First Bancorp (NASDAQ:FBNC) Shares Sold by Greenwood Capital Associates LLC

Greenwood Capital Associates LLC decreased its position in First Bancorp (NASDAQ:FBNC - Free Report) by 95.9% during the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 10,134 shares of the financial services provider's stock after selling 237,202 shares during the period. Greenwood Capital Associates LLC's holdings in First Bancorp were worth $407,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in the company. Stephens Inc. AR boosted its position in shares of First Bancorp by 16.6% in the 4th quarter. Stephens Inc. AR now owns 7,428 shares of the financial services provider's stock worth $327,000 after buying an additional 1,058 shares in the last quarter. Rhumbline Advisers lifted its holdings in shares of First Bancorp by 0.5% in the fourth quarter. Rhumbline Advisers now owns 124,541 shares of the financial services provider's stock valued at $5,476,000 after purchasing an additional 621 shares in the last quarter. Principal Financial Group Inc. lifted its holdings in shares of First Bancorp by 3.0% in the fourth quarter. Principal Financial Group Inc. now owns 200,421 shares of the financial services provider's stock valued at $8,813,000 after purchasing an additional 5,893 shares in the last quarter. Edge Capital Group LLC acquired a new stake in shares of First Bancorp in the fourth quarter valued at approximately $600,000. Finally, Bank of New York Mellon Corp increased its stake in shares of First Bancorp by 12.0% during the 4th quarter. Bank of New York Mellon Corp now owns 367,298 shares of the financial services provider's stock worth $16,150,000 after purchasing an additional 39,362 shares in the last quarter. Hedge funds and other institutional investors own 68.36% of the company's stock.

Analysts Set New Price Targets

A number of analysts recently commented on the company. Stephens lifted their price objective on First Bancorp from $48.00 to $50.00 and gave the stock an "overweight" rating in a research report on Monday, April 28th. Keefe, Bruyette & Woods lowered their price target on shares of First Bancorp from $51.00 to $50.00 and set an "outperform" rating for the company in a report on Thursday, April 24th. Wall Street Zen raised shares of First Bancorp from a "sell" rating to a "hold" rating in a research note on Monday, April 28th. Finally, Piper Sandler began coverage on shares of First Bancorp in a research report on Tuesday, May 13th. They set a "neutral" rating and a $48.00 target price on the stock. Three research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and an average target price of $49.33.

First Bancorp Trading Down 1.8%

NASDAQ:FBNC traded down $0.75 during mid-day trading on Friday, reaching $40.70. The company's stock had a trading volume of 262,245 shares, compared to its average volume of 186,226. The company has a debt-to-equity ratio of 0.06, a current ratio of 0.81 and a quick ratio of 0.81. The stock has a market cap of $1.69 billion, a P/E ratio of 22.12 and a beta of 0.86. The company's fifty day simple moving average is $40.30 and its two-hundred day simple moving average is $42.20. First Bancorp has a twelve month low of $29.53 and a twelve month high of $50.34.

First Bancorp (NASDAQ:FBNC - Get Free Report) last issued its earnings results on Wednesday, April 23rd. The financial services provider reported $0.84 earnings per share for the quarter, topping the consensus estimate of $0.78 by $0.06. First Bancorp had a return on equity of 8.04% and a net margin of 14.19%. The business had revenue of $105.79 million for the quarter, compared to analyst estimates of $105.81 million. On average, equities analysts predict 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.