Amalgamated Bank Decreases Position in First Bancorp (NASDAQ:FBNC)

Amalgamated Bank cut its stake in shares of First Bancorp (NASDAQ:FBNC) by 2.7% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 12,159 shares of the financial services provider’s stock after selling 333 shares during the period. Amalgamated Bank’s holdings in First Bancorp were worth $506,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Louisiana State Employees Retirement System raised its position in First Bancorp by 1.5% during the second quarter. Louisiana State Employees Retirement System now owns 20,700 shares of the financial services provider’s stock valued at $661,000 after purchasing an additional 300 shares during the period. Wealth Enhancement Advisory Services LLC grew its stake in shares of First Bancorp by 1.8% during the third quarter. Wealth Enhancement Advisory Services LLC now owns 19,994 shares of the financial services provider’s stock valued at $832,000 after buying an additional 347 shares during the last quarter. CANADA LIFE ASSURANCE Co grew its stake in shares of First Bancorp by 1.2% during the first quarter. CANADA LIFE ASSURANCE Co now owns 33,399 shares of the financial services provider’s stock valued at $1,204,000 after buying an additional 394 shares during the last quarter. Diversified Trust Co grew its stake in shares of First Bancorp by 6.2% during the second quarter. Diversified Trust Co now owns 8,006 shares of the financial services provider’s stock valued at $256,000 after buying an additional 466 shares during the last quarter. Finally, ProShare Advisors LLC grew its stake in shares of First Bancorp by 7.4% during the first quarter. ProShare Advisors LLC now owns 8,055 shares of the financial services provider’s stock valued at $291,000 after buying an additional 553 shares during the last quarter. 68.36% of the stock is currently owned by hedge funds and other institutional investors.

First Bancorp Trading Down 1.8 %

FBNC opened at $45.75 on Friday. First Bancorp has a one year low of $29.53 and a one year high of $48.21. The stock has a market cap of $1.89 billion, a price-to-earnings ratio of 18.45 and a beta of 1.02. The stock’s 50 day moving average price is $42.80 and its 200-day moving average price is $37.97. The company has a debt-to-equity ratio of 0.06, a quick ratio of 0.82 and a current ratio of 0.83.

First Bancorp (NASDAQ:FBNC) last announced its quarterly earnings data on Wednesday, October 23rd. The financial services provider reported $0.70 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.70. First Bancorp had a return on equity of 8.00% and a net margin of 17.98%. The company had revenue of $144.99 million for the quarter, compared to analysts’ expectations of $97.00 million. On average, equities analysts forecast that First Bancorp will post 2.72 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the company. StockNews.com cut First Bancorp from a “hold” rating to a “sell” rating in a research note on Thursday, October 24th. Keefe, Bruyette & Woods upped their target price on First Bancorp from $40.00 to $45.00 and gave the company an “outperform” rating in a research note on Thursday, July 25th.

Insider Buying and Selling

In other First Bancorp news, Director Suzanne S. Deferie sold 2,036 shares of the stock in a transaction on Monday, September 23rd. The stock was sold at an average price of $43.77, for a total transaction of $89,115.72. Following the sale, the director now owns 65,618 shares of the company’s stock, valued at approximately $2,872,099.86. This trade represents a 3.01 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 3.65% of the stock is owned by insiders.

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.