Peregrine Capital Management LLC boosted its position in First Bancorp (NASDAQ:FBNC) by 66.8% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 235,913 shares of the financial services provider’s stock after acquiring an additional 94,510 shares during the period. Peregrine Capital Management LLC owned 0.79% of First Bancorp worth $7,705,000 at the end of the most recent quarter.
Other institutional investors have also recently bought and sold shares of the company. Wakefield Asset Management LLLP acquired a new position in First Bancorp in the third quarter valued at about $240,000. Private Advisor Group LLC acquired a new position in First Bancorp in the third quarter valued at about $277,000. Tower Research Capital LLC TRC acquired a new position in First Bancorp in the second quarter valued at about $375,000. Connor Clark & Lunn Investment Management Ltd. lifted its stake in First Bancorp by 29.4% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 9,350 shares of the financial services provider’s stock valued at $379,000 after buying an additional 2,125 shares during the period. Finally, United Services Automobile Association lifted its stake in First Bancorp by 32.4% in the second quarter. United Services Automobile Association now owns 10,704 shares of the financial services provider’s stock valued at $438,000 after buying an additional 2,622 shares during the period. Institutional investors and hedge funds own 69.88% of the company’s stock.
In other First Bancorp news, CEO Richard H. Moore purchased 3,200 shares of the company’s stock in a transaction dated Wednesday, December 26th. The shares were bought at an average price of $31.35 per share, with a total value of $100,320.00. Following the completion of the transaction, the chief executive officer now directly owns 143,135 shares in the company, valued at approximately $4,487,282.25. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 2.30% of the company’s stock.
Several research firms have weighed in on FBNC. BidaskClub lowered First Bancorp from a “buy” rating to a “hold” rating in a research note on Wednesday, November 28th. Brean Capital reissued a “buy” rating on shares of First Bancorp in a research note on Monday, October 22nd. Stephens reissued a “hold” rating and issued a $39.00 target price on shares of First Bancorp in a research note on Thursday, November 1st. Zacks Investment Research raised First Bancorp from a “sell” rating to a “hold” rating in a research note on Thursday, January 24th. Finally, FIG Partners raised First Bancorp from a “market perform” rating to an “outperform” rating in a research note on Thursday, January 24th. Six equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. First Bancorp has a consensus rating of “Hold” and a consensus target price of $41.75.
Shares of NASDAQ FBNC traded up $0.31 during mid-day trading on Monday, reaching $37.92. 79,626 shares of the company’s stock were exchanged, compared to its average volume of 142,347. The firm has a market cap of $1.12 billion, a P/E ratio of 12.60, a P/E/G ratio of 2.58 and a beta of 1.26. The company has a debt-to-equity ratio of 0.55, a current ratio of 1.04 and a quick ratio of 1.04. First Bancorp has a twelve month low of $30.50 and a twelve month high of $43.14.
First Bancorp (NASDAQ:FBNC) last released its quarterly earnings results on Wednesday, January 23rd. The financial services provider reported $0.77 EPS for the quarter, topping the Zacks’ consensus estimate of $0.73 by $0.04. The company had revenue of $68.25 million for the quarter, compared to analyst estimates of $68.41 million. First Bancorp had a return on equity of 12.32% and a net margin of 30.47%. Equities analysts anticipate that First Bancorp will post 2.97 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, April 25th. Stockholders of record on Sunday, March 31st will be given a dividend of $0.12 per share. The ex-dividend date of this dividend is Thursday, March 28th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.27%. This is a positive change from First Bancorp’s previous quarterly dividend of $0.10. First Bancorp’s dividend payout ratio (DPR) is currently 13.29%.
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.
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