19,488 Shares in First Bancorp $FBNC Bought by CrossGen Wealth LLC

CrossGen Wealth LLC bought a new stake in shares of First Bancorp (NASDAQ:FBNC) in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm bought 19,488 shares of the financial services provider’s stock, valued at approximately $990,000.

A number of other hedge funds and other institutional investors have also modified their holdings of the business. Smartleaf Asset Management LLC lifted its stake in shares of First Bancorp by 183.6% in the third quarter. Smartleaf Asset Management LLC now owns 553 shares of the financial services provider’s stock worth $29,000 after acquiring an additional 358 shares in the last quarter. EverSource Wealth Advisors LLC grew its stake in First Bancorp by 2,222.6% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 720 shares of the financial services provider’s stock valued at $32,000 after purchasing an additional 689 shares in the last quarter. First Horizon Corp increased its holdings in First Bancorp by 83.7% during the 4th quarter. First Horizon Corp now owns 777 shares of the financial services provider’s stock worth $39,000 after purchasing an additional 354 shares during the last quarter. Torren Management LLC purchased a new stake in First Bancorp during the 4th quarter worth approximately $41,000. Finally, Steward Partners Investment Advisory LLC raised its position in shares of First Bancorp by 87.0% in the 4th quarter. Steward Partners Investment Advisory LLC now owns 819 shares of the financial services provider’s stock valued at $42,000 after purchasing an additional 381 shares in the last quarter. 68.36% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other First Bancorp news, Director Michael Goodwin Mayer sold 44,324 shares of the business’s stock in a transaction on Wednesday, May 20th. The shares were sold at an average price of $58.58, for a total transaction of $2,596,499.92. Following the completion of the sale, the director owned 41,491 shares in the company, valued at $2,430,542.78. The trade was a 51.65% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 2.04% of the stock is currently owned by corporate insiders.

First Bancorp Trading Up 0.8%

Shares of NASDAQ FBNC opened at $60.76 on Friday. The stock’s 50 day moving average price is $59.02 and its two-hundred day moving average price is $56.88. First Bancorp has a 52-week low of $40.25 and a 52-week high of $62.64. The stock has a market capitalization of $2.51 billion, a P/E ratio of 20.74 and a beta of 0.81. The company has a quick ratio of 0.84, a current ratio of 0.85 and a debt-to-equity ratio of 0.04.

First Bancorp (NASDAQ:FBNC) last issued its earnings results on Wednesday, April 22nd. The financial services provider reported $1.13 EPS for the quarter, topping the consensus estimate of $1.09 by $0.04. First Bancorp had a return on equity of 10.86% and a net margin of 20.59%.The company had revenue of $122.29 million during the quarter, compared to analyst estimates of $123.20 million. On average, analysts anticipate that First Bancorp will post 4.67 earnings per share for the current fiscal year.

First Bancorp Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, July 24th. Shareholders of record on Tuesday, June 30th will be issued a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a yield of 1.6%. The ex-dividend date of this dividend is Tuesday, June 30th. First Bancorp’s payout ratio is currently 32.76%.

Analyst Ratings Changes

Several equities analysts have recently commented on FBNC shares. Brean Capital assumed coverage on First Bancorp in a research note on Monday, June 8th. They set a “neutral” rating and a $65.75 target price for the company. Weiss Ratings raised shares of First Bancorp from a “buy (b-)” rating to a “buy (b)” rating in a report on Monday, May 18th. Wall Street Zen upgraded shares of First Bancorp from a “sell” rating to a “hold” rating in a research note on Saturday, February 28th. Zacks Research upgraded shares of First Bancorp from a “strong sell” rating to a “hold” rating in a research note on Monday, March 9th. Finally, Keefe, Bruyette & Woods raised their price objective on shares of First Bancorp from $65.00 to $66.00 and gave the stock an “outperform” rating in a report on Thursday, April 23rd. One analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat.com, First Bancorp has a consensus rating of “Moderate Buy” and a consensus target price of $62.95.

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.