Everence Capital Management Inc. Takes Position in First Bancorp (NASDAQ:FBNC)

Everence Capital Management Inc. bought a new stake in shares of First Bancorp (NASDAQ:FBNC) during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 5,760 shares of the financial services provider’s stock, valued at approximately $240,000.

A number of other hedge funds have also recently modified their holdings of the business. PNC Financial Services Group Inc. grew its stake in shares of First Bancorp by 5.4% during the fourth quarter. PNC Financial Services Group Inc. now owns 5,562 shares of the financial services provider’s stock valued at $206,000 after buying an additional 283 shares during the last quarter. Louisiana State Employees Retirement System boosted its holdings in shares of First Bancorp by 1.5% in the second quarter. Louisiana State Employees Retirement System now owns 20,700 shares of the financial services provider’s stock valued at $661,000 after purchasing an additional 300 shares during the period. CANADA LIFE ASSURANCE Co boosted its holdings in shares of First Bancorp by 1.2% in the first quarter. CANADA LIFE ASSURANCE Co now owns 33,399 shares of the financial services provider’s stock valued at $1,204,000 after purchasing an additional 394 shares during the period. Diversified Trust Co boosted its holdings in shares of First Bancorp by 6.2% in the second quarter. Diversified Trust Co now owns 8,006 shares of the financial services provider’s stock valued at $256,000 after purchasing an additional 466 shares during the period. Finally, Texas Permanent School Fund Corp boosted its holdings in shares of First Bancorp by 1.4% in the first quarter. Texas Permanent School Fund Corp now owns 35,979 shares of the financial services provider’s stock valued at $1,300,000 after purchasing an additional 482 shares during the period. Institutional investors own 68.36% of the company’s stock.

First Bancorp Stock Up 0.8 %

First Bancorp stock opened at $42.29 on Wednesday. The business has a fifty day moving average of $41.96 and a two-hundred day moving average of $36.55. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 0.07. The firm has a market cap of $1.74 billion, a P/E ratio of 15.27 and a beta of 1.03. First Bancorp has a twelve month low of $26.00 and a twelve month high of $45.41.

First Bancorp (NASDAQ:FBNC) last posted its earnings results on Wednesday, July 24th. The financial services provider reported $0.70 earnings per share for the quarter, topping analysts’ consensus estimates of $0.59 by $0.11. The company had revenue of $143.42 million during the quarter, compared to analyst estimates of $94.00 million. First Bancorp had a return on equity of 8.39% and a net margin of 20.17%. On average, analysts forecast that First Bancorp will post 2.72 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, Director Suzanne S. Deferie sold 2,036 shares of the company’s stock in a transaction on Monday, September 23rd. The stock was sold at an average price of $43.77, for a total transaction of $89,115.72. Following the transaction, the director now directly owns 65,618 shares of the company’s stock, valued at approximately $2,872,099.86. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other news, Director Suzanne S. Deferie sold 2,036 shares of the company’s stock in a transaction on Monday, September 23rd. The stock was sold at an average price of $43.77, for a total transaction of $89,115.72. Following the transaction, the director now directly owns 65,618 shares of the company’s stock, valued at approximately $2,872,099.86. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Suzanne S. Deferie sold 17,750 shares of the company’s stock in a transaction on Friday, September 20th. The stock was sold at an average price of $43.96, for a total value of $780,290.00. Following the transaction, the director now directly owns 67,654 shares in the company, valued at approximately $2,974,069.84. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 42,586 shares of company stock worth $1,859,154 over the last 90 days. Company insiders own 3.65% of the company’s stock.

Analyst Ratings Changes

A number of analysts recently issued reports on the company. Keefe, Bruyette & Woods boosted their price target on First Bancorp from $40.00 to $45.00 and gave the company an “outperform” rating in a report on Thursday, July 25th. StockNews.com upgraded First Bancorp from a “sell” rating to a “hold” rating in a report on Wednesday, October 9th.

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.