Systematic Financial Management LP Buys New Holdings in First Bancorp (NASDAQ:FBNC)

Systematic Financial Management LP purchased a new position in First Bancorp (NASDAQ:FBNC - Free Report) in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 13,502 shares of the financial services provider's stock, valued at approximately $562,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Price T Rowe Associates Inc. MD lifted its stake in shares of First Bancorp by 4.4% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 33,690 shares of the financial services provider's stock valued at $1,217,000 after buying an additional 1,434 shares in the last quarter. Chatham Capital Group Inc. grew its position in shares of First Bancorp by 131.4% during the second quarter. Chatham Capital Group Inc. now owns 76,947 shares of the financial services provider's stock worth $2,456,000 after purchasing an additional 43,701 shares in the last quarter. Diversified Trust Co grew its position in shares of First Bancorp by 6.2% during the second 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 in the last quarter. Raymond James & Associates raised its stake in First Bancorp by 1.5% during the 2nd quarter. Raymond James & Associates now owns 69,575 shares of the financial services provider's stock valued at $2,221,000 after purchasing an additional 1,026 shares during the period. Finally, Louisiana State Employees Retirement System lifted its holdings in First Bancorp by 1.5% in the 2nd quarter. Louisiana State Employees Retirement System now owns 20,700 shares of the financial services provider's stock worth $661,000 after purchasing an additional 300 shares in the last quarter. 68.36% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on FBNC shares. StockNews.com lowered shares of First Bancorp from a "hold" rating to a "sell" rating in a report on Thursday, October 24th. Keefe, Bruyette & Woods upped their target price on shares of First Bancorp from $49.00 to $56.00 and gave the stock an "outperform" rating in a research report on Wednesday.

First Bancorp Price Performance

Shares of FBNC stock traded up $0.28 during trading hours on Friday, hitting $47.93. The stock had a trading volume of 93,731 shares, compared to its average volume of 191,984. The company has a debt-to-equity ratio of 0.06, a current ratio of 0.83 and a quick ratio of 0.82. The stock has a market capitalization of $1.98 billion, a price-to-earnings ratio of 19.33 and a beta of 1.04. First Bancorp has a one year low of $29.53 and a one year high of $50.34. The stock's 50-day moving average price is $44.30 and its two-hundred day moving average price is $39.53.

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

Insider Activity

In other 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 directly owns 65,618 shares of the company's stock, valued at $2,872,099.86. The trade was a 3.01 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 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.