Arizona State Retirement System Takes $284,000 Position in First Bancorp (NASDAQ:FBNC)

Arizona State Retirement System acquired a new stake in shares of First Bancorp (NASDAQ:FBNC) in the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor acquired 8,403 shares of the financial services provider’s stock, valued at approximately $284,000.

Several other institutional investors and hedge funds have also modified their holdings of FBNC. Eudaimonia Partners LLC purchased a new position in First Bancorp in the 3rd quarter worth $40,000. Strs Ohio purchased a new position in First Bancorp in the 3rd quarter worth $83,000. BNP Paribas Arbitrage SA raised its stake in First Bancorp by 513.1% in the 3rd quarter. BNP Paribas Arbitrage SA now owns 6,585 shares of the financial services provider’s stock worth $138,000 after acquiring an additional 5,511 shares during the last quarter. Pathstone Family Office LLC purchased a new position in First Bancorp in the 3rd quarter worth $141,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its stake in First Bancorp by 178.3% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,730 shares of the financial services provider’s stock worth $194,000 after acquiring an additional 3,671 shares during the last quarter. Hedge funds and other institutional investors own 62.99% of the company’s stock.

NASDAQ:FBNC opened at $40.03 on Tuesday. First Bancorp has a 52 week low of $17.32 and a 52 week high of $40.21. The company has a quick ratio of 0.85, a current ratio of 0.86 and a debt-to-equity ratio of 0.07. The stock has a market capitalization of $1.15 billion, a PE ratio of 14.83, a price-to-earnings-growth ratio of 5.33 and a beta of 1.26. The stock’s 50-day moving average price is $36.45 and its 200-day moving average price is $28.77.

First Bancorp (NASDAQ:FBNC) last posted its earnings results on Tuesday, January 26th. The financial services provider reported $0.83 EPS for the quarter, beating the Zacks’ consensus estimate of $0.76 by $0.07. First Bancorp had a return on equity of 8.36% and a net margin of 24.81%. Sell-side analysts expect that First Bancorp will post 2.55 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which was paid on Monday, January 25th. Stockholders of record on Thursday, December 31st were given a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a dividend yield of 1.80%. The ex-dividend date of this dividend was Wednesday, December 30th. First Bancorp’s dividend payout ratio (DPR) is presently 23.23%.

In related news, Director Mary Clara Capel sold 2,000 shares of First Bancorp stock in a transaction dated Friday, January 29th. The stock was sold at an average price of $35.00, for a total value of $70,000.00. Also, CEO Richard H. Moore sold 8,000 shares of First Bancorp stock in a transaction dated Thursday, February 11th. The stock was sold at an average price of $37.53, for a total value of $300,240.00. Following the completion of the sale, the chief executive officer now owns 103,101 shares in the company, valued at $3,869,380.53. The disclosure for this sale can be found here. Insiders have sold a total of 47,200 shares of company stock worth $1,634,788 over the last 90 days. Insiders own 2.37% of the company’s stock.

A number of equities analysts recently issued reports on the company. G.Research lowered First Bancorp from a “buy” rating to a “hold” rating in a research note on Wednesday, November 25th. Zacks Investment Research lowered First Bancorp from a “strong-buy” rating to a “hold” rating in a research note on Monday, January 4th. Gabelli lowered First Bancorp from a “buy” rating to a “hold” rating in a research note on Wednesday, November 25th. Finally, TheStreet upgraded First Bancorp from a “c+” rating to a “b” rating in a research note on Friday, November 6th. Five equities research analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus price target of $26.50.

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 certificate of deposits and individual retirement accounts.

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

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