JCSD Capital LLC Acquires Shares of 197,510 First Bancorp (FBNC)
JCSD Capital LLC acquired a new stake in First Bancorp (NASDAQ:FBNC) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund acquired 197,510 shares of the financial services provider’s stock, valued at approximately $6,174,000. First Bancorp makes up approximately 6.4% of JCSD Capital LLC’s portfolio, making the stock its 5th largest position. JCSD Capital LLC owned 0.80% of First Bancorp at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in FBNC. Mendon Capital Advisors Corp increased its position in First Bancorp by 279.9% in the first quarter. Mendon Capital Advisors Corp now owns 605,015 shares of the financial services provider’s stock valued at $17,721,000 after buying an additional 445,765 shares during the last quarter. Dimensional Fund Advisors LP increased its position in First Bancorp by 9.6% in the first quarter. Dimensional Fund Advisors LP now owns 1,165,101 shares of the financial services provider’s stock valued at $34,126,000 after buying an additional 102,427 shares during the last quarter. Smith Salley & Associates purchased a new position in First Bancorp during the second quarter valued at approximately $3,528,000. Bank of New York Mellon Corp increased its position in First Bancorp by 12.0% in the first quarter. Bank of New York Mellon Corp now owns 157,128 shares of the financial services provider’s stock valued at $4,603,000 after buying an additional 16,795 shares during the last quarter. Finally, First Trust Advisors LP increased its position in First Bancorp by 0.6% in the first quarter. First Trust Advisors LP now owns 56,825 shares of the financial services provider’s stock valued at $1,664,000 after buying an additional 321 shares during the last quarter. Institutional investors own 65.95% of the company’s stock.
Shares of First Bancorp (FBNC) opened at 30.72 on Tuesday. First Bancorp has a 12 month low of $19.18 and a 12 month high of $32.99. The company has a market cap of $758.11 million, a PE ratio of 21.41 and a beta of 1.18. The firm’s 50-day moving average price is $31.07 and its 200 day moving average price is $30.05.
First Bancorp (NASDAQ:FBNC) last issued its earnings results on Tuesday, July 25th. The financial services provider reported $0.45 EPS for the quarter, beating the Zacks’ consensus estimate of $0.43 by $0.02. First Bancorp had a net margin of 17.52% and a return on equity of 7.77%. The business had revenue of $51.79 million for the quarter, compared to the consensus estimate of $49.49 million. Equities research analysts anticipate that First Bancorp will post $1.86 earnings per share for the current fiscal year.
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Several research analysts have commented on FBNC shares. Zacks Investment Research upgraded First Bancorp from a “hold” rating to a “buy” rating and set a $34.00 price objective on the stock in a report on Monday, May 1st. Brean Capital set a $33.00 price objective on First Bancorp and gave the stock a “buy” rating in a report on Wednesday, July 26th. ValuEngine upgraded First Bancorp from a “hold” rating to a “buy” rating in a report on Friday, July 28th. Finally, Keefe, Bruyette & Woods restated a “buy” rating and set a $34.00 price objective on shares of First Bancorp in a report on Monday, June 26th. Two research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. The stock has an average rating of “Buy” and a consensus target price of $32.50.
First Bancorp Company 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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