Pinnacle Associates Ltd. Has $3.49 Million Position in First Bancorp (NASDAQ:FBNC)

Pinnacle Associates Ltd. increased its holdings in First Bancorp (NASDAQ:FBNC - Free Report) by 28.4% in the 3rd quarter, according to its most recent 13F filing with the SEC. The firm owned 83,923 shares of the financial services provider's stock after buying an additional 18,543 shares during the period. Pinnacle Associates Ltd. owned about 0.20% of First Bancorp worth $3,490,000 as of its most recent filing with the SEC.

A number of other institutional investors have also modified their holdings of FBNC. Innealta Capital LLC acquired a new stake in First Bancorp in the second quarter worth $44,000. SG Americas Securities LLC acquired a new stake in shares of First Bancorp in the 1st quarter worth about $185,000. Everence Capital Management Inc. bought a new stake in First Bancorp in the 3rd quarter valued at about $240,000. Novare Capital Management LLC acquired a new position in First Bancorp during the 2nd quarter valued at about $216,000. Finally, Diversified Trust Co grew its position in First Bancorp by 6.2% in the 2nd quarter. Diversified Trust Co now owns 8,006 shares of the financial services provider's stock worth $256,000 after purchasing an additional 466 shares during the last quarter. Institutional investors own 68.36% of the company's stock.

First Bancorp Price Performance

Shares of NASDAQ:FBNC traded down $0.06 during trading on Friday, reaching $41.64. The company had a trading volume of 70,954 shares, compared to its average volume of 160,063. The firm's fifty day moving average is $42.14 and its 200 day moving average is $36.93. The company has a debt-to-equity ratio of 0.06, a quick ratio of 0.82 and a current ratio of 0.82. The firm has a market capitalization of $1.72 billion, a PE ratio of 16.86 and a beta of 1.03. First Bancorp has a twelve month low of $28.59 and a twelve month high of $45.41.

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 (EPS) for the quarter, hitting analysts' consensus estimates 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 for the quarter, compared to analyst estimates of $97.00 million. On average, equities analysts forecast that First Bancorp will post 2.72 EPS for the current year.

Wall Street Analyst Weigh In

FBNC has been the subject of a number of recent analyst reports. StockNews.com lowered First Bancorp from a "hold" rating to a "sell" rating in a report on Thursday, October 24th. Keefe, Bruyette & Woods increased their price target on First Bancorp from $40.00 to $45.00 and gave the stock an "outperform" rating in a research note on Thursday, July 25th.

Insider Transactions at First Bancorp

In related news, Director Suzanne S. Deferie sold 2,036 shares of the stock in a transaction that occurred 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 completion of the sale, the director now directly owns 65,618 shares of the company's stock, valued at $2,872,099.86. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other news, Director Suzanne S. Deferie sold 2,036 shares of the business's stock in a transaction on Monday, September 23rd. The stock was sold at an average price of $43.77, for a total transaction 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 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Suzanne S. Deferie sold 17,750 shares of the stock in a transaction on Friday, September 20th. The shares were sold at an average price of $43.96, for a total value of $780,290.00. Following the completion of the transaction, the director now owns 67,654 shares of the company's stock, valued at $2,974,069.84. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 3.65% of the company's stock.

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.