Nuveen LLC Takes Position in First Bancorp $FBNC

Key Points

• Nuveen LLC has acquired 95,803 shares of First Bancorp, valued at approximately $3.85 million, representing about 0.23% of the company.
• First Bancorp reported a quarterly earnings per share of $0.93, exceeding expectations of $0.88, with a revenue of $111.02 million.
• The firm announced a quarterly dividend of $0.18 per share, reflecting a 1.3% yield and a dividend payout ratio of 39.32%.

Nuveen LLC purchased a new stake in shares of First Bancorp (NASDAQ:FBNC - Free Report) during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 95,803 shares of the financial services provider's stock, valued at approximately $3,846,000. Nuveen LLC owned 0.23% of First Bancorp as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Deutsche Bank AG grew its position in shares of First Bancorp by 52.2% in the fourth quarter. Deutsche Bank AG now owns 35,579 shares of the financial services provider's stock valued at $1,564,000 after purchasing an additional 12,202 shares during the period. SG Americas Securities LLC purchased a new stake in shares of First Bancorp during the first quarter worth about $546,000. GAMMA Investing LLC increased its stake in shares of First Bancorp by 4,012.5% during the first quarter. GAMMA Investing LLC now owns 56,999 shares of the financial services provider's stock worth $2,288,000 after purchasing an additional 55,613 shares in the last quarter. Teacher Retirement System of Texas purchased a new stake in shares of First Bancorp during the first quarter worth about $243,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in shares of First Bancorp by 3.5% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 22,775 shares of the financial services provider's stock worth $1,001,000 after purchasing an additional 778 shares in the last quarter. Institutional investors and hedge funds own 68.36% of the company's stock.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on the stock. Zacks Research raised shares of First Bancorp to a "strong-buy" rating in a research note on Tuesday, August 12th. Keefe, Bruyette & Woods boosted their target price on shares of First Bancorp from $53.00 to $62.00 and gave the stock an "outperform" rating in a research note on Tuesday. Piper Sandler boosted their target price on shares of First Bancorp from $48.00 to $51.00 and gave the stock a "neutral" rating in a research note on Friday, August 1st. Finally, Stephens boosted their target price on shares of First Bancorp from $53.00 to $57.00 and gave the stock an "overweight" rating in a research note on Monday, July 28th. One research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $56.67.

First Bancorp Trading Down 0.3%

FBNC stock traded down $0.14 during trading on Tuesday, reaching $54.45. 169,074 shares of the stock were exchanged, compared to its average volume of 231,051. 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 business has a 50 day moving average price of $49.46 and a 200-day moving average price of $43.56. First Bancorp has a 1 year low of $34.50 and a 1 year high of $55.49. The firm has a market capitalization of $2.26 billion, a price-to-earnings ratio of 23.27 and a beta of 1.00.

First Bancorp (NASDAQ:FBNC - Get Free Report) last issued its earnings results on Wednesday, July 23rd. The financial services provider reported $0.93 EPS for the quarter, topping analysts' consensus estimates of $0.88 by $0.05. First Bancorp had a net margin of 17.65% and a return on equity of 8.96%. The company had revenue of $111.02 million for the quarter, compared to the consensus estimate of $109.22 million. On average, research analysts predict that First Bancorp will post 3.27 earnings per share for the current year.

First Bancorp Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, September 12th. Shareholders of record on Thursday, August 28th will be paid a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a yield of 1.3%. First Bancorp's dividend payout ratio (DPR) is presently 39.32%.

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. 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.