First Bancorp (NASDAQ:FBNC) Shares Sold by Bank of New York Mellon Corp

Bank of New York Mellon Corp lowered its holdings in First Bancorp (NASDAQ:FBNC) by 4.9% in the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 349,449 shares of the financial services provider’s stock after selling 17,849 shares during the period. Bank of New York Mellon Corp owned approximately 0.85% of First Bancorp worth $14,027,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Sterling Capital Management LLC raised its holdings in First Bancorp by 807.9% in the fourth quarter. Sterling Capital Management LLC now owns 1,262 shares of the financial services provider’s stock valued at $55,000 after acquiring an additional 1,123 shares in the last quarter. Blue Trust Inc. acquired a new position in shares of First Bancorp during the 1st quarter worth about $128,000. Two Sigma Securities LLC acquired a new stake in shares of First Bancorp during the 4th quarter worth about $204,000. Dynamic Technology Lab Private Ltd acquired a new stake in shares of First Bancorp during the 4th quarter worth about $236,000. Finally, Teacher Retirement System of Texas purchased a new stake in First Bancorp during the first quarter worth approximately $243,000. 68.36% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research firms have recently weighed in on FBNC. Piper Sandler started coverage on First Bancorp in a report on Tuesday, May 13th. They issued a “neutral” rating and a $48.00 target price for the company. Keefe, Bruyette & Woods decreased their price objective on First Bancorp from $51.00 to $50.00 and set an “outperform” rating for the company in a research report on Thursday, April 24th. Stephens lifted their target price on First Bancorp from $48.00 to $50.00 and gave the company an “overweight” rating in a research note on Monday, April 28th. Finally, Wall Street Zen upgraded First Bancorp from a “sell” rating to a “hold” rating in a research note on Monday, April 28th. Three equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $49.33.

First Bancorp Stock Performance

NASDAQ FBNC opened at $47.70 on Friday. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 0.06. The company has a market capitalization of $1.98 billion, a PE ratio of 22.61 and a beta of 0.87. The business’s 50-day moving average price is $43.13 and its 200 day moving average price is $41.83. First Bancorp has a twelve month low of $34.50 and a twelve month high of $50.34.

First Bancorp (NASDAQ:FBNC) last issued its earnings results on Wednesday, April 23rd. The financial services provider reported $0.84 earnings per share for the quarter, beating analysts’ consensus estimates of $0.78 by $0.06. The firm had revenue of $105.79 million for the quarter, compared to analysts’ expectations of $105.81 million. First Bancorp had a return on equity of 8.52% and a net margin of 16.08%. On average, research analysts predict that First Bancorp will post 3.27 earnings per share for the current year.

First Bancorp Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, July 25th. Investors of record on Monday, June 30th will be issued a dividend of $0.23 per share. This represents a $0.92 dividend on an annualized basis and a yield of 1.93%. This is a positive change from First Bancorp’s previous quarterly dividend of $0.22. The ex-dividend date is Monday, June 30th. First Bancorp’s dividend payout ratio (DPR) is presently 43.60%.

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. 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.