Jupiter Asset Management Ltd. Purchases New Shares in First Bancorp (NASDAQ:FBNC)

Jupiter Asset Management Ltd. purchased a new stake in First Bancorp (NASDAQ:FBNC) in the 3rd quarter, Holdings Channel.com reports. The institutional investor purchased 50,867 shares of the financial services provider’s stock, valued at approximately $2,186,000.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in FBNC. American Century Companies Inc. lifted its position in shares of First Bancorp by 25.1% during the 2nd quarter. American Century Companies Inc. now owns 28,892 shares of the financial services provider’s stock valued at $1,182,000 after acquiring an additional 5,789 shares during the period. Mutual of America Capital Management LLC raised its holdings in shares of First Bancorp by 6.4% during the 2nd quarter. Mutual of America Capital Management LLC now owns 4,050 shares of the financial services provider’s stock worth $166,000 after buying an additional 244 shares in the last quarter. WINTON GROUP Ltd raised its holdings in shares of First Bancorp by 16.4% during the 2nd quarter. WINTON GROUP Ltd now owns 6,053 shares of the financial services provider’s stock worth $248,000 after buying an additional 851 shares in the last quarter. Citigroup Inc. raised its holdings in shares of First Bancorp by 53.0% during the 2nd quarter. Citigroup Inc. now owns 26,832 shares of the financial services provider’s stock worth $1,098,000 after buying an additional 9,292 shares in the last quarter. Finally, Principal Financial Group Inc. raised its holdings in shares of First Bancorp by 0.7% during the 2nd quarter. Principal Financial Group Inc. now owns 197,241 shares of the financial services provider’s stock worth $8,069,000 after buying an additional 1,404 shares in the last quarter. Institutional investors and hedge funds own 60.83% of the company’s stock.

Shares of NASDAQ:FBNC opened at $48.60 on Friday. The business’s 50 day simple moving average is $46.66 and its two-hundred day simple moving average is $43.74. The firm has a market cap of $1.73 billion, a P/E ratio of 12.72 and a beta of 1.23. The company has a debt-to-equity ratio of 0.07, a quick ratio of 0.70 and a current ratio of 0.70. First Bancorp has a 52-week low of $33.50 and a 52-week high of $50.92.

First Bancorp (NASDAQ:FBNC) last posted its earnings results on Monday, October 25th. The financial services provider reported $0.97 earnings per share for the quarter, meeting the Zacks’ consensus estimate of $0.97. First Bancorp had a return on equity of 12.07% and a net margin of 34.25%. The company had revenue of $75.06 million for the quarter, compared to analyst estimates of $77.45 million. On average, equities analysts forecast that First Bancorp will post 3.65 earnings per share for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Tuesday, January 25th. Stockholders of record on Friday, December 31st will be issued a $0.20 dividend. The ex-dividend date of this dividend is Thursday, December 30th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.65%. First Bancorp’s dividend payout ratio is presently 20.94%.

In other First Bancorp news, Director Carlie C. Mclamb, Jr. purchased 2,006 shares of the firm’s stock in a transaction that occurred on Monday, November 22nd. The stock was bought at an average cost of $49.24 per share, with a total value of $98,775.44. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 2.28% of the company’s stock.

FBNC has been the subject of several recent research reports. Piper Sandler cut First Bancorp from an “overweight” rating to a “neutral” rating and set a $52.00 price target for the company. in a research note on Tuesday, October 12th. Zacks Investment Research upgraded First Bancorp from a “hold” rating to a “buy” rating and set a $50.00 target price on the stock in a research report on Monday, December 13th.

About First Bancorp

First Bancorp operates as a bank holding company, which engages banking activities, with the acceptance of deposits and the making of loans. It provides range of deposit products such as checking, savings, NOW and money market accounts, as well as time deposits, including various types of certificates of deposits CDs and individual retirement accounts.

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

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