Rafferty Asset Management LLC Grows Stock Position in First Bancorp $FBNC

Rafferty Asset Management LLC boosted its holdings in First Bancorp (NASDAQ:FBNC) by 50.3% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 40,586 shares of the financial services provider’s stock after buying an additional 13,588 shares during the period. Rafferty Asset Management LLC owned 0.10% of First Bancorp worth $2,147,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Schroder Investment Management Group purchased a new position in shares of First Bancorp during the 2nd quarter worth about $17,999,000. Ameriprise Financial Inc. raised its stake in First Bancorp by 13.0% during the second quarter. Ameriprise Financial Inc. now owns 884,572 shares of the financial services provider’s stock worth $39,001,000 after purchasing an additional 101,529 shares during the period. Millennium Management LLC purchased a new position in First Bancorp during the first quarter worth approximately $4,046,000. Gabelli Funds LLC acquired a new position in shares of First Bancorp in the 2nd quarter valued at $4,056,000. Finally, Jane Street Group LLC purchased a new stake in shares of First Bancorp during the 1st quarter valued at $2,602,000. Institutional investors and hedge funds own 68.36% of the company’s stock.

First Bancorp Price Performance

Shares of FBNC stock opened at $58.12 on Thursday. The firm has a fifty day simple moving average of $57.33 and a 200-day simple moving average of $53.73. The company has a market capitalization of $2.41 billion, a PE ratio of 21.69 and a beta of 0.88. First Bancorp has a twelve month low of $34.50 and a twelve month high of $62.64. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.05.

First Bancorp (NASDAQ:FBNC) last issued its quarterly earnings data on Wednesday, January 21st. The financial services provider reported $1.19 EPS for the quarter, topping analysts’ consensus estimates of $1.03 by $0.16. The firm had revenue of $83.90 million for the quarter, compared to analyst estimates of $123.43 million. First Bancorp had a net margin of 19.24% and a return on equity of 10.41%. Equities research analysts anticipate that First Bancorp will post 3.27 earnings per share for the current fiscal year.

First Bancorp Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, April 24th. Investors of record on Tuesday, March 31st will be paid a $0.24 dividend. This represents a $0.96 annualized dividend and a dividend yield of 1.7%. This is a positive change from First Bancorp’s previous quarterly dividend of $0.23. The ex-dividend date is Tuesday, March 31st. First Bancorp’s payout ratio is presently 34.33%.

Analysts Set New Price Targets

FBNC has been the topic of several research reports. Zacks Research lowered First Bancorp from a “hold” rating to a “strong sell” rating in a research report on Friday, February 6th. Weiss Ratings restated a “hold (c)” rating on shares of First Bancorp in a research note on Thursday, January 22nd. Raymond James Financial raised First Bancorp from a “market perform” rating to a “strong-buy” rating and set a $62.00 price objective on the stock in a research note on Wednesday, January 7th. Piper Sandler cut First Bancorp from an “overweight” rating to a “neutral” rating and boosted their target price for the stock from $58.00 to $64.00 in a report on Saturday, February 7th. Finally, Wall Street Zen upgraded shares of First Bancorp from a “sell” rating to a “hold” rating in a report on Saturday, February 28th. One investment analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $61.25.

Insider Buying and Selling

In other First Bancorp news, insider Mary Clara Capel sold 5,000 shares of the firm’s stock in a transaction that occurred on Tuesday, February 3rd. The stock was sold at an average price of $59.31, for a total transaction of $296,550.00. Following the completion of the sale, the insider owned 20,400 shares in the company, valued at $1,209,924. This trade represents a 19.69% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders sold a total of 10,142 shares of company stock valued at $592,276 over the last ninety days. Corporate insiders own 3.65% of the company’s stock.

First Bancorp Profile

First Bancorp operates as the bank holding company for First Bank, offering a broad range of commercial and consumer banking services. Its core offerings include business lending, treasury and cash management, residential and commercial mortgage financing, and consumer deposit products. Through its subsidiary, First Bank provides online and branch-based banking solutions, including checking and savings accounts, certificate of deposits, and digital banking tools designed to meet the needs of individuals, small- to mid-sized businesses, and professional institutions.

The company maintains a network of full-service banking centers and loan production offices across North Carolina and South Carolina, with a focus on markets in the Piedmont, Sandhills and coastal regions.