First Bancorp (NASDAQ:FBNC) Shares Sold by Xact Kapitalforvaltning AB

Xact Kapitalforvaltning AB lowered its holdings in shares of First Bancorp (NASDAQ:FBNC) by 33.9% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 6,444 shares of the financial services provider’s stock after selling 3,300 shares during the period. Xact Kapitalforvaltning AB’s holdings in First Bancorp were worth $224,000 as of its most recent filing with the SEC.

Several other hedge funds have also added to or reduced their stakes in FBNC. Macquarie Group Ltd. grew its holdings in shares of First Bancorp by 17.2% during the 4th quarter. Macquarie Group Ltd. now owns 1,036,529 shares of the financial services provider’s stock valued at $33,853,000 after purchasing an additional 152,422 shares during the last quarter. Natixis Advisors L.P. bought a new position in shares of First Bancorp during the 4th quarter valued at $2,383,000. BlackRock Inc. grew its holdings in shares of First Bancorp by 3.0% during the 4th quarter. BlackRock Inc. now owns 2,175,436 shares of the financial services provider’s stock valued at $71,049,000 after purchasing an additional 62,939 shares during the last quarter. Martingale Asset Management L P bought a new position in shares of First Bancorp during the 1st quarter valued at $1,826,000. Finally, Bank of Montreal Can grew its holdings in shares of First Bancorp by 11,806.6% during the 1st quarter. Bank of Montreal Can now owns 49,055 shares of the financial services provider’s stock valued at $1,705,000 after purchasing an additional 48,643 shares during the last quarter. 66.03% of the stock is currently owned by institutional investors.

FBNC has been the topic of several recent research reports. Gabelli raised shares of First Bancorp from a “hold” rating to a “buy” rating and set a $44.00 target price on the stock in a report on Thursday, April 25th. Brean Capital reaffirmed a “buy” rating on shares of First Bancorp in a report on Monday, March 18th. BidaskClub raised shares of First Bancorp from a “hold” rating to a “buy” rating in a report on Friday, February 22nd. Sandler O’Neill raised shares of First Bancorp from a “hold” rating to a “buy” rating in a report on Monday, March 25th. Finally, Zacks Investment Research raised shares of First Bancorp from a “hold” rating to a “buy” rating and set a $40.00 target price on the stock in a report on Friday, May 31st. Five equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. First Bancorp has an average rating of “Buy” and a consensus target price of $41.40.

Shares of FBNC opened at $36.19 on Friday. The firm has a market cap of $1.08 billion, a price-to-earnings ratio of 11.83, a PEG ratio of 2.67 and a beta of 1.24. The company has a debt-to-equity ratio of 0.52, a current ratio of 0.99 and a quick ratio of 0.99. First Bancorp has a twelve month low of $30.50 and a twelve month high of $43.14.

First Bancorp (NASDAQ:FBNC) last announced its quarterly earnings results on Tuesday, April 23rd. The financial services provider reported $0.75 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.71 by $0.04. The business had revenue of $68.24 million during the quarter, compared to analysts’ expectations of $67.41 million. First Bancorp had a net margin of 30.44% and a return on equity of 12.04%. As a group, equities research analysts forecast that First Bancorp will post 3.09 EPS for the current fiscal year.

In other First Bancorp news, Director Mary Clara Capel sold 1,000 shares of the stock in a transaction on Friday, May 31st. The shares were sold at an average price of $35.50, for a total transaction of $35,500.00. Following the completion of the sale, the director now owns 15,009 shares of the company’s stock, valued at approximately $532,819.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Thomas F. Phillips sold 2,250 shares of the stock in a transaction on Tuesday, May 28th. The shares were sold at an average price of $35.58, for a total transaction of $80,055.00. Following the sale, the director now directly owns 84,212 shares of the company’s stock, valued at approximately $2,996,262.96. The disclosure for this sale can be found here. Insiders have sold a total of 4,250 shares of company stock valued at $151,855 in the last three months. 2.37% of the stock is currently owned by corporate insiders.

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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 primarily in North Carolina and northeastern South Carolina. It accepts deposit products, such as checking, savings, and money market accounts, as well as time deposits, including certificates of deposit and individual retirement accounts.

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Institutional Ownership by Quarter for First Bancorp (NASDAQ:FBNC)

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