Millennium Management LLC raised its stake in shares of First Bancorp (NASDAQ:FBNC) by 20.3% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 227,503 shares of the financial services provider’s stock after purchasing an additional 38,405 shares during the quarter. Millennium Management LLC’s holdings in First Bancorp were worth $9,307,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Mount Yale Investment Advisors LLC acquired a new stake in First Bancorp during the first quarter valued at approximately $115,000. SG Americas Securities LLC acquired a new stake in First Bancorp during the first quarter valued at approximately $123,000. Parkside Financial Bank & Trust acquired a new stake in First Bancorp during the second quarter valued at approximately $123,000. Sei Investments Co. boosted its holdings in First Bancorp by 60.0% during the first quarter. Sei Investments Co. now owns 3,517 shares of the financial services provider’s stock valued at $126,000 after purchasing an additional 1,319 shares in the last quarter. Finally, Envestnet Asset Management Inc. boosted its holdings in First Bancorp by 78.0% during the first quarter. Envestnet Asset Management Inc. now owns 4,887 shares of the financial services provider’s stock valued at $175,000 after purchasing an additional 2,141 shares in the last quarter. 65.04% of the stock is currently owned by institutional investors.
A number of research firms have weighed in on FBNC. Sandler O’Neill downgraded First Bancorp from a “buy” rating to a “hold” rating in a report on Thursday, July 26th. Brean Capital reaffirmed a “buy” rating on shares of First Bancorp in a report on Monday, August 27th. Piper Jaffray Companies lifted their price objective on First Bancorp from $44.00 to $46.00 and gave the company a “buy” rating in a report on Friday, July 27th. Raymond James downgraded First Bancorp from an “outperform” rating to a “market perform” rating in a report on Tuesday, July 10th. Finally, BidaskClub downgraded First Bancorp from a “strong-buy” rating to a “buy” rating in a report on Tuesday, June 12th. Five investment analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus target price of $41.75.
NASDAQ FBNC opened at $40.12 on Monday. The company has a debt-to-equity ratio of 0.56, a quick ratio of 1.03 and a current ratio of 1.03. The company has a market cap of $1.20 billion, a price-to-earnings ratio of 21.69, a P/E/G ratio of 1.14 and a beta of 0.96. First Bancorp has a 1-year low of $33.88 and a 1-year high of $43.14.
First Bancorp (NASDAQ:FBNC) last announced its earnings results on Thursday, July 26th. The financial services provider reported $0.79 EPS for the quarter, topping the consensus estimate of $0.69 by $0.10. The business had revenue of $67.34 million for the quarter, compared to the consensus estimate of $68.24 million. First Bancorp had a return on equity of 10.53% and a net margin of 26.25%. On average, sell-side analysts predict that First Bancorp will post 3.02 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 25th. Stockholders of record on Sunday, September 30th will be issued a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 1.00%. The ex-dividend date is Thursday, September 27th. First Bancorp’s payout ratio is currently 21.62%.
In other First Bancorp news, CEO Richard H. Moore bought 1,250 shares of First Bancorp stock in a transaction dated Wednesday, September 19th. The shares were acquired at an average cost of $39.79 per share, with a total value of $49,737.50. Following the acquisition, the chief executive officer now directly owns 139,935 shares of the company’s stock, valued at $5,568,013.65. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Mary Clara Capel sold 750 shares of the business’s stock in a transaction that occurred on Monday, August 20th. The stock was sold at an average price of $42.39, for a total value of $31,792.50. Following the completion of the transaction, the director now directly owns 13,759 shares in the company, valued at $583,244.01. The disclosure for this sale can be found here. 2.30% of the stock is owned by insiders.
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 deposits and individual retirement accounts.
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