Connor Clark & Lunn Investment Management Ltd. Acquires New Holdings in First Bancorp (NASDAQ:FBNC)

Connor Clark & Lunn Investment Management Ltd. bought a new position in First Bancorp (NASDAQ:FBNC) during the 3rd quarter, Holdings Channel reports. The institutional investor bought 15,843 shares of the financial services provider’s stock, valued at approximately $659,000.

A number of other large investors have also added to or reduced their stakes in the stock. Innealta Capital LLC purchased a new position in shares of First Bancorp in the 2nd quarter worth $44,000. Aptus Capital Advisors LLC bought a new position in First Bancorp in the third quarter valued at about $212,000. Novare Capital Management LLC purchased a new position in First Bancorp in the second quarter worth about $216,000. Olympiad Research LP bought a new stake in shares of First Bancorp during the 3rd quarter valued at about $217,000. Finally, Everence Capital Management Inc. purchased a new stake in shares of First Bancorp during the 3rd quarter valued at about $240,000. Institutional investors own 68.36% of the company’s stock.

First Bancorp Trading Down 1.5 %

NASDAQ:FBNC opened at $47.86 on Friday. First Bancorp has a one year low of $29.53 and a one year high of $50.34. The business has a fifty day moving average price of $43.61 and a 200-day moving average price of $38.82. The firm has a market capitalization of $1.98 billion, a price-to-earnings ratio of 19.30 and a beta of 1.02. The company has a debt-to-equity ratio of 0.06, a current ratio of 0.83 and a quick ratio of 0.82.

First Bancorp (NASDAQ:FBNC) last posted its quarterly earnings results on Wednesday, October 23rd. The financial services provider reported $0.70 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.70. The business had revenue of $144.99 million during the quarter, compared to analyst estimates of $97.00 million. First Bancorp had a net margin of 17.98% and a return on equity of 8.00%. Sell-side analysts forecast that First Bancorp will post 2.72 EPS for the current year.

Wall Street Analyst Weigh In

Separately, StockNews.com downgraded shares of First Bancorp from a “hold” rating to a “sell” rating in a report on Thursday, October 24th.

Insider Activity at First Bancorp

In other news, Director Suzanne S. Deferie sold 17,750 shares of First Bancorp stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $43.96, for a total value of $780,290.00. Following the sale, the director now directly owns 67,654 shares of the company’s stock, valued at approximately $2,974,069.84. The trade was a 20.78 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 3.65% of the stock is owned by corporate insiders.

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. 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.