State of Tennessee Department of Treasury Has $802,000 Stake in First Bancorp (NASDAQ:FBNC)

State of Tennessee Department of Treasury raised its stake in First Bancorp (NASDAQ:FBNC - Free Report) by 74.7% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 18,240 shares of the financial services provider's stock after acquiring an additional 7,801 shares during the period. State of Tennessee Department of Treasury's holdings in First Bancorp were worth $802,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of the stock. Versant Capital Management Inc increased its position in First Bancorp by 82.3% in the 4th quarter. Versant Capital Management Inc now owns 587 shares of the financial services provider's stock valued at $26,000 after acquiring an additional 265 shares in the last quarter. Sterling Capital Management LLC lifted its holdings in 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 buying an additional 1,123 shares in the last quarter. GAMMA Investing LLC increased its stake in shares of First Bancorp by 22.3% in the 4th quarter. GAMMA Investing LLC now owns 1,386 shares of the financial services provider's stock valued at $61,000 after buying an additional 253 shares during the period. KBC Group NV increased its position in First Bancorp by 76.0% in the fourth quarter. KBC Group NV now owns 2,592 shares of the financial services provider's stock worth $114,000 after purchasing an additional 1,119 shares during the period. Finally, Salem Investment Counselors Inc. lifted its position in First Bancorp by 157.3% during the 4th quarter. Salem Investment Counselors Inc. now owns 3,551 shares of the financial services provider's stock valued at $157,000 after purchasing an additional 2,171 shares during the period. 68.36% of the stock is currently owned by institutional investors and hedge funds.

First Bancorp Stock Down 0.6 %

Shares of FBNC stock traded down $0.25 during trading hours on Monday, hitting $42.11. 169,637 shares of the company were exchanged, compared to its average volume of 183,366. The company has a market capitalization of $1.74 billion, a PE ratio of 22.89 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 business has a 50 day moving average of $39.35 and a two-hundred day moving average of $42.69. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 0.06.

First Bancorp (NASDAQ:FBNC - Get Free Report) last posted its quarterly earnings data on Wednesday, April 23rd. The financial services provider reported $0.84 earnings per share (EPS) for the quarter, topping analysts' consensus estimates 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 during the quarter, compared to the consensus estimate of $105.81 million. Analysts anticipate that First Bancorp will post 3.27 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on FBNC. StockNews.com raised First Bancorp from a "sell" rating to a "hold" rating in a research note on Monday, April 28th. Keefe, Bruyette & Woods cut their target price on shares of First Bancorp from $51.00 to $50.00 and set an "outperform" rating on the stock in a report on Thursday, April 24th. Janney Montgomery Scott lowered shares of First Bancorp from a "buy" rating to a "neutral" rating in a report on Friday, February 7th. Finally, Stephens raised their price objective on First Bancorp from $48.00 to $50.00 and gave the stock an "overweight" rating in a research note on Monday, April 28th.

First Bancorp 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.