Envestnet Asset Management Inc. Trims Position in First Bancorp $FBNC

Envestnet Asset Management Inc. trimmed its stake in shares of First Bancorp (NASDAQ:FBNC) by 33.9% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 59,265 shares of the financial services provider’s stock after selling 30,413 shares during the quarter. Envestnet Asset Management Inc. owned about 0.14% of First Bancorp worth $2,613,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also modified their holdings of the company. Quantbot Technologies LP acquired a new position in First Bancorp in the 1st quarter valued at $25,000. Northwestern Mutual Wealth Management Co. increased its stake in shares of First Bancorp by 1,412.9% during the first quarter. Northwestern Mutual Wealth Management Co. now owns 938 shares of the financial services provider’s stock worth $38,000 after acquiring an additional 876 shares during the period. GAMMA Investing LLC raised its holdings in First Bancorp by 33.5% during the second quarter. GAMMA Investing LLC now owns 1,895 shares of the financial services provider’s stock worth $84,000 after purchasing an additional 475 shares in the last quarter. ZWJ Investment Counsel Inc. acquired a new stake in First Bancorp in the second quarter valued at about $236,000. Finally, Teacher Retirement System of Texas acquired a new stake in First Bancorp in the first quarter valued at about $243,000. Institutional investors and hedge funds own 68.36% of the company’s stock.

First Bancorp Stock Up 1.9%

Shares of NASDAQ:FBNC opened at $50.95 on Monday. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 0.06. The company has a market capitalization of $2.11 billion, a P/E ratio of 21.41 and a beta of 1.06. First Bancorp has a 52-week low of $34.50 and a 52-week high of $56.45. The stock’s fifty day simple moving average is $51.28 and its 200-day simple moving average is $48.05.

First Bancorp (NASDAQ:FBNC) last announced its earnings results on Wednesday, October 22nd. The financial services provider reported $1.01 earnings per share for the quarter, beating the consensus estimate of $0.93 by $0.08. First Bancorp had a net margin of 17.50% and a return on equity of 9.61%. The firm had revenue of $89.61 million during the quarter, compared to the consensus estimate of $113.47 million. As a group, equities research analysts forecast that First Bancorp will post 3.27 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several analysts recently commented on FBNC shares. Keefe, Bruyette & Woods raised their price objective on shares of First Bancorp from $53.00 to $62.00 and gave the company an “outperform” rating in a research note on Tuesday, September 2nd. Wall Street Zen cut First Bancorp from a “hold” rating to a “sell” rating in a report on Saturday. Stephens raised their price objective on First Bancorp from $53.00 to $57.00 and gave the company an “overweight” rating in a research note on Monday, July 28th. Weiss Ratings reiterated a “hold (c)” rating on shares of First Bancorp in a research report on Wednesday, October 8th. Finally, Zacks Research raised First Bancorp from a “hold” rating to a “strong-buy” rating in a report on Monday, November 3rd. One research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat.com, First Bancorp presently has a consensus rating of “Moderate Buy” and a consensus target price of $56.67.

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.