Brandywine Global Investment Management LLC Invests $1.16 Million in First Bancorp $FBNC

Key Points

• Brandywine Global Investment Management LLC made a significant investment of $1.16 million in First Bancorp, acquiring approximately 28,937 shares, which represents about 0.07% of the company's stock.
• Wall Street analysts have a positive outlook for First Bancorp, with price targets raised by multiple firms, suggesting a consensus average target price of $53.67 and a mix of ratings from hold to strong buy.
• First Bancorp recently announced a quarterly dividend of $0.18, resulting in an annualized dividend yield of 1.4%, despite cutting its dividend payout ratio to 39.32%.

Brandywine Global Investment Management LLC acquired a new position in First Bancorp (NASDAQ:FBNC - Free Report) in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 28,937 shares of the financial services provider's stock, valued at approximately $1,162,000. Brandywine Global Investment Management LLC owned approximately 0.07% of First Bancorp at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Sterling Capital Management LLC boosted its position in shares of First Bancorp by 807.9% in the 4th quarter. Sterling Capital Management LLC now owns 1,262 shares of the financial services provider's stock worth $55,000 after purchasing an additional 1,123 shares in the last quarter. Blue Trust Inc. purchased a new stake in First Bancorp during the 1st quarter valued at about $128,000. Two Sigma Securities LLC purchased a new stake in First Bancorp during the 4th quarter valued at about $204,000. Teacher Retirement System of Texas purchased a new stake in First Bancorp during the 1st quarter valued at about $243,000. Finally, Bank of Montreal Can grew its stake in First Bancorp by 7.8% during the 4th quarter. Bank of Montreal Can now owns 6,345 shares of the financial services provider's stock valued at $279,000 after purchasing an additional 460 shares during the last quarter. Institutional investors and hedge funds own 68.36% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on FBNC shares. Piper Sandler boosted their price target on First Bancorp from $48.00 to $51.00 and gave the company a "neutral" rating in a research note on Friday, August 1st. Wall Street Zen raised First Bancorp from a "sell" rating to a "hold" rating in a report on Monday, April 28th. Zacks Research raised First Bancorp to a "strong-buy" rating in a report on Tuesday, August 12th. Stephens increased their target price on First Bancorp from $53.00 to $57.00 and gave the company an "overweight" rating in a report on Monday, July 28th. Finally, Keefe, Bruyette & Woods increased their target price on First Bancorp from $50.00 to $53.00 and gave the company an "outperform" rating in a report on Thursday, July 24th. Three investment analysts have rated the stock with a hold rating, two have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $53.67.

First Bancorp Trading Up 0.2%

Shares of First Bancorp stock opened at $52.34 on Tuesday. The firm has a market capitalization of $2.17 billion, a price-to-earnings ratio of 22.37 and a beta of 0.96. First Bancorp has a fifty-two week low of $34.50 and a fifty-two week high of $53.23. The company has a debt-to-equity ratio of 0.06, a quick ratio of 0.82 and a current ratio of 0.82. The stock has a 50 day moving average of $46.65 and a 200 day moving average of $42.80.

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

First Bancorp Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 12th. Stockholders of record on Thursday, August 28th will be paid a $0.18 dividend. This represents a $0.72 annualized dividend and a dividend yield of 1.4%. First Bancorp's payout ratio is currently 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.

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