UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC Sells 27,783 Shares of First Bancorp (NASDAQ:FBNC)

UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lessened its holdings in shares of First Bancorp (NASDAQ:FBNC - Free Report) by 10.3% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 243,101 shares of the financial services provider's stock after selling 27,783 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC owned about 0.59% of First Bancorp worth $10,689,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently made changes to their positions in the business. Sterling Capital Management LLC grew its stake in First Bancorp by 807.9% during the fourth quarter. Sterling Capital Management LLC now owns 1,262 shares of the financial services provider's stock worth $55,000 after buying an additional 1,123 shares in the last quarter. KBC Group NV grew its stake in First Bancorp by 76.0% during the fourth quarter. KBC Group NV now owns 2,592 shares of the financial services provider's stock worth $114,000 after buying an additional 1,119 shares in the last quarter. Two Sigma Securities LLC acquired a new stake in First Bancorp during the fourth quarter worth about $204,000. Dynamic Technology Lab Private Ltd acquired a new stake in First Bancorp during the fourth quarter worth about $236,000. Finally, Bank of Montreal Can grew its stake in First Bancorp by 7.8% during the fourth quarter. Bank of Montreal Can now owns 6,345 shares of the financial services provider's stock worth $279,000 after buying an additional 460 shares in the last quarter. Institutional investors and hedge funds own 68.36% of the company's stock.

Wall Street Analysts Forecast Growth

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

First Bancorp Stock Performance

Shares of NASDAQ FBNC traded down $0.15 during mid-day trading on Friday, reaching $41.53. 195,863 shares of the company's stock were exchanged, compared to its average volume of 184,503. The firm has a market capitalization of $1.72 billion, a price-to-earnings ratio of 22.57 and a beta of 0.85. First Bancorp has a 52 week low of $29.53 and a 52 week high of $50.34. 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 firm has a 50-day moving average price of $39.91 and a two-hundred day moving average price of $42.46.

First Bancorp (NASDAQ:FBNC - Get Free Report) last announced its quarterly earnings data 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 business had revenue of $105.79 million for the quarter, compared to analysts' expectations of $105.81 million. First Bancorp had a return on equity of 8.04% and a net margin of 14.19%. Analysts predict that First Bancorp will post 3.27 EPS for the current year.

First Bancorp Company Profile

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.