Dimensional Fund Advisors LP Raises Position in First Bancorp (FBNC)

Dimensional Fund Advisors LP boosted its holdings in First Bancorp (NASDAQ:FBNC) by 6.5% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,417,856 shares of the financial services provider’s stock after buying an additional 86,499 shares during the quarter. Dimensional Fund Advisors LP’s holdings in First Bancorp were worth $58,005,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Swiss National Bank raised its holdings in First Bancorp by 2.9% in the 1st quarter. Swiss National Bank now owns 46,400 shares of the financial services provider’s stock valued at $1,654,000 after buying an additional 1,300 shares during the last quarter. Sei Investments Co. raised its holdings in First Bancorp by 60.0% in the 1st quarter. Sei Investments Co. now owns 3,517 shares of the financial services provider’s stock valued at $126,000 after buying an additional 1,319 shares during the last quarter. Stifel Financial Corp raised its holdings in First Bancorp by 26.3% in the 1st quarter. Stifel Financial Corp now owns 9,977 shares of the financial services provider’s stock valued at $359,000 after buying an additional 2,075 shares during the last quarter. Citigroup Inc. raised its holdings in First Bancorp by 46.3% in the 1st quarter. Citigroup Inc. now owns 6,596 shares of the financial services provider’s stock valued at $236,000 after buying an additional 2,087 shares during the last quarter. Finally, Rhumbline Advisers raised its holdings in First Bancorp by 7.4% in the 2nd quarter. Rhumbline Advisers now owns 30,825 shares of the financial services provider’s stock valued at $1,261,000 after buying an additional 2,124 shares during the last quarter. Institutional investors and hedge funds own 65.04% of the company’s stock.

A number of research analysts recently issued reports on FBNC shares. BidaskClub lowered shares of First Bancorp from a “hold” rating to a “sell” rating in a report on Friday, September 14th. Brean Capital reissued a “buy” rating on shares of First Bancorp in a research report on Monday, August 27th. ValuEngine downgraded shares of First Bancorp from a “buy” rating to a “hold” rating in a research report on Monday, July 2nd. Sandler O’Neill downgraded shares of First Bancorp from a “buy” rating to a “hold” rating in a research report on Thursday, July 26th. Finally, Zacks Investment Research downgraded shares of First Bancorp from a “buy” rating to a “hold” rating in a research report on Tuesday, June 5th. Six analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus target price of $41.25.

In other news, CEO Richard H. Moore bought 1,250 shares of the firm’s stock in a transaction on Wednesday, September 19th. The stock was acquired at an average price of $39.79 per share, with a total value of $49,737.50. Following the transaction, the chief executive officer now owns 139,935 shares of the company’s stock, valued at approximately $5,568,013.65. The acquisition was disclosed in a document filed with the SEC, which is available through this link. Also, insider Suzanne S. Deferie bought 5,000 shares of the firm’s stock in a transaction on Wednesday, September 19th. The shares were purchased at an average cost of $39.80 per share, with a total value of $199,000.00. Following the transaction, the insider now directly owns 132,545 shares in the company, valued at approximately $5,275,291. The disclosure for this purchase can be found here. Corporate insiders own 2.30% of the company’s stock.

NASDAQ:FBNC opened at $40.16 on Tuesday. The company has a market cap of $1.21 billion, a price-to-earnings ratio of 21.70, a PEG ratio of 1.14 and a beta of 0.96. The company has a debt-to-equity ratio of 0.56, a current ratio of 1.03 and a quick ratio of 1.03. First Bancorp has a fifty-two week low of $32.80 and a fifty-two week high of $43.14.

First Bancorp (NASDAQ:FBNC) last released its earnings results on Thursday, July 26th. The financial services provider reported $0.79 earnings per share for the quarter, beating analysts’ consensus estimates of $0.69 by $0.10. The business had revenue of $67.34 million during the quarter, compared to the consensus estimate of $68.24 million. First Bancorp had a net margin of 26.25% and a return on equity of 10.53%. sell-side analysts expect that First Bancorp will post 3.02 EPS for the current year.

The company also recently announced a quarterly dividend, which will be paid on Thursday, October 25th. Shareholders of record on Sunday, September 30th will be given a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 1.00%. The ex-dividend date of this dividend is Thursday, September 27th. First Bancorp’s dividend payout ratio is presently 21.62%.

About First Bancorp

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 primarily in North Carolina and northeastern South Carolina. It accepts deposit products, such as checking, savings, and money market accounts, as well as time deposits, including certificates of deposits and individual retirement accounts.

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Institutional Ownership by Quarter for First Bancorp (NASDAQ:FBNC)

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