Sterling Capital Management LLC Invests $1.12 Million in First Bancorp (FBNC) Stock

Sterling Capital Management LLC acquired a new stake in First Bancorp (NASDAQ:FBNC) in the 3rd quarter, according to the company in its most recent filing with the SEC. The firm acquired 27,692 shares of the financial services provider’s stock, valued at approximately $1,122,000. Sterling Capital Management LLC owned about 0.09% of First Bancorp as of its most recent filing with the SEC.

A number of other large investors have also recently bought and sold shares of the business. BlackRock Inc. increased its stake in First Bancorp by 3.2% in the 2nd quarter. BlackRock Inc. now owns 1,925,101 shares of the financial services provider’s stock valued at $78,757,000 after buying an additional 58,904 shares during the last quarter. Dimensional Fund Advisors LP grew its position in shares of First Bancorp by 6.5% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,417,856 shares of the financial services provider’s stock valued at $58,005,000 after acquiring an additional 86,499 shares during the period. Macquarie Group Ltd. grew its position in shares of First Bancorp by 10.1% during the 2nd quarter. Macquarie Group Ltd. now owns 771,746 shares of the financial services provider’s stock valued at $31,572,000 after acquiring an additional 70,781 shares during the period. Renaissance Technologies LLC grew its position in shares of First Bancorp by 2.2% during the 2nd quarter. Renaissance Technologies LLC now owns 593,814 shares of the financial services provider’s stock valued at $24,293,000 after acquiring an additional 12,605 shares during the period. Finally, Northern Trust Corp grew its position in shares of First Bancorp by 62.9% during the 2nd quarter. Northern Trust Corp now owns 556,939 shares of the financial services provider’s stock valued at $22,784,000 after acquiring an additional 215,043 shares during the period. Hedge funds and other institutional investors own 65.22% of the company’s stock.

A number of research analysts have recently weighed in on FBNC shares. BidaskClub downgraded shares of First Bancorp from a “hold” rating to a “sell” rating in a research report on Friday, September 14th. Brean Capital reissued a “buy” rating on shares of First Bancorp in a research report on Monday, August 27th. Zacks Investment Research downgraded shares of First Bancorp from a “buy” rating to a “hold” rating in a research report on Thursday, October 25th. Finally, Sandler O’Neill downgraded shares of First Bancorp from a “buy” rating to a “hold” rating in a research report on Thursday, July 26th. Five research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average target price of $42.75.

In other First Bancorp news, CEO Richard H. Moore acquired 1,250 shares of the business’s stock in a transaction that occurred on Wednesday, September 19th. The stock was bought at an average cost of $39.79 per share, with a total value of $49,737.50. Following the acquisition, the chief executive officer now owns 139,935 shares in the company, valued at $5,568,013.65. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Suzanne S. Deferie acquired 5,000 shares of the business’s stock in a transaction that occurred on Wednesday, September 19th. The stock was acquired at an average cost of $39.80 per share, with a total value of $199,000.00. Following the completion of the acquisition, the insider now owns 132,545 shares in the company, valued at approximately $5,275,291. The disclosure for this purchase can be found here. 1.89% of the stock is currently owned by company insiders.

First Bancorp stock opened at $38.10 on Friday. First Bancorp has a twelve month low of $33.88 and a twelve month high of $43.14. The company has a market cap of $1.16 billion, a PE ratio of 20.59, a P/E/G ratio of 1.09 and a beta of 1.03. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.56.

First Bancorp (NASDAQ:FBNC) last released its earnings results on Tuesday, October 23rd. The financial services provider reported $0.74 earnings per share for the quarter, meeting the Zacks’ consensus estimate of $0.74. First Bancorp had a net margin of 27.88% and a return on equity of 11.06%. The firm had revenue of $67.22 million during the quarter, compared to the consensus estimate of $67.43 million. On average, equities analysts expect that First Bancorp will post 3.03 EPS for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, October 25th. Investors of record on Sunday, September 30th were issued a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 1.05%. The ex-dividend date of this dividend was Thursday, September 27th. First Bancorp’s dividend payout ratio (DPR) is presently 21.62%.

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First Bancorp Company 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 deposits and individual retirement accounts.

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

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