Citigroup Inc. Has $236,000 Stake in First Bancorp (FBNC)

Citigroup Inc. lifted its holdings in shares of First Bancorp (NASDAQ:FBNC) by 46.3% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 6,596 shares of the financial services provider’s stock after purchasing an additional 2,087 shares during the quarter. Citigroup Inc.’s holdings in First Bancorp were worth $236,000 as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of the company. BlackRock Inc. boosted its holdings in shares of First Bancorp by 16.4% during the fourth quarter. BlackRock Inc. now owns 1,876,045 shares of the financial services provider’s stock worth $66,244,000 after purchasing an additional 264,581 shares during the last quarter. Macquarie Group Ltd. boosted its holdings in shares of First Bancorp by 6.3% during the fourth quarter. Macquarie Group Ltd. now owns 658,191 shares of the financial services provider’s stock worth $23,241,000 after purchasing an additional 39,147 shares during the last quarter. Renaissance Technologies LLC boosted its holdings in shares of First Bancorp by 15.7% during the fourth quarter. Renaissance Technologies LLC now owns 512,414 shares of the financial services provider’s stock worth $18,093,000 after purchasing an additional 69,481 shares during the last quarter. Northern Trust Corp boosted its holdings in shares of First Bancorp by 4.5% during the first quarter. Northern Trust Corp now owns 341,896 shares of the financial services provider’s stock worth $12,188,000 after purchasing an additional 14,729 shares during the last quarter. Finally, Millennium Management LLC boosted its holdings in shares of First Bancorp by 1,645.0% during the fourth quarter. Millennium Management LLC now owns 266,986 shares of the financial services provider’s stock worth $9,427,000 after purchasing an additional 251,686 shares during the last quarter. Institutional investors and hedge funds own 62.75% of the company’s stock.

Shares of First Bancorp stock opened at $41.80 on Monday. First Bancorp has a twelve month low of $29.59 and a twelve month high of $42.94. The firm has a market capitalization of $1.25 billion, a P/E ratio of 22.59, a PEG ratio of 0.97 and a beta of 1.12. The company has a debt-to-equity ratio of 0.58, a quick ratio of 1.03 and a current ratio of 1.03.

First Bancorp (NASDAQ:FBNC) last issued its earnings results on Wednesday, April 25th. The financial services provider reported $0.77 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.60 by $0.17. First Bancorp had a return on equity of 9.58% and a net margin of 23.54%. The firm had revenue of $66.45 million for the quarter, compared to analysts’ expectations of $63.31 million. equities research analysts predict that First Bancorp will post 2.85 EPS for the current year.

The company also recently announced a quarterly dividend, which will be paid on Wednesday, July 25th. Investors of record on Saturday, June 30th will be issued a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 0.96%. The ex-dividend date is Thursday, June 28th. First Bancorp’s payout ratio is currently 21.62%.

In other First Bancorp news, insider Eric P. Credle sold 6,270 shares of the firm’s stock in a transaction dated Friday, June 1st. The stock was sold at an average price of $41.97, for a total value of $263,151.90. Following the transaction, the insider now directly owns 29,927 shares of the company’s stock, valued at $1,256,036.19. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, President Michael Goodwin Mayer acquired 3,200 shares of the business’s stock in a transaction on Friday, May 18th. The stock was bought at an average cost of $40.94 per share, for a total transaction of $131,008.00. Following the completion of the transaction, the president now directly owns 30,104 shares of the company’s stock, valued at $1,232,457.76. The disclosure for this purchase can be found here. 1.89% of the stock is currently owned by company insiders.

Several research firms have recently issued reports on FBNC. Zacks Investment Research cut First Bancorp from a “buy” rating to a “hold” rating in a report on Tuesday, June 5th. BidaskClub cut First Bancorp from a “strong-buy” rating to a “buy” rating in a report on Tuesday, June 12th. ValuEngine upgraded First Bancorp from a “hold” rating to a “buy” rating in a report on Thursday, May 17th. Finally, Brean Capital reiterated a “buy” rating on shares of First Bancorp in a report on Thursday, May 3rd. Two investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company. First Bancorp presently has an average rating of “Buy” and an average price target of $40.25.

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.

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

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