Alliancebernstein L.P. grew its position in First Bancorp (NASDAQ:FBNC) by 50.4% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 46,352 shares of the financial services provider’s stock after purchasing an additional 15,542 shares during the period. Alliancebernstein L.P. owned approximately 0.16% of First Bancorp worth $1,637,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. California Public Employees Retirement System grew its position in First Bancorp by 3.2% in the 4th quarter. California Public Employees Retirement System now owns 68,888 shares of the financial services provider’s stock worth $2,432,000 after purchasing an additional 2,142 shares during the last quarter. Jennison Associates LLC grew its position in First Bancorp by 2.4% in the 4th quarter. Jennison Associates LLC now owns 92,940 shares of the financial services provider’s stock worth $3,282,000 after purchasing an additional 2,152 shares during the last quarter. The Manufacturers Life Insurance Company grew its position in First Bancorp by 12.4% in the 4th quarter. The Manufacturers Life Insurance Company now owns 21,022 shares of the financial services provider’s stock worth $743,000 after purchasing an additional 2,312 shares during the last quarter. American International Group Inc. grew its position in First Bancorp by 15.4% in the 4th quarter. American International Group Inc. now owns 18,947 shares of the financial services provider’s stock worth $669,000 after purchasing an additional 2,529 shares during the last quarter. Finally, SG Americas Securities LLC bought a new position in First Bancorp in the 3rd quarter worth about $107,000. Hedge funds and other institutional investors own 61.59% of the company’s stock.
FBNC has been the subject of several recent analyst reports. BidaskClub cut shares of First Bancorp from a “buy” rating to a “hold” rating in a research report on Thursday, December 21st. Keefe, Bruyette & Woods reiterated a “buy” rating and issued a $41.00 price objective on shares of First Bancorp in a report on Friday, December 22nd. Zacks Investment Research cut shares of First Bancorp from a “buy” rating to a “hold” rating in a report on Tuesday, December 26th. ValuEngine upgraded shares of First Bancorp from a “hold” rating to a “buy” rating in a report on Sunday, December 31st. Finally, Brean Capital restated a “buy” rating on shares of First Bancorp in a report on Tuesday, January 2nd. Two investment analysts have rated the stock with a hold rating, four have issued a buy rating and one has issued a strong buy rating to the stock. First Bancorp has a consensus rating of “Buy” and a consensus target price of $39.50.
Shares of NASDAQ:FBNC opened at $35.79 on Wednesday. The company has a debt-to-equity ratio of 0.59, a current ratio of 1.03 and a quick ratio of 1.03. The company has a market capitalization of $1,084.06, a P/E ratio of 19.98, a PEG ratio of 1.02 and a beta of 1.11. First Bancorp has a 52 week low of $27.50 and a 52 week high of $41.76.
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 the Thomson Reuters’ consensus estimate of $0.53 by ($0.09). First Bancorp had a net margin of 20.32% and a return on equity of 8.43%. The firm had revenue of $63.72 million during the quarter, compared to analysts’ expectations of $64.12 million. research analysts expect that First Bancorp will post 2.7 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Wednesday, April 25th. Shareholders of record on Friday, March 30th will be given a $0.10 dividend. This is an increase from First Bancorp’s previous quarterly dividend of $0.08. The ex-dividend date of this dividend is Wednesday, March 28th. This represents a $0.40 dividend on an annualized basis and a yield of 1.12%. First Bancorp’s dividend payout ratio is presently 21.62%.
In other news, Director Mary Clara Capel sold 2,250 shares of the firm’s stock in a transaction on Wednesday, March 21st. The shares were sold at an average price of $37.05, for a total transaction of $83,362.50. Following the transaction, the director now owns 13,746 shares in the company, valued at approximately $509,289.30. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 2.30% of the stock is owned by corporate insiders.
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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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