Huber Capital Management LLC Reduces Holdings in First Bancorp (FBNC)

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Huber Capital Management LLC reduced its position in First Bancorp (NASDAQ:FBNC) by 11.6% during the 2nd quarter, Holdings Channel reports. The firm owned 201,736 shares of the financial services provider’s stock after selling 26,447 shares during the quarter. Huber Capital Management LLC’s holdings in First Bancorp were worth $8,253,000 as of its most recent SEC filing.

Other hedge funds have also recently modified their holdings of the company. Stifel Financial Corp increased its position in First Bancorp by 26.3% in the 1st quarter. Stifel Financial Corp now owns 9,977 shares of the financial services provider’s stock worth $359,000 after purchasing an additional 2,075 shares during the last quarter. Penn Capital Management Co. Inc. increased its position in First Bancorp by 11.5% in the 1st quarter. Penn Capital Management Co. Inc. now owns 47,135 shares of the financial services provider’s stock worth $1,680,000 after purchasing an additional 4,849 shares during the last quarter. Mendon Capital Advisors Corp increased its position in First Bancorp by 2.9% in the 1st quarter. Mendon Capital Advisors Corp now owns 945,019 shares of the financial services provider’s stock worth $33,690,000 after purchasing an additional 26,365 shares during the last quarter. Swiss National Bank increased its position in First Bancorp by 2.9% in the 1st quarter. Swiss National Bank now owns 46,400 shares of the financial services provider’s stock worth $1,654,000 after purchasing an additional 1,300 shares during the last quarter. Finally, Envestnet Asset Management Inc. increased its position in First Bancorp by 78.0% in the 1st quarter. Envestnet Asset Management Inc. now owns 4,887 shares of the financial services provider’s stock worth $175,000 after purchasing an additional 2,141 shares during the last quarter. 65.04% of the stock is currently owned by institutional investors.

Shares of NASDAQ FBNC opened at $41.91 on Thursday. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.56. The stock has a market cap of $1.24 billion, a PE ratio of 22.65, a P/E/G ratio of 1.17 and a beta of 0.95. First Bancorp has a 52 week low of $29.81 and a 52 week high of $43.14.

First Bancorp (NASDAQ:FBNC) last issued its quarterly earnings data on Thursday, July 26th. The financial services provider reported $0.79 EPS for the quarter, beating the Zacks’ consensus estimate of $0.69 by $0.10. The business had revenue of $67.34 million for the quarter, compared to analyst estimates of $68.24 million. First Bancorp had a return on equity of 10.53% and a net margin of 26.25%. research analysts expect that First Bancorp will post 3.01 earnings per share for the current year.

Several research analysts have weighed in on FBNC shares. ValuEngine raised First Bancorp from a “hold” rating to a “buy” rating in a research report on Thursday, May 17th. Zacks Investment Research lowered First Bancorp from a “buy” rating to a “hold” rating in a research report on Tuesday, June 5th. BidaskClub lowered First Bancorp from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, June 12th. Raymond James lowered First Bancorp from an “outperform” rating to a “market perform” rating in a research report on Tuesday, July 10th. Finally, Sandler O’Neill lowered First Bancorp from a “buy” rating to a “hold” rating in a research report on Thursday, July 26th. Six research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average price target of $41.25.

In other news, Director Mary Clara Capel sold 750 shares of the stock in a transaction dated Monday, August 20th. The stock was sold at an average price of $42.39, for a total transaction of $31,792.50. Following the transaction, the director now owns 13,759 shares of the company’s stock, valued at approximately $583,244.01. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Richard H. Moore acquired 3,100 shares of the stock in a transaction dated Monday, June 11th. The shares were bought at an average cost of $42.16 per share, for a total transaction of $130,696.00. Following the acquisition, the chief executive officer now owns 129,040 shares in the company, valued at approximately $5,440,326.40. The disclosure for this purchase can be found here. Corporate insiders own 1.89% of the company’s stock.

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 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 deposits and individual retirement accounts.

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

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