Banc Funds Co. LLC Sells 146,187 Shares of First Bancorp (FBNC)
Banc Funds Co. LLC trimmed its stake in shares of First Bancorp (NASDAQ:FBNC) by 28.6% during the fourth quarter, HoldingsChannel reports. The firm owned 365,363 shares of the financial services provider’s stock after selling 146,187 shares during the period. Banc Funds Co. LLC’s holdings in First Bancorp were worth $12,901,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. BB&T Securities LLC acquired a new stake in First Bancorp during the third quarter valued at approximately $423,000. State Street Corp boosted its holdings in First Bancorp by 27.9% during the second quarter. State Street Corp now owns 461,813 shares of the financial services provider’s stock valued at $14,436,000 after purchasing an additional 100,632 shares in the last quarter. Schwab Charles Investment Management Inc. boosted its holdings in First Bancorp by 5.0% during the third quarter. Schwab Charles Investment Management Inc. now owns 103,363 shares of the financial services provider’s stock valued at $3,557,000 after purchasing an additional 4,910 shares in the last quarter. Northern Trust Corp boosted its holdings in First Bancorp by 12.1% during the second quarter. Northern Trust Corp now owns 291,653 shares of the financial services provider’s stock valued at $9,116,000 after purchasing an additional 31,475 shares in the last quarter. Finally, Ironsides Asset Advisors LLC boosted its holdings in First Bancorp by 100.0% during the third quarter. Ironsides Asset Advisors LLC now owns 74,972 shares of the financial services provider’s stock valued at $2,586,000 after purchasing an additional 37,486 shares in the last quarter. 56.68% of the stock is currently owned by institutional investors.
A number of equities research analysts have weighed in on FBNC shares. Zacks Investment Research raised First Bancorp from a “hold” rating to a “buy” rating and set a $40.00 price objective on the stock in a report on Wednesday, January 3rd. Piper Jaffray Companies reaffirmed a “buy” rating and set a $42.00 price objective on shares of First Bancorp in a report on Tuesday, January 9th. Keefe, Bruyette & Woods reissued a “buy” rating and issued a $41.00 target price on shares of First Bancorp in a report on Friday, December 22nd. BidaskClub downgraded First Bancorp from a “buy” rating to a “hold” rating in a report on Thursday, December 21st. Finally, Brean Capital reissued a “buy” rating on shares of First Bancorp in a report on Monday, January 29th. Three research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. The company presently has an average rating of “Buy” and a consensus price target of $39.50.
In other news, insider Suzanne S. Deferie sold 12,001 shares of the business’s stock in a transaction that occurred on Wednesday, December 27th. The stock was sold at an average price of $35.67, for a total value of $428,075.67. Following the transaction, the insider now directly owns 113,408 shares of the company’s stock, valued at approximately $4,045,263.36. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Richard H. Moore bought 2,755 shares of First Bancorp stock in a transaction dated Wednesday, December 20th. The stock was acquired at an average cost of $36.00 per share, for a total transaction of $99,180.00. Following the completion of the acquisition, the chief executive officer now directly owns 121,741 shares in the company, valued at $4,382,676. The disclosure for this purchase can be found here. 1.89% of the stock is owned by insiders.
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About First Bancorp
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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