Allspring Global Investments Holdings LLC trimmed its holdings in shares of First Bancorp (NASDAQ:FBNC – Get Rating) by 28.4% during the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 6,451 shares of the financial services provider's stock after selling 2,556 shares during the period. Allspring Global Investments Holdings LLC's holdings in First Bancorp were worth $235,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds also recently modified their holdings of FBNC. Millennium Management LLC raised its holdings in shares of First Bancorp by 35.5% during the second quarter. Millennium Management LLC now owns 481,185 shares of the financial services provider's stock worth $16,793,000 after purchasing an additional 126,148 shares during the period. Cubist Systematic Strategies LLC increased its holdings in shares of First Bancorp by 171.6% in the 2nd quarter. Cubist Systematic Strategies LLC now owns 185,935 shares of the financial services provider's stock worth $6,489,000 after acquiring an additional 117,485 shares during the period. Renaissance Technologies LLC increased its holdings in shares of First Bancorp by 309.5% in the 2nd quarter. Renaissance Technologies LLC now owns 141,831 shares of the financial services provider's stock worth $4,950,000 after acquiring an additional 107,200 shares during the period. BlackRock Inc. increased its holdings in shares of First Bancorp by 1.3% in the 1st quarter. BlackRock Inc. now owns 5,250,996 shares of the financial services provider's stock worth $219,336,000 after acquiring an additional 67,457 shares during the period. Finally, Macquarie Group Ltd. increased its holdings in shares of First Bancorp by 4.4% in the 2nd quarter. Macquarie Group Ltd. now owns 1,246,888 shares of the financial services provider's stock worth $43,516,000 after acquiring an additional 52,229 shares during the period. 69.44% of the stock is owned by institutional investors and hedge funds.
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Insider Activity
In other First Bancorp news, Director Carlie C. Mclamb, Jr. acquired 928 shares of First Bancorp stock in a transaction dated Friday, November 11th. The stock was bought at an average price of $46.40 per share, for a total transaction of $43,059.20. Following the transaction, the director now owns 12,213 shares in the company, valued at approximately $566,683.20. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 1.90% of the company's stock.
Wall Street Analysts Forecast Growth
FBNC has been the subject of a number of recent analyst reports. Raymond James increased their target price on shares of First Bancorp from $41.00 to $49.00 and gave the company an "outperform" rating in a research report on Monday, October 31st. StockNews.com upgraded shares of First Bancorp from a "sell" rating to a "hold" rating in a research report on Thursday, October 20th.
First Bancorp Stock Performance
NASDAQ:FBNC opened at $38.51 on Thursday. First Bancorp has a twelve month low of $32.90 and a twelve month high of $49.00. The company has a current ratio of 0.73, a quick ratio of 0.73 and a debt-to-equity ratio of 0.23. The company has a 50-day moving average of $43.90 and a 200-day moving average of $40.58. The firm has a market cap of $1.38 billion, a price-to-earnings ratio of 11.53 and a beta of 1.14.
First Bancorp (NASDAQ:FBNC – Get Rating) last posted its quarterly earnings data on Wednesday, October 26th. The financial services provider reported $1.06 earnings per share for the quarter, beating the consensus estimate of $0.98 by $0.08. First Bancorp had a net margin of 30.32% and a return on equity of 12.00%. The company had revenue of $102.25 million during the quarter, compared to analyst estimates of $91.27 million. Analysts forecast that First Bancorp will post 4.07 earnings per share for the current fiscal year.
First Bancorp Dividend Announcement
The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, January 25th. Stockholders of record on Saturday, December 31st were given a dividend of $0.22 per share. The ex-dividend date was Thursday, December 29th. This represents a $0.88 annualized dividend and a dividend yield of 2.29%. First Bancorp's dividend payout ratio (DPR) is 26.35%.
First Bancorp Company Profile
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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 certificate of deposits and individual retirement accounts.
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