Citigroup Inc. Trims Position in First Bancorp $FBNC

Citigroup Inc. lowered its holdings in First Bancorp (NASDAQ:FBNC) by 30.4% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 40,108 shares of the financial services provider’s stock after selling 17,529 shares during the period. Citigroup Inc. owned 0.10% of First Bancorp worth $2,121,000 as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in the business. Smartleaf Asset Management LLC lifted its position in First Bancorp by 183.6% during the third quarter. Smartleaf Asset Management LLC now owns 553 shares of the financial services provider’s stock worth $29,000 after buying an additional 358 shares during the period. Quest 10 Wealth Builders Inc. purchased a new stake in First Bancorp in the 3rd quarter valued at about $34,000. EverSource Wealth Advisors LLC grew its holdings in First Bancorp by 2,222.6% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 720 shares of the financial services provider’s stock valued at $32,000 after buying an additional 689 shares during the period. Atlantic Union Bankshares Corp acquired a new position in shares of First Bancorp during the 3rd quarter valued at about $115,000. Finally, Longboard Asset Management LP acquired a new position in shares of First Bancorp during the 3rd quarter valued at about $201,000. 68.36% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at First Bancorp

In related news, insider Mary Clara Capel sold 5,000 shares of the firm’s stock in a transaction dated Tuesday, February 3rd. The stock was sold at an average price of $59.31, for a total transaction of $296,550.00. Following the completion of the transaction, the insider owned 20,400 shares of the company’s stock, valued at $1,209,924. This trade represents a 19.69% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Insiders sold a total of 10,142 shares of company stock valued at $592,276 in the last ninety days. Corporate insiders own 3.65% of the company’s stock.

First Bancorp Stock Performance

First Bancorp stock opened at $55.93 on Friday. First Bancorp has a 12 month low of $34.50 and a 12 month high of $62.64. The company has a debt-to-equity ratio of 0.05, a current ratio of 0.83 and a quick ratio of 0.83. The company has a market cap of $2.32 billion, a price-to-earnings ratio of 20.87 and a beta of 0.88. The stock’s 50-day moving average is $57.51 and its 200-day moving average is $53.79.

First Bancorp (NASDAQ:FBNC) last released its earnings results on Wednesday, January 21st. The financial services provider reported $1.19 earnings per share for the quarter, topping analysts’ consensus estimates of $1.03 by $0.16. The firm had revenue of $83.90 million during the quarter, compared to the consensus estimate of $123.43 million. First Bancorp had a return on equity of 10.41% and a net margin of 19.24%. Equities analysts anticipate that First Bancorp will post 3.27 earnings per share for the current year.

First Bancorp Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, April 24th. Stockholders of record on Tuesday, March 31st will be paid a $0.24 dividend. The ex-dividend date of this dividend is Tuesday, March 31st. This represents a $0.96 dividend on an annualized basis and a dividend yield of 1.7%. This is a boost from First Bancorp’s previous quarterly dividend of $0.23. First Bancorp’s dividend payout ratio (DPR) is presently 34.33%.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on the stock. Piper Sandler lowered shares of First Bancorp from an “overweight” rating to a “neutral” rating and increased their price objective for the stock from $58.00 to $64.00 in a report on Saturday, February 7th. Wall Street Zen upgraded shares of First Bancorp from a “sell” rating to a “hold” rating in a report on Saturday, February 28th. Zacks Research downgraded shares of First Bancorp from a “hold” rating to a “strong sell” rating in a research note on Friday, February 6th. Raymond James Financial upgraded shares of First Bancorp from a “market perform” rating to a “strong-buy” rating and set a $62.00 price target on the stock in a report on Wednesday, January 7th. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of First Bancorp in a research note on Thursday, January 22nd. One research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, two have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $61.25.

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.