Schwab Charles Investment Management Inc. increased its stake in shares of First Bancorp (NASDAQ:FBNC) by 23.7% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 127,849 shares of the financial services provider’s stock after acquiring an additional 24,486 shares during the quarter. Schwab Charles Investment Management Inc. owned approximately 0.43% of First Bancorp worth $4,515,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other institutional investors and hedge funds also recently bought and sold shares of the stock. Dimensional Fund Advisors LP grew its position in First Bancorp by 4.8% during the 3rd quarter. Dimensional Fund Advisors LP now owns 1,294,316 shares of the financial services provider’s stock worth $44,537,000 after acquiring an additional 59,041 shares during the last quarter. Macquarie Group Ltd. lifted its holdings in First Bancorp by 30.4% in the 3rd quarter. Macquarie Group Ltd. now owns 619,044 shares of the financial services provider’s stock worth $21,301,000 after buying an additional 144,201 shares during the period. State Street Corp lifted its holdings in First Bancorp by 27.9% in the 2nd quarter. State Street Corp now owns 461,813 shares of the financial services provider’s stock worth $14,436,000 after buying an additional 100,632 shares during the period. Castine Capital Management LLC lifted its holdings in First Bancorp by 14.8% in the 3rd quarter. Castine Capital Management LLC now owns 225,662 shares of the financial services provider’s stock worth $7,764,000 after buying an additional 29,064 shares during the period. Finally, Jennison Associates LLC purchased a new stake in First Bancorp in the 3rd quarter worth approximately $3,124,000. Institutional investors and hedge funds own 61.57% of the company’s stock.
Several equities research analysts have weighed in on FBNC shares. Zacks Investment Research upgraded First Bancorp from a “hold” rating to a “buy” rating and set a $40.00 price objective for the company in a report on Wednesday, January 3rd. Piper Jaffray reiterated a “buy” rating and issued a $42.00 price objective on shares of First Bancorp in a report on Tuesday, January 9th. 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. Brean Capital reiterated 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 equities research analysts have rated the stock with a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the stock. The company currently has an average rating of “Buy” and a consensus price target of $39.50.
Shares of FBNC traded down $1.01 on Friday, reaching $35.62. The stock had a trading volume of 111,235 shares, compared to its average volume of 87,672. The stock has a market cap of $1,055.92, a PE ratio of 19.25, a PEG ratio of 0.99 and a beta of 1.11. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.59. First Bancorp has a 12-month low of $27.50 and a 12-month high of $41.76.
First Bancorp (NASDAQ:FBNC) last released its earnings results on Monday, January 29th. The financial services provider reported $0.44 EPS for the quarter, missing the Zacks’ consensus estimate of $0.53 by ($0.09). The firm had revenue of $63.72 million during the quarter, compared to analysts’ expectations of $64.12 million. First Bancorp had a net margin of 20.32% and a return on equity of 8.43%. equities analysts anticipate that First Bancorp will post 2.7 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Wednesday, April 25th. Stockholders of record on Friday, March 30th will be paid a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.12%. The ex-dividend date of this dividend is Wednesday, March 28th. This is a boost from First Bancorp’s previous quarterly dividend of $0.08. First Bancorp’s dividend payout ratio (DPR) is presently 21.62%.
In other news, Director Mary Clara Capel sold 2,250 shares of the firm’s stock in a transaction that occurred on Wednesday, March 21st. The stock was sold at an average price of $37.05, for a total value of $83,362.50. Following the completion of the transaction, the director now owns 13,746 shares in the company, valued at approximately $509,289.30. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Company insiders own 1.89% of the company’s stock.
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First Bancorp Company 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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