Peregrine Capital Management LLC increased its stake in First Bancorp (NASDAQ:FBNC) by 18.7% during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 222,215 shares of the financial services provider’s stock after acquiring an additional 34,975 shares during the quarter. Peregrine Capital Management LLC owned approximately 0.77% of First Bancorp worth $5,573,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors also recently modified their holdings of FBNC. UBS Group AG grew its holdings in shares of First Bancorp by 31.2% in the 4th quarter. UBS Group AG now owns 35,244 shares of the financial services provider’s stock worth $1,406,000 after acquiring an additional 8,386 shares during the last quarter. Bank of New York Mellon Corp grew its holdings in shares of First Bancorp by 95.5% during the fourth quarter. Bank of New York Mellon Corp now owns 380,086 shares of the financial services provider’s stock valued at $15,169,000 after buying an additional 185,658 shares in the last quarter. Geode Capital Management LLC grew its holdings in shares of First Bancorp by 2.8% during the fourth quarter. Geode Capital Management LLC now owns 414,890 shares of the financial services provider’s stock valued at $16,558,000 after buying an additional 11,105 shares in the last quarter. Nuveen Asset Management LLC grew its holdings in shares of First Bancorp by 0.9% during the fourth quarter. Nuveen Asset Management LLC now owns 307,394 shares of the financial services provider’s stock valued at $12,268,000 after buying an additional 2,672 shares in the last quarter. Finally, Macquarie Group Ltd. grew its holdings in shares of First Bancorp by 14.5% during the fourth quarter. Macquarie Group Ltd. now owns 1,096,506 shares of the financial services provider’s stock valued at $43,762,000 after buying an additional 138,479 shares in the last quarter. Institutional investors and hedge funds own 67.74% of the company’s stock.
Shares of NASDAQ:FBNC opened at $20.66 on Friday. First Bancorp has a fifty-two week low of $17.32 and a fifty-two week high of $41.34. The business has a 50-day moving average of $23.04 and a two-hundred day moving average of $27.08. The stock has a market capitalization of $599.99 million, a P/E ratio of 7.57, a P/E/G ratio of 2.74 and a beta of 1.29. The company has a debt-to-equity ratio of 0.47, a current ratio of 0.98 and a quick ratio of 0.97.
First Bancorp (NASDAQ:FBNC) last announced its quarterly earnings results on Thursday, July 23rd. The financial services provider reported $0.56 earnings per share for the quarter, topping analysts’ consensus estimates of $0.16 by $0.40. First Bancorp had a return on equity of 9.46% and a net margin of 25.52%. The company had revenue of $78.82 million during the quarter, compared to analysts’ expectations of $67.34 million. As a group, research analysts expect that First Bancorp will post 1.93 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, July 24th. Investors of record on Tuesday, June 30th were given a dividend of $0.18 per share. The ex-dividend date was Monday, June 29th. This represents a $0.72 annualized dividend and a dividend yield of 3.48%. First Bancorp’s dividend payout ratio is presently 23.23%.
A number of brokerages have recently weighed in on FBNC. Piper Sandler lowered their price target on First Bancorp from $26.00 to $25.00 and set a “neutral” rating on the stock in a report on Friday, July 24th. ValuEngine downgraded First Bancorp from a “hold” rating to a “sell” rating in a research note on Friday, July 24th. DA Davidson downgraded First Bancorp from a “buy” rating to a “neutral” rating in a research note on Friday, June 19th. G.Research restated a “buy” rating on shares of First Bancorp in a research note on Friday, May 1st. Finally, Zacks Investment Research downgraded First Bancorp from a “hold” rating to a “sell” rating in a research note on Thursday. Two research analysts have rated the stock with a sell rating, two have issued a hold rating and three have assigned a buy rating to the company. First Bancorp presently has an average rating of “Hold” and an average target price of $37.33.
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 deposit and individual retirement accounts.
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