First Mercantile Trust Co. Decreases Position in First Bancorp (FBNC)

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First Mercantile Trust Co. lowered its position in shares of First Bancorp (NASDAQ:FBNC) by 11.8% in the 1st quarter, HoldingsChannel reports. The institutional investor owned 2,099 shares of the financial services provider’s stock after selling 281 shares during the period. First Mercantile Trust Co.’s holdings in First Bancorp were worth $73,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Teachers Advisors LLC raised its holdings in First Bancorp by 2.7% during the third quarter. Teachers Advisors LLC now owns 56,290 shares of the financial services provider’s stock worth $2,280,000 after purchasing an additional 1,464 shares in the last quarter. TIAA CREF Investment Management LLC raised its holdings in First Bancorp by 3.3% during the third quarter. TIAA CREF Investment Management LLC now owns 87,086 shares of the financial services provider’s stock worth $3,528,000 after purchasing an additional 2,767 shares in the last quarter. Vanguard Group Inc. raised its holdings in First Bancorp by 1.2% during the third quarter. Vanguard Group Inc. now owns 1,380,010 shares of the financial services provider’s stock worth $55,904,000 after purchasing an additional 16,619 shares in the last quarter. Private Capital Group LLC raised its holdings in First Bancorp by 174.0% during the fourth quarter. Private Capital Group LLC now owns 1,277 shares of the financial services provider’s stock worth $42,000 after purchasing an additional 811 shares in the last quarter. Finally, DAVENPORT & Co LLC raised its holdings in First Bancorp by 1.7% during the fourth quarter. DAVENPORT & Co LLC now owns 17,616 shares of the financial services provider’s stock worth $575,000 after purchasing an additional 300 shares in the last quarter. 65.55% of the stock is owned by institutional investors and hedge funds.

Shares of FBNC opened at $35.77 on Friday. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.99 and a current ratio of 0.99. The company has a market cap of $1.09 billion, a PE ratio of 11.88, a price-to-earnings-growth ratio of 2.74 and a beta of 1.26. First Bancorp has a 12-month low of $30.50 and a 12-month high of $43.14.

First Bancorp (NASDAQ:FBNC) last announced its earnings results on Tuesday, April 23rd. The financial services provider reported $0.75 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.71 by $0.04. The business had revenue of $68.24 million for the quarter, compared to analyst estimates of $67.41 million. First Bancorp had a net margin of 30.44% and a return on equity of 12.04%. Analysts anticipate that First Bancorp will post 3.04 earnings per share for the current year.

A number of analysts have weighed in on FBNC shares. FIG Partners raised shares of First Bancorp from a “market perform” rating to an “outperform” rating in a report on Thursday, January 24th. Brean Capital set a $42.00 price objective on shares of First Bancorp and gave the stock a “buy” rating in a report on Friday, January 25th. Zacks Investment Research cut shares of First Bancorp from a “buy” rating to a “hold” rating in a report on Monday, April 15th. BidaskClub raised shares of First Bancorp from a “hold” rating to a “buy” rating in a report on Friday, February 22nd. Finally, Sandler O’Neill raised shares of First Bancorp from a “hold” rating to a “buy” rating in a report on Monday, March 25th. Five research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus target price of $41.80.

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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 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.

Further Reading: Buy-Side Analysts

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

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