Geode Capital Management LLC raised its position in First Bancorp (NASDAQ:FBNC) by 9.5% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 217,638 shares of the financial services provider’s stock after buying an additional 18,841 shares during the period. Geode Capital Management LLC owned about 0.88% of First Bancorp worth $6,374,000 at the end of the most recent reporting period.
Other institutional investors have also bought and sold shares of the company. Alliancebernstein L.P. raised its position in First Bancorp by 5.0% in the first quarter. Alliancebernstein L.P. now owns 19,010 shares of the financial services provider’s stock worth $557,000 after buying an additional 900 shares in the last quarter. American International Group Inc. raised its position in First Bancorp by 7.0% in the first quarter. American International Group Inc. now owns 12,110 shares of the financial services provider’s stock worth $355,000 after buying an additional 791 shares in the last quarter. Ironsides Asset Advisors LLC acquired a new position in First Bancorp during the first quarter worth approximately $1,089,000. FSI Group LLC acquired a new position in First Bancorp during the first quarter worth approximately $4,101,000. Finally, Swiss National Bank raised its position in First Bancorp by 30.0% in the first quarter. Swiss National Bank now owns 39,000 shares of the financial services provider’s stock worth $1,142,000 after buying an additional 9,000 shares in the last quarter. 60.55% of the stock is currently owned by institutional investors.
Shares of First Bancorp (FBNC) opened at 30.43 on Friday. The stock’s 50 day moving average price is $31.16 and its 200-day moving average price is $30.02. First Bancorp has a 52-week low of $18.80 and a 52-week high of $32.99. The company has a market cap of $750.95 million, a P/E ratio of 21.21 and a beta of 1.18.
First Bancorp (NASDAQ:FBNC) last released its quarterly earnings data 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 return on equity of 7.77% and a net margin of 17.52%. The company had revenue of $51.79 million for the quarter, compared to the consensus estimate of $49.49 million. Equities analysts expect that First Bancorp will post $1.86 EPS for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Tuesday, July 25th. Investors of record on Friday, June 30th were issued a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a dividend yield of 1.05%. The ex-dividend date was Wednesday, June 28th. First Bancorp’s dividend payout ratio (DPR) is 22.54%.
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A number of research firms have commented on FBNC. Brean Capital set a $33.00 price objective on First Bancorp and gave the stock a “buy” rating in a research note on Wednesday, July 26th. Zacks Investment Research lowered First Bancorp from a “strong-buy” rating to a “hold” rating in a research note on Monday, July 3rd. ValuEngine raised First Bancorp from a “hold” rating to a “buy” rating in a research note on Friday, July 28th. Finally, Keefe, Bruyette & Woods reissued a “buy” rating and issued a $34.00 price objective on shares of First Bancorp in a research note on Monday, June 26th. Two investment analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average price target of $32.50.
About First Bancorp
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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