valued at $36,892,000 after purchasing an additional 123,283 shares during the last quarter. Rafferty Asset Management LLC grew its stake in shares of First Bancorp by 50.3% in the 3rd quarter. Rafferty Asset Management LLC now owns 40,586 shares of the financial services provider's stock valued at $2,147,000 after purchasing an additional 13,588 shares during the last quarter. Finally, Universal Beteiligungs und Servicegesellschaft mbH grew its stake in shares of First Bancorp by 40.0% in the 3rd quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 53,522 shares of the financial services provider's stock valued at $2,831,000 after purchasing an additional 15,284 shares during the last quarter. 68.36% of the stock is owned by institutional investors and hedge funds.

First Bancorp Price Performance

First Bancorp stock opened at $58.65 on Tuesday. The company has a debt-to-equity ratio of 0.04, a current ratio of 0.85 and a quick ratio of 0.84. First Bancorp has a 1-year low of $40.00 and a 1-year high of $62.64. The company has a market cap of $2.43 billion, a PE ratio of 20.02 and a beta of 0.82. The stock's 50 day moving average price is $57.25 and its 200 day moving average price is $55.69.

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

Insider Buying and Selling at First Bancorp

In related news, Director Michael Goodwin Mayer sold 44,324 shares of First Bancorp stock in a transaction that occurred on Wednesday, May 20th. The stock was 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 ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 2.04% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several research analysts have weighed in on FBNC shares. Wall Street Zen upgraded First Bancorp from a "sell" rating to a "hold" rating in a research note on Saturday, February 28th. Piper Sandler downgraded First Bancorp from an "overweight" rating to a "neutral" rating and lifted their target price for the company from $58.00 to $64.00 in a research note on Saturday, February 7th. Zacks Research upgraded First Bancorp from a "strong sell" rating to a "hold" rating in a research note on Monday, March 9th. Weiss Ratings upgraded First Bancorp from a "buy (b-)" rating to a "buy (b)" rating in a research note on Monday, May 18th. Finally, Keefe, Bruyette & Woods lifted their target price on First Bancorp from $65.00 to $66.00 and gave the company an "outperform" rating in a research note on Thursday, April 23rd. One analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and two have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the stock 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.

Want to see what other hedge funds are holding FBNC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for First Bancorp (NASDAQ:FBNC - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.