Allianz Asset Management GmbH Raises Holdings in First Bancorp (FBNC)

Allianz Asset Management GmbH boosted its position in First Bancorp (NASDAQ:FBNC) by 56.0% in the 3rd quarter, HoldingsChannel reports. The institutional investor owned 533,827 shares of the financial services provider’s stock after purchasing an additional 191,693 shares during the period. Allianz Asset Management GmbH’s holdings in First Bancorp were worth $21,625,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of FBNC. Northern Trust Corp boosted its stake in First Bancorp by 62.9% in the second quarter. Northern Trust Corp now owns 556,939 shares of the financial services provider’s stock worth $22,784,000 after buying an additional 215,043 shares in the last quarter. BlackRock Inc. boosted its stake in First Bancorp by 9.7% in the third quarter. BlackRock Inc. now owns 2,112,497 shares of the financial services provider’s stock worth $85,579,000 after buying an additional 187,396 shares in the last quarter. Rothschild & Co. Asset Management US Inc. purchased a new stake in First Bancorp in the third quarter worth approximately $6,139,000. Dimensional Fund Advisors LP boosted its stake in First Bancorp by 6.5% in the second quarter. Dimensional Fund Advisors LP now owns 1,417,856 shares of the financial services provider’s stock worth $58,005,000 after buying an additional 86,499 shares in the last quarter. Finally, First Trust Advisors LP boosted its stake in First Bancorp by 100.5% in the third quarter. First Trust Advisors LP now owns 150,368 shares of the financial services provider’s stock worth $6,091,000 after buying an additional 75,385 shares in the last quarter. 66.24% of the stock is owned by institutional investors and hedge funds.

FBNC has been the subject of several research reports. Zacks Investment Research raised First Bancorp from a “hold” rating to a “buy” rating and set a $45.00 target price for the company in a research note on Tuesday, September 25th. BidaskClub raised First Bancorp from a “hold” rating to a “buy” rating in a research note on Wednesday, November 7th. Stephens reissued a “hold” rating and set a $39.00 price objective on shares of First Bancorp in a research note on Thursday, November 1st. ValuEngine lowered First Bancorp from a “hold” rating to a “sell” rating in a research note on Wednesday. Finally, Brean Capital reissued a “buy” rating on shares of First Bancorp in a research note on Monday, August 27th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and three have assigned a buy rating to the company’s stock. First Bancorp has an average rating of “Hold” and an average target price of $42.75.

In related news, insider Suzanne S. Deferie acquired 5,000 shares of the company’s stock in a transaction dated Wednesday, September 19th. The stock was purchased at an average price of $39.80 per share, with a total value of $199,000.00. Following the completion of the purchase, the insider now owns 132,545 shares in the company, valued at approximately $5,275,291. The acquisition was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Richard H. Moore acquired 1,250 shares of the company’s stock in a transaction dated Wednesday, September 19th. The shares were bought at an average cost of $39.79 per share, with a total value of $49,737.50. Following the purchase, the chief executive officer now owns 139,935 shares of the company’s stock, valued at approximately $5,568,013.65. The disclosure for this purchase can be found here. Corporate insiders own 1.89% of the company’s stock.

NASDAQ:FBNC opened at $35.99 on Friday. The company has a market cap of $1.09 billion, a PE ratio of 19.45, a P/E/G ratio of 1.04 and a beta of 1.00. First Bancorp has a fifty-two week low of $33.88 and a fifty-two week high of $43.14. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 0.55.

First Bancorp (NASDAQ:FBNC) last released its quarterly earnings data on Tuesday, October 23rd. The financial services provider reported $0.74 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.74. The firm had revenue of $67.22 million during the quarter, compared to analyst estimates of $67.43 million. First Bancorp had a return on equity of 10.92% and a net margin of 27.88%. Sell-side analysts anticipate that First Bancorp will post 3.01 earnings per share for the current year.

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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 deposits and individual retirement accounts.

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

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