CrossGen Wealth LLC Invests $990,000 in First Bancorp $FBNC

CrossGen Wealth LLC acquired a new stake in First Bancorp (NASDAQ:FBNC) in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 19,488 shares of the financial services provider’s stock, valued at approximately $990,000.

Other institutional investors have also recently added to or reduced their stakes in the company. Voloridge Investment Management LLC acquired a new stake in First Bancorp in the 4th quarter worth about $2,058,000. Tudor Investment Corp ET AL acquired a new position in shares of First Bancorp during the 4th quarter valued at about $1,069,000. Occudo Quantitative Strategies LP purchased a new position in shares of First Bancorp during the 4th quarter worth about $800,000. Millennium Management LLC purchased a new position in shares of First Bancorp during the 4th quarter worth about $1,529,000. Finally, Balyasny Asset Management L.P. acquired a new stake in shares of First Bancorp in the fourth quarter worth approximately $274,000. 68.36% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at First Bancorp

In related news, Director Michael Goodwin Mayer sold 44,324 shares of the business’s stock in a transaction that occurred on Wednesday, May 20th. The stock was sold at an average price of $58.58, for a total transaction of $2,596,499.92. Following the transaction, the director directly owned 41,491 shares of the company’s stock, valued at approximately $2,430,542.78. The trade was a 51.65% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Insiders own 2.04% of the company’s stock.

First Bancorp Stock Performance

Shares of FBNC stock opened at $60.76 on Friday. The company has a current ratio of 0.85, a quick ratio of 0.84 and a debt-to-equity ratio of 0.04. The company has a market cap of $2.51 billion, a PE ratio of 20.74 and a beta of 0.81. The company’s fifty day simple moving average is $59.02 and its 200-day simple moving average is $56.88. First Bancorp has a 52 week low of $40.25 and a 52 week high of $62.64.

First Bancorp (NASDAQ:FBNC) last announced its quarterly earnings results on Wednesday, April 22nd. The financial services provider reported $1.13 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.09 by $0.04. The firm had revenue of $122.29 million during the quarter, compared to the consensus estimate of $123.20 million. First Bancorp had a return on equity of 10.86% and a net margin of 20.59%. As a group, equities research analysts anticipate that First Bancorp will post 4.67 EPS for the current year.

First Bancorp Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, July 24th. Stockholders of record on Tuesday, June 30th will be paid a $0.24 dividend. The ex-dividend date is Tuesday, June 30th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 1.6%. First Bancorp’s dividend payout ratio (DPR) is 32.76%.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on FBNC shares. Brean Capital started coverage on shares of First Bancorp in a research note on Monday, June 8th. They set a “neutral” rating and a $65.75 price target on the stock. Keefe, Bruyette & Woods upped their price objective on First Bancorp from $65.00 to $66.00 and gave the stock an “outperform” rating in a report on Thursday, April 23rd. Weiss Ratings upgraded First Bancorp from a “buy (b-)” rating to a “buy (b)” rating in a report on Monday, May 18th. Zacks Research raised First Bancorp from a “strong sell” rating to a “hold” rating in a research report on Monday, March 9th. Finally, Wall Street Zen upgraded 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, three have given a Buy rating and three have issued a Hold rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $62.95.

About First Bancorp

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.