Wells Fargo & Company MN cut its position in First Bancorp (NASDAQ:FBNC) by 26.4% during the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 36,439 shares of the financial services provider’s stock after selling 13,080 shares during the period. Wells Fargo & Company MN owned approximately 0.15% of First Bancorp worth $1,067,000 at the end of the most recent quarter.
Several other institutional investors have also recently bought and sold shares of FBNC. Dimensional Fund Advisors LP raised its stake in First Bancorp by 7.8% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,062,674 shares of the financial services provider’s stock worth $28,841,000 after buying an additional 76,554 shares during the period. Highbridge Capital Management LLC bought a new stake in First Bancorp during the fourth quarter worth $300,000. Dalton Greiner Hartman Maher & Co. raised its stake in First Bancorp by 0.4% in the first quarter. Dalton Greiner Hartman Maher & Co. now owns 73,448 shares of the financial services provider’s stock worth $2,151,000 after buying an additional 273 shares during the period. Renaissance Technologies LLC raised its stake in First Bancorp by 91.0% in the fourth quarter. Renaissance Technologies LLC now owns 589,800 shares of the financial services provider’s stock worth $16,007,000 after buying an additional 281,000 shares during the period. Finally, Russell Investments Group Ltd. bought a new stake in First Bancorp during the fourth quarter worth $1,097,000. Hedge funds and other institutional investors own 58.06% of the company’s stock.
Shares of First Bancorp (NASDAQ FBNC) traded down 0.10% on Friday, hitting $31.47. The stock had a trading volume of 75,983 shares. First Bancorp has a 52-week low of $18.21 and a 52-week high of $32.99. The company has a market cap of $776.62 million, a P/E ratio of 21.90 and a beta of 1.19. The company has a 50-day moving average of $31.11 and a 200-day moving average of $29.73.
First Bancorp (NASDAQ:FBNC) last posted its quarterly earnings results on Tuesday, July 25th. The financial services provider reported $0.45 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.43 by $0.02. First Bancorp had a net margin of 17.52% and a return on equity of 8.23%. The firm had revenue of $51.79 million during the quarter, compared to the consensus estimate of $49.49 million. On average, equities analysts anticipate that First Bancorp will post $1.82 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Tuesday, July 25th. Stockholders of record on Friday, June 30th were paid a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a dividend yield of 1.02%. The ex-dividend date of this dividend was Wednesday, June 28th. First Bancorp’s dividend payout ratio is presently 22.54%.
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A number of research firms have recently weighed in on FBNC. ValuEngine raised First Bancorp from a “hold” rating to a “buy” rating in a research note on Friday, June 2nd. Zacks Investment Research lowered First Bancorp from a “strong-buy” rating to a “hold” rating in a research report on Monday, July 3rd. Keefe, Bruyette & Woods reaffirmed a “buy” rating and set a $34.00 price target on shares of First Bancorp in a research report on Monday, June 26th. Finally, Brean Capital set a $33.00 price target on First Bancorp and gave the company a “buy” rating in a research report on Wednesday. One equities research analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. The company currently has an average rating of “Buy” and an average target price of $32.50.
In related news, Director James C. Crawford III purchased 1,000 shares of the firm’s stock in a transaction dated Tuesday, May 2nd. The stock was purchased at an average price of $28.81 per share, with a total value of $28,810.00. Following the completion of the purchase, the director now owns 62,777 shares of the company’s stock, valued at approximately $1,808,605.37. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders have bought 2,500 shares of company stock valued at $73,195 in the last ninety days. Insiders own 1.89% of the company’s stock.
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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