Texas Permanent School Fund Increases Holdings in First Bancorp (NASDAQ:FBNC)

Texas Permanent School Fund increased its stake in shares of First Bancorp (NASDAQ:FBNCGet Rating) by 2.7% during the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 25,667 shares of the financial services provider’s stock after buying an additional 680 shares during the quarter. Texas Permanent School Fund owned about 0.07% of First Bancorp worth $939,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in FBNC. Walleye Capital LLC purchased a new stake in First Bancorp in the second quarter valued at $281,000. Mirae Asset Global Investments Co. Ltd. purchased a new stake in First Bancorp in the second quarter valued at $359,000. WINTON GROUP Ltd purchased a new stake in First Bancorp in the second quarter valued at $359,000. Peregrine Capital Management LLC raised its position in First Bancorp by 4.6% in the second quarter. Peregrine Capital Management LLC now owns 274,202 shares of the financial services provider’s stock valued at $9,570,000 after purchasing an additional 12,096 shares during the period. Finally, Edge Capital Group LLC raised its position in First Bancorp by 148.5% in the second quarter. Edge Capital Group LLC now owns 40,000 shares of the financial services provider’s stock valued at $406,000 after purchasing an additional 23,901 shares during the period. Hedge funds and other institutional investors own 69.44% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on FBNC shares. Raymond James lifted their target price on First Bancorp from $41.00 to $49.00 and gave the company an “outperform” rating in a research report on Monday, October 31st. StockNews.com raised First Bancorp from a “sell” rating to a “hold” rating in a research note on Thursday, October 20th.

Insider Buying and Selling

In related news, Director Carlie C. Mclamb, Jr. bought 928 shares of the stock in a transaction that occurred on Friday, November 11th. The stock was purchased at an average cost of $46.40 per share, with a total value of $43,059.20. Following the purchase, the director now directly owns 12,213 shares of the company’s stock, valued at approximately $566,683.20. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 1.90% of the stock is currently owned by insiders.

First Bancorp Trading Down 0.1 %

Shares of NASDAQ FBNC opened at $42.42 on Friday. First Bancorp has a twelve month low of $32.90 and a twelve month high of $49.00. The company has a current ratio of 0.73, a quick ratio of 0.73 and a debt-to-equity ratio of 0.23. The stock has a fifty day simple moving average of $44.87 and a 200-day simple moving average of $40.31. The stock has a market capitalization of $1.51 billion, a PE ratio of 12.70 and a beta of 1.14.

First Bancorp (NASDAQ:FBNCGet Rating) last released its earnings results on Wednesday, October 26th. The financial services provider reported $1.06 EPS for the quarter, topping the consensus estimate of $0.98 by $0.08. First Bancorp had a return on equity of 12.00% and a net margin of 30.32%. The firm had revenue of $102.25 million during the quarter, compared to analysts’ expectations of $91.27 million. On average, equities analysts forecast that First Bancorp will post 4.07 earnings per share for the current year.

First Bancorp Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, January 25th. Investors of record on Saturday, December 31st will be paid a dividend of $0.22 per share. The ex-dividend date of this dividend is Thursday, December 29th. This represents a $0.88 annualized dividend and a yield of 2.07%. First Bancorp’s payout ratio is 26.35%.

About First Bancorp

(Get Rating)

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.

Further Reading

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

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