Edge Capital Group LLC Takes $600,000 Position in First Bancorp (NASDAQ:FBNC)

Edge Capital Group LLC purchased a new stake in First Bancorp (NASDAQ:FBNC - Free Report) in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund purchased 13,643 shares of the financial services provider's stock, valued at approximately $600,000.

Several other institutional investors have also recently made changes to their positions in FBNC. Franklin Resources Inc. increased its stake in First Bancorp by 20.0% during the 3rd quarter. Franklin Resources Inc. now owns 1,784,208 shares of the financial services provider's stock valued at $77,649,000 after purchasing an additional 297,144 shares in the last quarter. Greenwood Capital Associates LLC grew its holdings in shares of First Bancorp by 979.3% during the fourth quarter. Greenwood Capital Associates LLC now owns 247,336 shares of the financial services provider's stock valued at $10,875,000 after buying an additional 224,419 shares during the last quarter. Rockefeller Capital Management L.P. increased its position in shares of First Bancorp by 28.2% during the third quarter. Rockefeller Capital Management L.P. now owns 423,461 shares of the financial services provider's stock worth $17,612,000 after acquiring an additional 93,072 shares in the last quarter. JPMorgan Chase & Co. raised its holdings in shares of First Bancorp by 220.6% in the 3rd quarter. JPMorgan Chase & Co. now owns 104,609 shares of the financial services provider's stock worth $4,351,000 after acquiring an additional 71,977 shares during the last quarter. Finally, Barclays PLC raised its holdings in shares of First Bancorp by 142.3% in the 3rd quarter. Barclays PLC now owns 79,906 shares of the financial services provider's stock worth $3,324,000 after acquiring an additional 46,930 shares during the last quarter. Institutional investors and hedge funds own 68.36% of the company's stock.

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First Bancorp Stock Up 1.6 %

Shares of FBNC traded up $0.68 during trading hours on Friday, reaching $41.96. 159,251 shares of the stock traded hands, compared to its average volume of 169,937. First Bancorp has a 52 week low of $29.53 and a 52 week high of $50.34. The company has a market cap of $1.73 billion, a price-to-earnings ratio of 22.80 and a beta of 1.04. The stock has a fifty day simple moving average of $43.49 and a 200 day simple moving average of $43.54. 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, January 29th. The financial services provider reported $0.76 EPS for the quarter, beating the consensus estimate of $0.72 by $0.04. First Bancorp had a net margin of 14.19% and a return on equity of 8.04%. On average, equities analysts forecast that First Bancorp will post 3.27 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on FBNC. Janney Montgomery Scott lowered First Bancorp from a "buy" rating to a "neutral" rating in a report on Friday, February 7th. Keefe, Bruyette & Woods upped their price target on First Bancorp from $49.00 to $56.00 and gave the stock an "outperform" rating in a report on Wednesday, December 4th.

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.