Empowered Funds LLC Has $2.29 Million Holdings in First Bancorp (NASDAQ:FBNC)

Empowered Funds LLC lowered its stake in First Bancorp (NASDAQ:FBNC - Free Report) by 24.7% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 52,075 shares of the financial services provider's stock after selling 17,105 shares during the period. Empowered Funds LLC owned approximately 0.13% of First Bancorp worth $2,290,000 as of its most recent filing with the SEC.

Other hedge funds also recently modified their holdings of the company. Versant Capital Management Inc increased its position in shares of First Bancorp by 82.3% in the fourth quarter. Versant Capital Management Inc now owns 587 shares of the financial services provider's stock worth $26,000 after purchasing an additional 265 shares during the period. GAMMA Investing LLC grew its position in First Bancorp by 22.3% in the fourth quarter. GAMMA Investing LLC now owns 1,386 shares of the financial services provider's stock valued at $61,000 after acquiring an additional 253 shares during the last quarter. KBC Group NV grew 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 valued at $114,000 after acquiring an additional 1,119 shares during the last quarter. Salem Investment Counselors Inc. grew its position in First Bancorp by 157.3% in the fourth quarter. Salem Investment Counselors Inc. now owns 3,551 shares of the financial services provider's stock valued at $157,000 after acquiring an additional 2,171 shares during the last quarter. Finally, Stifel Financial Corp bought a new position in First Bancorp in the third quarter valued at about $205,000. Institutional investors own 68.36% of the company's stock.

First Bancorp Trading Up 0.8 %

Shares of FBNC stock traded up $0.35 during mid-day trading on Tuesday, reaching $43.54. 27,710 shares of the stock traded hands, compared to its average volume of 164,246. The stock's fifty day simple moving average is $44.26 and its two-hundred day simple moving average is $43.44. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 0.06. The company has a market cap of $1.80 billion, a price-to-earnings ratio of 23.66 and a beta of 1.04. First Bancorp has a 1-year low of $29.53 and a 1-year high of $50.34.

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, topping analysts' consensus estimates of $0.72 by $0.04. First Bancorp had a return on equity of 8.04% and a net margin of 14.19%. On average, research analysts anticipate that First Bancorp will post 3.09 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

FBNC has been the topic of a number of recent analyst reports. Janney Montgomery Scott cut First Bancorp from a "buy" rating to a "neutral" rating in a research report on Friday, February 7th. Keefe, Bruyette & Woods lifted their price target on First Bancorp from $49.00 to $56.00 and gave the company an "outperform" rating in a research note on Wednesday, December 4th. Finally, StockNews.com lowered First Bancorp from a "hold" rating to a "sell" rating in a research note 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.