Connor Clark & Lunn Investment Management Ltd. Acquires New Holdings in First Bancorp (NASDAQ:FBNC)

Connor Clark & Lunn Investment Management Ltd. purchased a new position in shares of First Bancorp (NASDAQ:FBNC - Free Report) in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm purchased 15,843 shares of the financial services provider's stock, valued at approximately $659,000.

Other institutional investors have also recently bought and sold shares of the company. Princeton Capital Management LLC acquired a new stake in shares of First Bancorp during the 3rd quarter worth about $303,000. Natixis Advisors LLC acquired a new position in shares of First Bancorp in the third quarter valued at approximately $1,275,000. Empowered Funds LLC increased its stake in shares of First Bancorp by 5.3% during the third quarter. Empowered Funds LLC now owns 69,180 shares of the financial services provider's stock worth $2,877,000 after purchasing an additional 3,484 shares during the period. Victory Capital Management Inc. lifted its holdings in First Bancorp by 0.8% during the 3rd quarter. Victory Capital Management Inc. now owns 600,609 shares of the financial services provider's stock worth $24,979,000 after purchasing an additional 4,656 shares during the last quarter. Finally, Aptus Capital Advisors LLC bought a new stake in First Bancorp in the 3rd quarter valued at $212,000. Institutional investors and hedge funds own 68.36% of the company's stock.

Insider Buying and Selling

In other First Bancorp news, Director Suzanne S. Deferie sold 2,036 shares of the business's stock in a transaction on Monday, September 23rd. The shares were sold at an average price of $43.77, for a total transaction of $89,115.72. Following the sale, the director now owns 65,618 shares of the company's stock, valued at approximately $2,872,099.86. The trade was a 3.01 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 3.65% of the stock is owned by corporate insiders.

First Bancorp Price Performance

Shares of FBNC stock traded down $0.56 during trading on Friday, hitting $47.30. The company had a trading volume of 110,358 shares, compared to its average volume of 165,549. The company has a debt-to-equity ratio of 0.06, a quick ratio of 0.82 and a current ratio of 0.83. First Bancorp has a one year low of $29.53 and a one year high of $50.34. The firm has a market capitalization of $1.96 billion, a P/E ratio of 19.30 and a beta of 1.02. The stock's 50-day moving average price is $43.67 and its 200 day moving average price is $38.89.

First Bancorp (NASDAQ:FBNC - Get Free Report) last released its earnings results on Wednesday, October 23rd. The financial services provider reported $0.70 earnings per share for the quarter, hitting the consensus estimate of $0.70. First Bancorp had a return on equity of 8.00% and a net margin of 17.98%. The firm had revenue of $144.99 million during the quarter, compared to analysts' expectations of $97.00 million. Equities analysts expect that First Bancorp will post 2.72 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Separately, StockNews.com downgraded First Bancorp from a "hold" rating to a "sell" rating in a report on Thursday, October 24th.

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.