Livingston Group Asset Management CO operating as Southport Capital Management Reduces Position in First Bancorp (FBNC)

Livingston Group Asset Management CO operating as Southport Capital Management cut its position in shares of First Bancorp (NASDAQ:FBNC) by 1.0% during the 1st quarter, HoldingsChannel reports. The firm owned 35,057 shares of the financial services provider’s stock after selling 357 shares during the period. Livingston Group Asset Management CO operating as Southport Capital Management’s holdings in First Bancorp were worth $1,219,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in FBNC. Vaughan Nelson Investment Management L.P. bought a new stake in First Bancorp in the fourth quarter worth $34,515,000. BlackRock Inc. boosted its stake in shares of First Bancorp by 9.7% in the third quarter. BlackRock Inc. now owns 2,112,497 shares of the financial services provider’s stock worth $85,579,000 after acquiring an additional 187,396 shares during the period. Macquarie Group Ltd. boosted its stake in shares of First Bancorp by 17.2% in the fourth quarter. Macquarie Group Ltd. now owns 1,036,529 shares of the financial services provider’s stock worth $33,853,000 after acquiring an additional 152,422 shares during the period. Peregrine Capital Management LLC boosted its stake in shares of First Bancorp by 66.8% in the fourth quarter. Peregrine Capital Management LLC now owns 235,913 shares of the financial services provider’s stock worth $7,705,000 after acquiring an additional 94,510 shares during the period. Finally, Natixis Advisors L.P. bought a new position in shares of First Bancorp in the fourth quarter worth about $2,383,000. Institutional investors own 66.49% of the company’s stock.

A number of equities analysts recently commented on FBNC shares. BidaskClub lowered First Bancorp from a “buy” rating to a “hold” rating in a research note on Wednesday, March 6th. Sandler O’Neill raised First Bancorp from a “hold” rating to a “buy” rating in a research note on Monday, March 25th. ValuEngine raised First Bancorp from a “sell” rating to a “hold” rating in a research note on Wednesday, January 2nd. FIG Partners raised First Bancorp from a “market perform” rating to an “outperform” rating in a research note on Thursday, January 24th. Finally, Zacks Investment Research lowered First Bancorp from a “buy” rating to a “hold” rating in a research note on Monday. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and four have issued a buy rating to the company. The company presently has an average rating of “Hold” and an average price target of $41.25.

First Bancorp stock traded up $0.04 during midday trading on Wednesday, reaching $36.65. 556 shares of the stock traded hands, compared to its average volume of 86,367. First Bancorp has a 12 month low of $30.50 and a 12 month high of $43.14. The firm has a market cap of $1.07 billion, a PE ratio of 12.16, a PEG ratio of 2.45 and a beta of 1.24. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.53.

First Bancorp (NASDAQ:FBNC) last announced its quarterly earnings results on Wednesday, January 23rd. The financial services provider reported $0.77 EPS for the quarter, beating analysts’ consensus estimates of $0.73 by $0.04. The company had revenue of $68.25 million during the quarter, compared to analyst estimates of $68.41 million. First Bancorp had a return on equity of 12.16% and a net margin of 30.47%. As a group, equities research analysts forecast that First Bancorp will post 3 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, April 25th. Stockholders of record on Sunday, March 31st will be paid a $0.12 dividend. This represents a $0.48 annualized dividend and a dividend yield of 1.31%. This is a positive change from First Bancorp’s previous quarterly dividend of $0.10. The ex-dividend date of this dividend is Thursday, March 28th. First Bancorp’s dividend payout ratio (DPR) is presently 15.95%.

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First Bancorp Profile

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.

Further Reading: Stock Split

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Institutional Ownership by Quarter for First Bancorp (NASDAQ:FBNC)

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