Pitcairn Co. bought a new position in shares of First Bancorp (NASDAQ:FBNC) in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 8,733 shares of the financial services provider’s stock, valued at approximately $219,000.
A number of other large investors have also modified their holdings of FBNC. Advisor Group Holdings Inc. bought a new stake in First Bancorp during the first quarter worth approximately $141,000. Denali Advisors LLC boosted its holdings in First Bancorp by 69.2% during the second quarter. Denali Advisors LLC now owns 6,600 shares of the financial services provider’s stock worth $166,000 after buying an additional 2,700 shares in the last quarter. BNP Paribas Arbitrage SA boosted its holdings in First Bancorp by 163.9% during the first quarter. BNP Paribas Arbitrage SA now owns 9,159 shares of the financial services provider’s stock worth $211,000 after buying an additional 5,689 shares in the last quarter. Citigroup Inc. boosted its holdings in First Bancorp by 50.5% during the first quarter. Citigroup Inc. now owns 9,343 shares of the financial services provider’s stock worth $216,000 after buying an additional 3,133 shares in the last quarter. Finally, SG Americas Securities LLC boosted its stake in First Bancorp by 55.1% in the 1st quarter. SG Americas Securities LLC now owns 9,708 shares of the financial services provider’s stock worth $224,000 after purchasing an additional 3,450 shares during the period. Hedge funds and other institutional investors own 67.74% of the company’s stock.
A number of equities analysts recently commented on the stock. G.Research reaffirmed a “buy” rating on shares of First Bancorp in a research note on Friday, May 1st. Zacks Investment Research lowered shares of First Bancorp from a “hold” rating to a “sell” rating in a research note on Thursday. DA Davidson lowered shares of First Bancorp from a “buy” rating to a “neutral” rating in a research note on Friday, June 19th. ValuEngine lowered shares of First Bancorp from a “hold” rating to a “sell” rating in a research note on Friday, July 24th. Finally, Piper Sandler decreased their price objective on shares of First Bancorp from $26.00 to $25.00 and set a “neutral” rating for the company in a research note on Friday, July 24th. Two analysts have rated the stock with a sell rating, two have issued a hold rating and three have issued a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average target price of $37.33.
Shares of NASDAQ:FBNC opened at $20.66 on Friday. The firm has a fifty day moving average of $23.04 and a two-hundred day moving average of $27.08. The firm has a market capitalization of $599.99 million, a P/E ratio of 7.57, a price-to-earnings-growth ratio of 2.74 and a beta of 1.29. First Bancorp has a 12-month low of $17.32 and a 12-month high of $41.34. The company has a quick ratio of 0.97, a current ratio of 0.98 and a debt-to-equity ratio of 0.47.
First Bancorp (NASDAQ:FBNC) last issued its earnings results on Thursday, July 23rd. The financial services provider reported $0.56 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.16 by $0.40. The company had revenue of $78.82 million during the quarter, compared to analyst estimates of $67.34 million. First Bancorp had a net margin of 25.52% and a return on equity of 9.46%. Equities research analysts expect that First Bancorp will post 1.93 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Friday, July 24th. Shareholders of record on Tuesday, June 30th were paid a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a dividend yield of 3.48%. The ex-dividend date was Monday, June 29th. First Bancorp’s dividend payout ratio (DPR) is currently 23.23%.
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 deposit and individual retirement accounts.
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