Schwab Charles Investment Management Inc. increased its stake in First Bancorp (NASDAQ:FBNC) by 18.7% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 79,221 shares of the financial services provider’s stock after buying an additional 12,498 shares during the period. Schwab Charles Investment Management Inc. owned about 0.32% of First Bancorp worth $2,321,000 as of its most recent SEC filing.
Several other institutional investors also recently added to or reduced their stakes in the company. Mendon Capital Advisors Corp increased its position in First Bancorp by 279.9% in the first quarter. Mendon Capital Advisors Corp now owns 605,015 shares of the financial services provider’s stock valued at $17,721,000 after buying an additional 445,765 shares during the period. RMB Capital Management LLC bought a new position in First Bancorp during the first quarter valued at approximately $4,586,000. FSI Group LLC bought a new position in First Bancorp during the first quarter valued at approximately $4,101,000. Investment Counselors of Maryland LLC bought a new position in First Bancorp during the first quarter valued at approximately $3,696,000. Finally, Dimensional Fund Advisors LP increased its position in First Bancorp by 9.6% in the first quarter. Dimensional Fund Advisors LP now owns 1,165,101 shares of the financial services provider’s stock valued at $34,126,000 after buying an additional 102,427 shares during the period. 60.55% of the stock is currently owned by hedge funds and other institutional investors.
First Bancorp (FBNC) traded down 0.33% during midday trading on Thursday, reaching $30.57. 12,130 shares of the company were exchanged. The stock has a market capitalization of $754.41 million, a P/E ratio of 21.30 and a beta of 1.18. The firm’s 50 day moving average price is $31.10 and its 200-day moving average price is $30.03. First Bancorp has a 52 week low of $19.18 and a 52 week high of $32.99.
First Bancorp (NASDAQ:FBNC) last posted its earnings results on Tuesday, July 25th. The financial services provider reported $0.45 earnings per share for the quarter, topping analysts’ consensus estimates of $0.43 by $0.02. The firm had revenue of $51.79 million for the quarter, compared to analysts’ expectations of $49.49 million. First Bancorp had a net margin of 17.52% and a return on equity of 7.77%. Equities analysts forecast that First Bancorp will post $1.86 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Tuesday, July 25th. Investors of record on Friday, June 30th were issued a $0.08 dividend. The ex-dividend date was Wednesday, June 28th. This represents a $0.32 annualized dividend and a yield of 1.04%. First Bancorp’s payout ratio is 22.54%.
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Several equities analysts have recently commented on FBNC shares. Zacks Investment Research raised shares of First Bancorp from a “hold” rating to a “buy” rating and set a $34.00 target price on the stock in a report on Monday, May 1st. Keefe, Bruyette & Woods reissued a “buy” rating and issued a $34.00 target price on shares of First Bancorp in a report on Monday, June 26th. ValuEngine raised shares of First Bancorp from a “hold” rating to a “buy” rating in a report on Friday, June 2nd. Finally, Brean Capital started coverage on shares of First Bancorp in a report on Friday, June 9th. They issued a “buy” rating and a $33.00 target price on the stock. Two equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company. The company has a consensus rating of “Buy” and a consensus price target of $32.50.
About First Bancorp
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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