Jennison Associates LLC purchased a new stake in First Bancorp (NASDAQ:FBNC) during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 90,788 shares of the financial services provider’s stock, valued at approximately $3,124,000. Jennison Associates LLC owned approximately 0.37% of First Bancorp as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other institutional investors and hedge funds also recently made changes to their positions in the business. Raymond James Financial Services Advisors Inc. lifted its position in shares of First Bancorp by 19.2% in the third quarter. Raymond James Financial Services Advisors Inc. now owns 22,247 shares of the financial services provider’s stock worth $766,000 after purchasing an additional 3,588 shares in the last quarter. Peregrine Capital Management LLC grew its stake in shares of First Bancorp by 2.1% in the third quarter. Peregrine Capital Management LLC now owns 232,609 shares of the financial services provider’s stock valued at $8,004,000 after acquiring an additional 4,742 shares in the last quarter. The Manufacturers Life Insurance Company grew its stake in shares of First Bancorp by 21.7% in the second quarter. The Manufacturers Life Insurance Company now owns 19,430 shares of the financial services provider’s stock valued at $607,000 after acquiring an additional 3,469 shares in the last quarter. State Street Corp grew its stake in shares of First Bancorp by 27.9% in the second quarter. State Street Corp now owns 461,813 shares of the financial services provider’s stock valued at $14,436,000 after acquiring an additional 100,632 shares in the last quarter. Finally, Macquarie Group Ltd. grew its stake in shares of First Bancorp by 19.6% in the second quarter. Macquarie Group Ltd. now owns 474,843 shares of the financial services provider’s stock valued at $14,844,000 after acquiring an additional 77,737 shares in the last quarter. 56.53% of the stock is currently owned by hedge funds and other institutional investors.
Shares of First Bancorp (NASDAQ:FBNC) traded up $0.45 during mid-day trading on Monday, hitting $38.28. 127,587 shares of the stock traded hands, compared to its average volume of 92,597. First Bancorp has a one year low of $25.17 and a one year high of $39.11. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.78. The firm has a market cap of $1,121.43, a P/E ratio of 21.13, a price-to-earnings-growth ratio of 1.49 and a beta of 1.09.
FBNC has been the topic of a number of analyst reports. Zacks Investment Research upgraded shares of First Bancorp from a “hold” rating to a “buy” rating and set a $39.00 price objective on the stock in a research note on Thursday, October 5th. Brean Capital increased their target price on shares of First Bancorp from $39.00 to $35.00 and gave the stock a “buy” rating in a report on Wednesday, October 25th. Stephens assumed coverage on shares of First Bancorp in a report on Monday. They issued an “equal weight” rating for the company. Finally, Piper Jaffray Companies reiterated an “overweight” rating and issued a $37.00 price objective on shares of First Bancorp in a report on Thursday, October 5th. One equities research analyst has rated the stock with a hold rating and five have given a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus price target of $36.25.
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First Bancorp Profile
First Bancorp is the bank holding company for First Bank (the Bank). The Company’s principal activity is the ownership and operation of First Bank. The Bank engages in a range of banking activities, including the acceptance of deposits and the making of loans. The Bank offers credit cards, debit cards, letters of credit, safe deposit box rentals and electronic funds transfer services, including wire transfers.
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