Greenwood Capital Associates LLC Buys 224,419 Shares of First Bancorp (NASDAQ:FBNC)

Greenwood Capital Associates LLC lifted its stake in First Bancorp (NASDAQ:FBNC) by 979.3% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 247,336 shares of the financial services provider’s stock after purchasing an additional 224,419 shares during the period. First Bancorp accounts for 1.4% of Greenwood Capital Associates LLC’s portfolio, making the stock its 11th largest position. Greenwood Capital Associates LLC owned 0.60% of First Bancorp worth $10,875,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also recently bought and sold shares of FBNC. Franklin Resources Inc. raised its stake in shares of First Bancorp by 20.0% during the third quarter. Franklin Resources Inc. now owns 1,784,208 shares of the financial services provider’s stock worth $77,649,000 after buying an additional 297,144 shares during the last quarter. Geode Capital Management LLC raised its position in shares of First Bancorp by 1.3% during the 3rd quarter. Geode Capital Management LLC now owns 976,680 shares of the financial services provider’s stock valued at $40,628,000 after acquiring an additional 12,922 shares during the last quarter. Victory Capital Management Inc. lifted its stake in shares of First Bancorp by 0.8% in the 3rd quarter. Victory Capital Management Inc. now owns 600,609 shares of the financial services provider’s stock valued at $24,979,000 after purchasing an additional 4,656 shares during the period. Charles Schwab Investment Management Inc. boosted its position in shares of First Bancorp by 3.1% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 493,847 shares of the financial services provider’s stock worth $20,539,000 after purchasing an additional 14,737 shares during the last quarter. Finally, Rockefeller Capital Management L.P. grew its stake in shares of First Bancorp by 28.2% during the third quarter. Rockefeller Capital Management L.P. now owns 423,461 shares of the financial services provider’s stock worth $17,612,000 after purchasing an additional 93,072 shares during the period. Institutional investors own 68.36% of the company’s stock.

First Bancorp Price Performance

FBNC opened at $43.26 on Tuesday. The stock has a market cap of $1.79 billion, a P/E ratio of 23.54 and a beta of 1.04. First Bancorp has a 12 month low of $29.53 and a 12 month high of $50.34. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 0.06. The company has a fifty day simple moving average of $44.98 and a 200 day simple moving average of $43.21.

First Bancorp (NASDAQ:FBNC) last announced its quarterly earnings results on Wednesday, January 29th. The financial services provider reported $0.76 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.72 by $0.04. First Bancorp had a return on equity of 8.04% and a net margin of 14.19%. On average, research analysts expect that First Bancorp will post 3.09 EPS for the current year.

Analyst Ratings Changes

Several equities analysts have weighed in on the company. Keefe, Bruyette & Woods increased their target price on First Bancorp from $49.00 to $56.00 and gave the company an “outperform” rating in a research note on Wednesday, December 4th. StockNews.com downgraded shares of First Bancorp from a “hold” rating to a “sell” rating in a research report on Thursday, October 24th.

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. 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.