Peregrine Capital Management LLC boosted its position in First Bancorp (NASDAQ:FBNC) by 23.6% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 227,867 shares of the financial services provider’s stock after buying an additional 43,533 shares during the period. Peregrine Capital Management LLC owned 0.92% of First Bancorp worth $7,123,000 as of its most recent SEC filing.
Several other large investors have also recently bought and sold shares of FBNC. Russell Investments Group Ltd. purchased a new stake in First Bancorp during the fourth quarter worth $1,097,000. State Street Corp increased its position in First Bancorp by 6.5% in the fourth quarter. State Street Corp now owns 365,240 shares of the financial services provider’s stock worth $9,916,000 after buying an additional 22,410 shares during the period. Dimensional Fund Advisors LP increased its position in First Bancorp by 7.8% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,062,674 shares of the financial services provider’s stock worth $28,841,000 after buying an additional 76,554 shares during the period. FMR LLC bought a new position in First Bancorp during the fourth quarter worth approximately $7,513,000. Finally, Envestnet Asset Management Inc. increased its position in First Bancorp by 82.0% in the fourth quarter. Envestnet Asset Management Inc. now owns 7,107 shares of the financial services provider’s stock worth $193,000 after buying an additional 3,201 shares during the period. 59.49% of the stock is owned by institutional investors.
First Bancorp (FBNC) traded down 2.21% on Friday, reaching $30.02. The company’s stock had a trading volume of 90,943 shares. The firm has a market cap of $740.83 million, a PE ratio of 20.92 and a beta of 1.18. The stock’s 50 day moving average price is $31.19 and its 200 day moving average price is $29.97. First Bancorp has a 52-week low of $18.47 and a 52-week high of $32.99.
First Bancorp (NASDAQ:FBNC) last released its quarterly earnings results on Tuesday, July 25th. The financial services provider reported $0.45 earnings per share for the quarter, beating the consensus estimate of $0.43 by $0.02. First Bancorp had a return on equity of 7.77% and a net margin of 17.52%. The firm had revenue of $51.79 million for the quarter, compared to analysts’ expectations of $49.49 million. Equities research analysts expect that First Bancorp will post $1.86 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Tuesday, July 25th. Shareholders of record on Friday, June 30th were issued a $0.08 dividend. The ex-dividend date was Wednesday, June 28th. This represents a $0.32 annualized dividend and a dividend yield of 1.07%. First Bancorp’s payout ratio is currently 22.54%.
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FBNC has been the subject of a number of analyst reports. Zacks Investment Research raised First Bancorp from a “hold” rating to a “buy” rating and set a $36.00 price target for the company in a research note on Thursday, July 27th. Brean Capital initiated coverage on First Bancorp in a research note on Friday, June 9th. They issued a “buy” rating and a $33.00 price target for the company. ValuEngine raised First Bancorp from a “hold” rating to a “buy” rating in a research note on Friday, July 28th. Finally, Keefe, Bruyette & Woods reaffirmed a “buy” rating and issued a $34.00 price target on shares of First Bancorp in a research note on Monday, June 26th. Two research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and a consensus target price of $32.50.
About First Bancorp
First Bancorp is the bank holding company for First Bank (the Bank). The Company’s principal activity is the ownership and operation of First Bank. The Bank engages in a range of banking activities, including the acceptance of deposits and the making of loans. The Bank offers credit cards, debit cards, letters of credit, safe deposit box rentals and electronic funds transfer services, including wire transfers.
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