California Public Employees Retirement System boosted its position in shares of First Bancorp (NASDAQ:FBNC) by 8.4% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 79,100 shares of the financial services provider’s stock after buying an additional 6,100 shares during the period. California Public Employees Retirement System owned 0.32% of First Bancorp worth $2,317,000 as of its most recent filing with the SEC.
A number of other hedge funds and other institutional investors have also recently bought and sold shares of FBNC. Russell Investments Group Ltd. bought a new stake in First Bancorp during the fourth quarter valued at about $1,097,000. State Street Corp raised its stake in First Bancorp by 6.5% in the fourth quarter. State Street Corp now owns 365,240 shares of the financial services provider’s stock valued at $9,916,000 after buying an additional 22,410 shares in the last quarter. Dimensional Fund Advisors LP increased its position in First Bancorp by 7.8% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,062,674 shares of the financial services provider’s stock worth $28,841,000 after buying an additional 76,554 shares during the last quarter. FMR LLC acquired a new position in First Bancorp during the fourth quarter worth approximately $7,513,000. Finally, Envestnet Asset Management Inc. increased its position in First Bancorp by 82.0% in the fourth quarter. Envestnet Asset Management Inc. now owns 7,107 shares of the financial services provider’s stock worth $193,000 after buying an additional 3,201 shares during the last quarter. Institutional investors and hedge funds own 59.49% of the company’s stock.
Shares of First Bancorp (NASDAQ FBNC) traded down 0.35% on Monday, reaching $31.48. 7,136 shares of the company’s stock were exchanged. First Bancorp has a 52-week low of $18.21 and a 52-week high of $32.99. The stock has a market cap of $776.86 million, a P/E ratio of 21.91 and a beta of 1.18. The company’s 50 day moving average price is $31.14 and its 200-day moving average price is $29.81.
First Bancorp (NASDAQ:FBNC) last announced its quarterly earnings data on Tuesday, July 25th. The financial services provider reported $0.45 EPS for the quarter, topping the consensus estimate of $0.43 by $0.02. The company had revenue of $51.79 million during the quarter, compared to the consensus estimate of $49.49 million. First Bancorp had a net margin of 17.52% and a return on equity of 8.23%. Equities analysts forecast that First Bancorp will post $1.86 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Tuesday, July 25th. Stockholders of record on Friday, June 30th were given a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a dividend yield of 1.01%. The ex-dividend date of this dividend was Wednesday, June 28th. First Bancorp’s dividend payout ratio (DPR) is 22.54%.
Several equities analysts recently issued reports on FBNC shares. Keefe, Bruyette & Woods reissued a “buy” rating and set a $34.00 price target on shares of First Bancorp in a report on Monday, June 26th. Brean Capital assumed coverage on shares of First Bancorp in a research note on Friday, June 9th. They issued a “buy” rating and a $33.00 target price for the company. ValuEngine upgraded shares of First Bancorp from a “hold” rating to a “buy” rating in a research report on Friday, June 2nd. Finally, Zacks Investment Research upgraded shares of First Bancorp from a “hold” rating to a “buy” rating and set a $34.00 price objective for the company in a report on Monday, May 1st. Two investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. The stock presently has an average rating of “Buy” and an average price target of $32.50.
First Bancorp Company Profile
First Bancorp is the bank holding company for First Bank (the Bank). The Company’s principal activity is the ownership and operation of First Bank. The Bank engages in a range of banking activities, including the acceptance of deposits and the making of loans. The Bank offers credit cards, debit cards, letters of credit, safe deposit box rentals and electronic funds transfer services, including wire transfers.
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