Jennison Associates LLC Boosts Position in First Bancorp $FBNC

Jennison Associates LLC raised its stake in shares of First Bancorp (NASDAQ:FBNC) by 20.4% in the fourth quarter, Holdings Channel reports. The institutional investor owned 726,362 shares of the financial services provider’s stock after buying an additional 123,283 shares during the quarter. Jennison Associates LLC’s holdings in First Bancorp were worth $36,892,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. Smartleaf Asset Management LLC grew its holdings in First Bancorp by 183.6% during the 3rd quarter. Smartleaf Asset Management LLC now owns 553 shares of the financial services provider’s stock valued at $29,000 after buying an additional 358 shares in the last quarter. EverSource Wealth Advisors LLC grew its holdings in First Bancorp by 2,222.6% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 720 shares of the financial services provider’s stock valued at $32,000 after buying an additional 689 shares in the last quarter. First Horizon Corp boosted its position in shares of First Bancorp by 83.7% during the 4th quarter. First Horizon Corp now owns 777 shares of the financial services provider’s stock valued at $39,000 after acquiring an additional 354 shares during the last quarter. Torren Management LLC bought a new stake in shares of First Bancorp during the 4th quarter valued at about $41,000. Finally, Valley National Advisers Inc. bought a new stake in shares of First Bancorp during the 4th quarter valued at about $49,000. Hedge funds and other institutional investors own 68.36% of the company’s stock.

First Bancorp Price Performance

Shares of First Bancorp stock opened at $57.79 on Friday. The company has a debt-to-equity ratio of 0.04, a current ratio of 0.85 and a quick ratio of 0.84. The business’s 50 day simple moving average is $56.98 and its two-hundred day simple moving average is $54.60. The stock has a market capitalization of $2.39 billion, a P/E ratio of 19.72 and a beta of 0.84. First Bancorp has a one year low of $40.00 and a one year high of $62.64.

First Bancorp (NASDAQ:FBNC) last announced its quarterly earnings results on Wednesday, April 22nd. The financial services provider reported $1.13 EPS for the quarter, topping analysts’ consensus estimates of $1.09 by $0.04. The business had revenue of $122.29 million for the quarter, compared to analysts’ expectations of $123.21 million. First Bancorp had a return on equity of 10.86% and a net margin of 20.59%. Analysts forecast that First Bancorp will post 4.75 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on FBNC shares. Wall Street Zen upgraded First Bancorp from a “sell” rating to a “hold” rating in a research report on Saturday, February 28th. Keefe, Bruyette & Woods lifted their price target on First Bancorp from $65.00 to $66.00 and gave the company an “outperform” rating in a research report on Thursday, April 23rd. Raymond James Financial upgraded First Bancorp from a “market perform” rating to a “strong-buy” rating and set a $62.00 price target for the company in a research report on Wednesday, January 7th. Zacks Research upgraded First Bancorp from a “strong sell” rating to a “hold” rating in a research report on Monday, March 9th. Finally, Weiss Ratings upgraded First Bancorp from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Friday, March 20th. One analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $62.25.

Insider Buying and Selling

In other First Bancorp news, insider Mary Clara Capel sold 5,000 shares of First Bancorp stock in a transaction that occurred on Tuesday, February 3rd. The stock was sold at an average price of $59.31, for a total value of $296,550.00. Following the transaction, the insider directly owned 20,400 shares of the company’s stock, valued at $1,209,924. The trade was a 19.69% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 2.04% of the stock is owned by company insiders.

About First Bancorp

First Bancorp operates as the bank holding company for First Bank, offering a broad range of commercial and consumer banking services. Its core offerings include business lending, treasury and cash management, residential and commercial mortgage financing, and consumer deposit products. Through its subsidiary, First Bank provides online and branch-based banking solutions, including checking and savings accounts, certificate of deposits, and digital banking tools designed to meet the needs of individuals, small- to mid-sized businesses, and professional institutions.

The company maintains a network of full-service banking centers and loan production offices across North Carolina and South Carolina, with a focus on markets in the Piedmont, Sandhills and coastal regions.