American International Group Inc. raised its holdings in First Bancorp (NASDAQ:FBNC) by 15.4% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 18,947 shares of the financial services provider’s stock after acquiring an additional 2,529 shares during the period. American International Group Inc. owned about 0.06% of First Bancorp worth $669,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other large investors have also bought and sold shares of the business. BlackRock Inc. grew its stake in First Bancorp by 16.4% in the fourth quarter. BlackRock Inc. now owns 1,876,045 shares of the financial services provider’s stock valued at $66,244,000 after acquiring an additional 264,581 shares during the period. Dimensional Fund Advisors LP grew its stake in First Bancorp by 4.8% in the third quarter. Dimensional Fund Advisors LP now owns 1,294,316 shares of the financial services provider’s stock valued at $44,537,000 after acquiring an additional 59,041 shares during the period. Vanguard Group Inc. grew its stake in First Bancorp by 24.8% in the second quarter. Vanguard Group Inc. now owns 1,000,939 shares of the financial services provider’s stock valued at $31,290,000 after acquiring an additional 198,866 shares during the period. Macquarie Group Ltd. grew its stake in First Bancorp by 30.4% in the third quarter. Macquarie Group Ltd. now owns 619,044 shares of the financial services provider’s stock valued at $21,301,000 after acquiring an additional 144,201 shares during the period. Finally, State Street Corp grew its stake in First Bancorp by 27.9% in the second quarter. State Street Corp now owns 461,813 shares of the financial services provider’s stock valued at $14,436,000 after acquiring an additional 100,632 shares during the period. 61.57% of the stock is owned by hedge funds and other institutional investors.
In other news, Director Mary Clara Capel sold 2,250 shares of the business’s stock in a transaction dated Wednesday, March 21st. The stock was sold at an average price of $37.05, for a total value of $83,362.50. Following the sale, the director now directly owns 13,746 shares in the company, valued at $509,289.30. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 2.30% of the company’s stock.
A number of research analysts have issued reports on FBNC shares. Zacks Investment Research raised First Bancorp from a “hold” rating to a “buy” rating and set a $40.00 target price for the company in a research note on Wednesday, January 3rd. Piper Jaffray reissued a “buy” rating and issued a $42.00 target price on shares of First Bancorp in a research note on Tuesday, January 9th. Keefe, Bruyette & Woods reissued a “buy” rating and issued a $41.00 target price on shares of First Bancorp in a research note on Friday, December 22nd. Brean Capital restated a “buy” rating on shares of First Bancorp in a report on Monday, January 29th. Finally, ValuEngine upgraded First Bancorp from a “hold” rating to a “buy” rating in a report on Sunday, December 31st. Two research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus target price of $39.50.
Shares of First Bancorp stock traded down $0.54 during trading on Monday, reaching $35.11. The stock had a trading volume of 97,708 shares, compared to its average volume of 93,239. The firm has a market cap of $1,056.79, a price-to-earnings ratio of 19.48, a price-to-earnings-growth ratio of 0.99 and a beta of 1.11. First Bancorp has a 52 week low of $27.50 and a 52 week high of $41.76. The company has a debt-to-equity ratio of 0.59, a current ratio of 1.03 and a quick ratio of 1.03.
First Bancorp (NASDAQ:FBNC) last issued its quarterly earnings results on Monday, January 29th. The financial services provider reported $0.44 EPS for the quarter, missing analysts’ consensus estimates of $0.53 by ($0.09). The firm had revenue of $63.72 million during the quarter, compared to the consensus estimate of $64.12 million. First Bancorp had a net margin of 20.32% and a return on equity of 8.43%. equities analysts expect that First Bancorp will post 2.7 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Wednesday, April 25th. Stockholders of record on Friday, March 30th will be issued a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.14%. This is a positive change from First Bancorp’s previous quarterly dividend of $0.08. The ex-dividend date of this dividend is Wednesday, March 28th. First Bancorp’s payout ratio is 21.62%.
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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 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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