Price T Rowe Associates Inc. MD increased its holdings in First Bancorp (NASDAQ:FBNC – Free Report) by 4.4% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 33,690 shares of the financial services provider after acquiring an additional 1,434 shares during the quarter. Price T Rowe Associates Inc. MD owned 0.08% of First Bancorp valued at $1,217,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently added to or reduced their holdings of FBNC. TFO Wealth Partners LLC increased its position in shares of First Bancorp by 17,233.3% in the fourth quarter. TFO Wealth Partners LLC now owns 1,560 shares of the financial services provider’s stock worth $58,000 after buying an additional 1,551 shares in the last quarter. GAMMA Investing LLC acquired a new position in First Bancorp in the fourth quarter valued at about $68,000. SG Americas Securities LLC acquired a new position in shares of First Bancorp in the first quarter valued at about $185,000. PNC Financial Services Group Inc. increased its position in shares of First Bancorp by 5.4% in the fourth quarter. PNC Financial Services Group Inc. now owns 5,562 shares of the financial services provider’s stock worth $206,000 after buying an additional 283 shares during the same period. Finally, Everence Capital Management Inc. acquired a new stake in shares of First Bancorp during the 4th quarter valued at approximately $213,000. Institutional investors and hedge funds own 68.36% of the company’s shares.
Wall Street analysts comment
Several equities analysts have commented on FBNC shares. StockNews.com downgraded First Bancorp from a “hold” rating to a “sell” rating in a research report on Thursday, April 25th. Keefe, Bruyette & Woods raised their price target on shares of First Bancorp from $40.00 to $45.00 and gave the stock an “outperform” rating in a report on Thursday, July 25th.
Read our latest analysis on First Bancorp
Insider activity
In other First Bancorp news, Director Mason Y. Garrett sold 22,800 shares of the company’s stock in a transaction that occurred on Friday, July 26. The shares were sold at an average price of $43.41, for a total value of $989,748.00. Following the completion of the sale, the director now directly owns 196,416 shares of the company’s stock, valued at $8,526,418.56. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC’s website. In other news, Director Mary Clara Capel sold 1,015 shares of the company’s stock in a transaction that occurred on Wednesday, June 26. The shares were sold at an average price of $30.05, for a total transaction of $30,500.75. Following the completion of the transaction, the director now owns 11,569 shares of the company’s stock, valued at approximately $347,648.45. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC’s website. Also, Director Mason Y. Garrett sold 22,800 shares of the company’s stock in a transaction that took place on Friday, July 26. The shares were sold at an average price of $43.41, for a total transaction of $989,748.00. Following the completion of the sale, the director now owns 196,416 shares of the company’s stock, valued at $8,526,418.56. The disclosure regarding this sale can be found here. Insiders own 3.65% of the company’s stock.
First Bancorp shares fell 2.1%
FBNC opened at $39.08 on Friday. The stock’s 50-day moving average price is $34.66 and its 200-day moving average price is $33.95. The company has a debt-to-equity ratio of 0.07, a current ratio of 0.82 and a quick ratio of 0.82. The stock has a market cap of $1.61 billion, a P/E ratio of 14.11 and a beta of 1.03. First Bancorp has a 12-month low of $26.00 and a 12-month high of $45.41.
First Bancorp (NASDAQ:FBNC – Free Report) last released its quarterly earnings results on Wednesday, July 24. The financial services provider reported earnings per share of $0.70 for the quarter, beating analysts’ consensus estimates of $0.59 by $0.11. The company had revenue of $143.42 million for the quarter, compared to analyst estimates of $94.00 million. First Bancorp had a return on equity of 8.39% and a net margin of 20.17%. As a group, research analysts forecast that First Bancorp will post earnings per share of $2.66 for the current year.
First Bancorp announces dividend
The company also recently announced a quarterly dividend, which was paid on Thursday, July 25th. Shareholders of record on Sunday, June 30th were paid a dividend of $0.22. This represents an annualized dividend of $0.88 and a dividend yield of 2.25%. The ex-dividend date of this dividend was Friday, June 28th. First Bancorp’s dividend payout ratio is currently 31.77%.
First Bancorp Company Profile
(Free report)
First Bancorp is the bank holding company for First Bank, which provides banking products and services to individuals and small to mid-sized businesses. The company accepts deposit products such as checking, savings and money market accounts, as well as time deposits, including certificates of deposit and individual retirement accounts.
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