Charles Schwab Investment Management Inc. Buys 14,737 Shares of First Bancorp (NASDAQ:FBNC)

Charles Schwab Investment Management Inc. raised its stake in First Bancorp (NASDAQ:FBNC - Free Report) by 3.1% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 493,847 shares of the financial services provider's stock after buying an additional 14,737 shares during the period. Charles Schwab Investment Management Inc. owned about 1.19% of First Bancorp worth $20,539,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Price T Rowe Associates Inc. MD lifted its position in First Bancorp by 4.4% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 33,690 shares of the financial services provider's stock worth $1,217,000 after buying an additional 1,434 shares during the last quarter. Chatham Capital Group Inc. boosted its stake in shares of First Bancorp by 131.4% in the 2nd quarter. Chatham Capital Group Inc. now owns 76,947 shares of the financial services provider's stock valued at $2,456,000 after purchasing an additional 43,701 shares in the last quarter. Diversified Trust Co grew its holdings in shares of First Bancorp by 6.2% during the 2nd 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 last quarter. Raymond James & Associates raised its position in First Bancorp by 1.5% in the 2nd quarter. Raymond James & Associates now owns 69,575 shares of the financial services provider's stock worth $2,221,000 after purchasing an additional 1,026 shares during the period. Finally, Louisiana State Employees Retirement System lifted its stake in 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 worth $661,000 after purchasing an additional 300 shares during the last quarter. Hedge funds and other institutional investors own 68.36% of the company's stock.

First Bancorp Trading Up 0.6 %

NASDAQ:FBNC traded up $0.28 during midday trading on Friday, reaching $47.93. 93,731 shares of the stock traded hands, compared to its average volume of 191,984. The stock has a market capitalization of $1.98 billion, a P/E ratio of 19.33 and a beta of 1.04. The company has a debt-to-equity ratio of 0.06, a quick ratio of 0.82 and a current ratio of 0.83. The company has a fifty day moving average of $44.30 and a 200 day moving average of $39.58. First Bancorp has a 12 month low of $29.53 and a 12 month high of $50.34.

First Bancorp (NASDAQ:FBNC - Get Free Report) last released its quarterly earnings results on Wednesday, October 23rd. The financial services provider reported $0.70 EPS for the quarter, meeting analysts' consensus estimates of $0.70. First Bancorp had a return on equity of 8.00% and a net margin of 17.98%. The business had revenue of $144.99 million during the quarter, compared to analyst estimates of $97.00 million. On average, research analysts predict that First Bancorp will post 2.72 EPS for the current year.

Insiders Place Their Bets

In other news, Director Suzanne S. Deferie sold 2,036 shares of the business's stock in a transaction that occurred on Monday, September 23rd. The stock was sold at an average price of $43.77, for a total value of $89,115.72. Following the sale, the director now directly owns 65,618 shares of the company's stock, valued at $2,872,099.86. The trade was a 3.01 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Company insiders own 3.65% of the company's stock.

Wall Street Analyst Weigh In

Several research firms have recently commented on FBNC. Keefe, Bruyette & Woods lifted their price objective on First Bancorp from $49.00 to $56.00 and gave the stock an "outperform" rating in a report on Wednesday. StockNews.com lowered First Bancorp from a "hold" rating to a "sell" rating in a research report on Thursday, October 24th.

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.