Pinnacle Associates Ltd. Sells 18,256 Shares of First Bancorp (NASDAQ:FBNC)

Pinnacle Associates Ltd. decreased its position in First Bancorp (NASDAQ:FBNC - Free Report) by 21.8% during the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 65,380 shares of the financial services provider's stock after selling 18,256 shares during the quarter. Pinnacle Associates Ltd. owned 0.16% of First Bancorp worth $2,087,000 at the end of the most recent reporting period.

Several other large investors have also made changes to their positions in FBNC. Franklin Resources Inc. grew its holdings in First Bancorp by 91.7% during the 4th quarter. Franklin Resources Inc. now owns 1,245,024 shares of the financial services provider's stock worth $46,078,000 after acquiring an additional 595,695 shares during the last quarter. Jennison Associates LLC grew its holdings in First Bancorp by 77.7% during the 1st quarter. Jennison Associates LLC now owns 1,041,332 shares of the financial services provider's stock worth $37,613,000 after acquiring an additional 455,406 shares during the last quarter. Hsbc Holdings PLC bought a new stake in First Bancorp during the 4th quarter worth about $11,720,000. American National Bank & Trust Co. VA bought a new stake in First Bancorp during the 1st quarter worth about $4,071,000. Finally, Dimensional Fund Advisors LP grew its holdings in First Bancorp by 6.5% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,848,591 shares of the financial services provider's stock worth $68,418,000 after acquiring an additional 112,422 shares during the last quarter. Institutional investors own 68.36% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on FBNC. Keefe, Bruyette & Woods increased their price objective on shares of First Bancorp from $40.00 to $45.00 and gave the stock an "outperform" rating in a report on Thursday, July 25th. StockNews.com raised shares of First Bancorp from a "sell" rating to a "hold" rating in a report on Friday.

Insider Activity at First Bancorp

In related news, Director Mary Clara Capel sold 1,015 shares of the stock in a transaction that occurred on Wednesday, June 26th. The shares were sold at an average price of $30.05, for a total value of $30,500.75. Following the sale, the director now directly owns 11,569 shares in the company, valued at approximately $347,648.45. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other First Bancorp news, Director Mary Clara Capel sold 1,015 shares of the firm's stock in a transaction that occurred on Wednesday, June 26th. The shares were sold at an average price of $30.05, for a total transaction of $30,500.75. Following the sale, the director now directly owns 11,569 shares in the company, valued at approximately $347,648.45. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Mason Y. Garrett sold 22,800 shares of the firm's stock in a transaction that occurred on Friday, July 26th. The stock was sold at an average price of $43.41, for a total transaction of $989,748.00. Following the sale, the director now owns 196,416 shares in the company, valued at $8,526,418.56. The disclosure for this sale can be found here. 3.65% of the stock is currently owned by corporate insiders.

First Bancorp Trading Up 1.1 %

First Bancorp stock traded up $0.48 during trading hours on Friday, reaching $42.48. 126,315 shares of the company's stock traded hands, compared to its average volume of 159,297. The company has a debt-to-equity ratio of 0.07, a quick ratio of 0.82 and a current ratio of 0.82. First Bancorp has a fifty-two week low of $26.00 and a fifty-two week high of $45.41. The firm has a market capitalization of $1.75 billion, a price-to-earnings ratio of 15.34 and a beta of 1.03. The firm's 50 day moving average is $37.83 and its 200-day moving average is $34.59.

First Bancorp (NASDAQ:FBNC - Get Free Report) last released its earnings results on Wednesday, July 24th. The financial services provider reported $0.70 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.59 by $0.11. First Bancorp had a net margin of 20.17% and a return on equity of 8.39%. The company had revenue of $143.42 million for the quarter, compared to the consensus estimate of $94.00 million. On average, analysts predict that First Bancorp will post 2.68 earnings per share for the current year.

First Bancorp Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, July 25th. Investors of record on Sunday, June 30th were given a $0.22 dividend. The ex-dividend date was Friday, June 28th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.07%. First Bancorp's dividend payout ratio is 31.77%.

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.