BNP Paribas Financial Markets Decreases Position in First Bancorp (NASDAQ:FBNC)

BNP Paribas Financial Markets lessened its stake in First Bancorp (NASDAQ:FBNC - Free Report) by 49.6% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 6,525 shares of the financial services provider's stock after selling 6,431 shares during the period. BNP Paribas Financial Markets' holdings in First Bancorp were worth $287,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Sterling Capital Management LLC grew its holdings in shares of First Bancorp by 807.9% during the 4th quarter. Sterling Capital Management LLC now owns 1,262 shares of the financial services provider's stock worth $55,000 after acquiring an additional 1,123 shares during the period. KBC Group NV grew its holdings in shares of First Bancorp by 76.0% during the 4th quarter. KBC Group NV now owns 2,592 shares of the financial services provider's stock worth $114,000 after acquiring an additional 1,119 shares during the period. Two Sigma Securities LLC purchased a new position in shares of First Bancorp during the 4th quarter worth approximately $204,000. Dynamic Technology Lab Private Ltd purchased a new position in shares of First Bancorp during the 4th quarter worth approximately $236,000. Finally, Bank of Montreal Can grew its holdings in shares of First Bancorp by 7.8% during the 4th quarter. Bank of Montreal Can now owns 6,345 shares of the financial services provider's stock worth $279,000 after acquiring an additional 460 shares during the period. Institutional investors own 68.36% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on the company. Janney Montgomery Scott downgraded First Bancorp from a "buy" rating to a "neutral" rating in a research note on Friday, February 7th. Stephens upped their price target on First Bancorp from $48.00 to $50.00 and gave the stock an "overweight" rating in a research note on Monday, April 28th. Wall Street Zen upgraded First Bancorp from a "sell" rating to a "hold" rating in a research note on Monday, April 28th. Keefe, Bruyette & Woods cut their price target on First Bancorp from $51.00 to $50.00 and set an "outperform" rating on the stock in a research note on Thursday, April 24th. Finally, Piper Sandler assumed coverage on First Bancorp in a research note on Tuesday, May 13th. They issued a "neutral" rating and a $48.00 price target on the stock. Three research analysts have rated the stock with a hold rating and two have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of $49.33.

First Bancorp Price Performance

Shares of First Bancorp stock traded up $0.15 during trading on Thursday, reaching $41.68. 151,218 shares of the stock traded hands, compared to its average volume of 184,460. The company has a market capitalization of $1.73 billion, a price-to-earnings ratio of 22.65 and a beta of 0.85. The business has a fifty day simple moving average of $39.90 and a two-hundred day simple moving average of $42.55. The company has a debt-to-equity ratio of 0.06, a current ratio of 0.81 and a quick ratio of 0.81. First Bancorp has a 52-week low of $29.53 and a 52-week high of $50.34.

First Bancorp (NASDAQ:FBNC - Get Free Report) last posted its quarterly earnings results 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. The firm had revenue of $105.79 million during the quarter, compared to the consensus estimate of $105.81 million. First Bancorp had a net margin of 14.19% and a return on equity of 8.04%. Sell-side analysts expect that First Bancorp will post 3.27 EPS 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.