Nuveen Asset Management LLC bought a new stake in First Bancorp (NASDAQ:FBNC) in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm bought 305,326 shares of the financial services provider’s stock, valued at approximately $11,120,000. Nuveen Asset Management LLC owned approximately 1.03% of First Bancorp as of its most recent SEC filing.
Other institutional investors and hedge funds have also recently made changes to their positions in the company. Public Employees Retirement System of Ohio boosted its stake in First Bancorp by 56.7% in the second quarter. Public Employees Retirement System of Ohio now owns 28,873 shares of the financial services provider’s stock valued at $1,052,000 after acquiring an additional 10,453 shares in the last quarter. Acadian Asset Management LLC boosted its stake in First Bancorp by 90.3% in the second quarter. Acadian Asset Management LLC now owns 55,709 shares of the financial services provider’s stock valued at $2,028,000 after acquiring an additional 26,429 shares in the last quarter. Prudential Financial Inc. boosted its stake in First Bancorp by 27.6% in the second quarter. Prudential Financial Inc. now owns 73,689 shares of the financial services provider’s stock valued at $2,684,000 after acquiring an additional 15,930 shares in the last quarter. Advisor Group Inc. boosted its stake in First Bancorp by 9.4% in the second quarter. Advisor Group Inc. now owns 6,394 shares of the financial services provider’s stock valued at $233,000 after acquiring an additional 550 shares in the last quarter. Finally, Chicago Equity Partners LLC acquired a new stake in First Bancorp in the second quarter valued at approximately $1,321,000. Institutional investors own 66.14% of the company’s stock.
FBNC has been the subject of several recent analyst reports. Zacks Investment Research downgraded shares of First Bancorp from a “hold” rating to a “sell” rating in a research note on Wednesday, October 2nd. ValuEngine upgraded shares of First Bancorp from a “sell” rating to a “hold” rating in a research note on Friday, October 4th. Finally, BidaskClub upgraded shares of First Bancorp from a “hold” rating to a “buy” rating in a research note on Wednesday, September 18th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and five have assigned a buy rating to the company’s stock. First Bancorp currently has an average rating of “Buy” and an average price target of $39.75.
NASDAQ:FBNC opened at $35.68 on Friday. First Bancorp has a 12 month low of $30.50 and a 12 month high of $40.98. The firm has a fifty day simple moving average of $35.67 and a 200-day simple moving average of $36.13. The company has a current ratio of 0.97, a quick ratio of 0.96 and a debt-to-equity ratio of 0.37. The company has a market capitalization of $1.03 billion, a P/E ratio of 11.26, a PEG ratio of 2.35 and a beta of 1.12.
First Bancorp (NASDAQ:FBNC) last posted its quarterly earnings data on Wednesday, July 24th. The financial services provider reported $0.80 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.77 by $0.03. First Bancorp had a net margin of 30.19% and a return on equity of 11.83%. The business had revenue of $70.40 million during the quarter, compared to the consensus estimate of $69.62 million. Equities analysts forecast that First Bancorp will post 3.15 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 25th. Stockholders of record on Monday, September 30th will be paid a dividend of $0.12 per share. The ex-dividend date is Friday, September 27th. This represents a $0.48 annualized dividend and a dividend yield of 1.35%. First Bancorp’s payout ratio is currently 15.95%.
About First Bancorp
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 certificates of deposit and individual retirement accounts.
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