Envestnet Asset Management Inc. Has $4.05 Million Position in First Bancorp (NASDAQ:FBNC)

Envestnet Asset Management Inc. boosted its holdings in First Bancorp (NASDAQ:FBNC) by 5.2% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 92,084 shares of the financial services provider’s stock after buying an additional 4,572 shares during the quarter. Envestnet Asset Management Inc. owned approximately 0.22% of First Bancorp worth $4,049,000 at the end of the most recent reporting period.

Several other hedge funds have also added to or reduced their stakes in the business. Franklin Resources Inc. lifted its holdings in First Bancorp by 23.5% during the 4th quarter. Franklin Resources Inc. now owns 2,202,960 shares of the financial services provider’s stock worth $96,864,000 after buying an additional 418,752 shares during the period. Geode Capital Management LLC boosted its holdings in First Bancorp by 1.3% in the third quarter. Geode Capital Management LLC now owns 976,680 shares of the financial services provider’s stock valued at $40,628,000 after acquiring an additional 12,922 shares during the last quarter. Alliancebernstein L.P. increased its position in First Bancorp by 1.1% during the 4th quarter. Alliancebernstein L.P. now owns 828,369 shares of the financial services provider’s stock valued at $36,423,000 after purchasing an additional 9,140 shares during the period. William Blair Investment Management LLC raised its holdings in First Bancorp by 2.4% during the 4th quarter. William Blair Investment Management LLC now owns 797,316 shares of the financial services provider’s stock worth $35,058,000 after purchasing an additional 18,749 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its position in shares of First Bancorp by 2.7% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 507,297 shares of the financial services provider’s stock worth $22,306,000 after purchasing an additional 13,450 shares during the period. 68.36% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on FBNC. Stephens began coverage on shares of First Bancorp in a research note on Wednesday, March 26th. They set an “overweight” rating and a $48.00 target price for the company. Janney Montgomery Scott downgraded First Bancorp from a “buy” rating to a “neutral” rating in a report on Friday, February 7th.

First Bancorp Price Performance

FBNC stock opened at $38.65 on Thursday. The company has a debt-to-equity ratio of 0.06, a quick ratio of 0.81 and a current ratio of 0.81. The business has a 50-day simple moving average of $39.53 and a two-hundred day simple moving average of $42.79. The company has a market capitalization of $1.60 billion, a P/E ratio of 21.01 and a beta of 0.89. First Bancorp has a 52-week low of $29.53 and a 52-week high of $50.34.

First Bancorp (NASDAQ:FBNC) last posted its earnings results on Wednesday, January 29th. The financial services provider reported $0.76 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.72 by $0.04. First Bancorp had a net margin of 14.19% and a return on equity of 8.04%. Research analysts expect that First Bancorp will post 3.27 EPS for the current fiscal year.

First Bancorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, April 25th. Shareholders of record on Monday, March 31st will be paid a $0.22 dividend. The ex-dividend date of this dividend is Monday, March 31st. This represents a $0.88 annualized dividend and a yield of 2.28%. First Bancorp’s dividend payout ratio (DPR) is 47.83%.

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. The company accepts deposit products, such as checking, savings, and money market accounts, as well as time deposits, including certificate of deposits and individual retirement accounts.