Sterling Capital Management LLC Purchases New Holdings in First Bancorp (FBNC)

Sterling Capital Management LLC purchased a new stake in First Bancorp (NASDAQ:FBNC) in the 3rd quarter, HoldingsChannel.com reports. The fund purchased 27,692 shares of the financial services provider’s stock, valued at approximately $1,122,000.

A number of other large investors have also recently made changes to their positions in the business. Raymond James & Associates boosted its holdings in First Bancorp by 11.7% in the 2nd quarter. Raymond James & Associates now owns 12,157 shares of the financial services provider’s stock valued at $497,000 after purchasing an additional 1,269 shares during the period. Sei Investments Co. boosted its holdings in First Bancorp by 43.9% in the 2nd quarter. Sei Investments Co. now owns 5,061 shares of the financial services provider’s stock valued at $207,000 after purchasing an additional 1,544 shares during the period. Russell Investments Group Ltd. boosted its holdings in First Bancorp by 3.0% in the 3rd quarter. Russell Investments Group Ltd. now owns 65,520 shares of the financial services provider’s stock valued at $2,652,000 after purchasing an additional 1,904 shares during the period. Rhumbline Advisers boosted its holdings in First Bancorp by 7.4% in the 2nd quarter. Rhumbline Advisers now owns 30,825 shares of the financial services provider’s stock valued at $1,261,000 after purchasing an additional 2,124 shares during the period. Finally, Victory Capital Management Inc. boosted its holdings in First Bancorp by 5.4% in the 3rd quarter. Victory Capital Management Inc. now owns 44,241 shares of the financial services provider’s stock valued at $1,792,000 after purchasing an additional 2,271 shares during the period. 65.22% of the stock is owned by hedge funds and other institutional investors.

Several analysts have recently weighed in on the stock. Zacks Investment Research cut shares of First Bancorp from a “buy” rating to a “hold” rating in a research report on Thursday, October 25th. BidaskClub cut shares of First Bancorp from a “buy” rating to a “hold” rating in a research report on Wednesday, October 24th. Piper Jaffray Companies raised their price objective on shares of First Bancorp from $44.00 to $46.00 and gave the company a “buy” rating in a research report on Friday, July 27th. Sandler O’Neill cut shares of First Bancorp from a “buy” rating to a “hold” rating in a research report on Thursday, July 26th. Finally, Brean Capital restated a “buy” rating on shares of First Bancorp in a research report on Monday, July 30th. Five analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average target price of $42.75.

In related news, Director Mary Clara Capel sold 750 shares of First Bancorp stock in a transaction on Monday, August 20th. The shares were sold at an average price of $42.39, for a total value of $31,792.50. Following the transaction, the director now owns 13,759 shares in the company, valued at approximately $583,244.01. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Suzanne S. Deferie bought 5,000 shares of the firm’s stock in a transaction that occurred on Wednesday, September 19th. The stock was acquired at an average price of $39.80 per share, for a total transaction of $199,000.00. Following the transaction, the insider now owns 132,545 shares in the company, valued at $5,275,291. The disclosure for this purchase can be found here. Company insiders own 1.89% of the company’s stock.

First Bancorp stock opened at $38.10 on Friday. The company has a debt-to-equity ratio of 0.56, a quick ratio of 1.03 and a current ratio of 1.03. The firm has a market cap of $1.16 billion, a PE ratio of 20.59, a P/E/G ratio of 1.09 and a beta of 1.03. First Bancorp has a fifty-two week low of $33.88 and a fifty-two week high of $43.14.

First Bancorp (NASDAQ:FBNC) last posted its quarterly earnings data on Tuesday, October 23rd. The financial services provider reported $0.74 earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.74. The firm had revenue of $67.22 million for the quarter, compared to analysts’ expectations of $67.43 million. First Bancorp had a net margin of 27.88% and a return on equity of 11.06%. As a group, equities analysts forecast that First Bancorp will post 3.03 earnings per share for the current year.

The business also recently disclosed a quarterly dividend, which was paid on Thursday, October 25th. Stockholders of record on Sunday, September 30th were given a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 1.05%. The ex-dividend date of this dividend was Thursday, September 27th. First Bancorp’s dividend payout ratio (DPR) is currently 21.62%.

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About First Bancorp

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.

See Also: Cost of Debt

Want to see what other hedge funds are holding FBNC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for First Bancorp (NASDAQ:FBNC).

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

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