Rockefeller Capital Management L.P. Has $16.49 Million Stock Position in First Bancorp $FBNC

Rockefeller Capital Management L.P. lowered its holdings in shares of First Bancorp (NASDAQ:FBNC) by 30.5% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 324,633 shares of the financial services provider’s stock after selling 142,693 shares during the period. Rockefeller Capital Management L.P. owned about 0.78% of First Bancorp worth $16,488,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of the business. Ameriprise Financial Inc. increased its holdings in First Bancorp by 48.6% in the third quarter. Ameriprise Financial Inc. now owns 1,314,341 shares of the financial services provider’s stock valued at $69,516,000 after purchasing an additional 429,769 shares during the period. State Street Corp raised its position in First Bancorp by 9.2% during the 4th quarter. State Street Corp now owns 2,012,273 shares of the financial services provider’s stock worth $102,661,000 after purchasing an additional 169,363 shares during the last quarter. UBS Group AG lifted its holdings in First Bancorp by 236.4% during the 3rd quarter. UBS Group AG now owns 233,237 shares of the financial services provider’s stock worth $12,336,000 after buying an additional 163,906 shares during the period. Schroder Investment Management Group grew its position in shares of First Bancorp by 39.4% in the 3rd quarter. Schroder Investment Management Group now owns 576,596 shares of the financial services provider’s stock valued at $30,502,000 after buying an additional 163,026 shares during the last quarter. Finally, Invesco Ltd. grew its position in shares of First Bancorp by 149.1% in the 3rd quarter. Invesco Ltd. now owns 261,163 shares of the financial services provider’s stock valued at $13,813,000 after buying an additional 156,311 shares during the last quarter. Institutional investors and hedge funds own 68.36% of the company’s stock.

First Bancorp Stock Performance

Shares of First Bancorp stock opened at $62.03 on Wednesday. The business has a 50-day moving average price of $59.17 and a two-hundred day moving average price of $57.09. First Bancorp has a 1-year low of $41.75 and a 1-year high of $62.64. 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 $2.57 billion, a P/E ratio of 21.17 and a beta of 0.81.

First Bancorp (NASDAQ:FBNC) last announced its quarterly earnings data on Wednesday, April 22nd. The financial services provider reported $1.13 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 for the quarter, compared to the consensus estimate of $123.20 million. As a group, analysts anticipate that First Bancorp will post 4.67 EPS for the current year.

First Bancorp Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, July 24th. Shareholders of record on Tuesday, June 30th will be issued a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a dividend yield of 1.5%. The ex-dividend date is Tuesday, June 30th. First Bancorp’s dividend payout ratio is presently 32.76%.

Insider Activity

In other news, Director Michael Goodwin Mayer sold 44,324 shares of the firm’s stock in a transaction that occurred 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 of the company’s stock, valued at $2,430,542.78. This trade represents a 51.65% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Insiders own 2.04% of the company’s stock.

Wall Street Analyst Weigh In

FBNC has been the subject of several recent research reports. Zacks Research raised First Bancorp from a “strong sell” rating to a “hold” rating in a research note on Monday, March 9th. Keefe, Bruyette & Woods lifted their price objective on First Bancorp from $65.00 to $66.00 and gave the stock an “outperform” rating in a research note 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. Wall Street Zen raised shares of First Bancorp from a “sell” rating to a “hold” rating in a research report on Saturday, February 28th. Finally, Brean Capital began coverage on shares of First Bancorp in a research report on Monday, June 8th. They issued a “neutral” rating and a $65.75 price target on the stock. One research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and three have given a Hold rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target 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.