Brandywine Global Investment Management LLC Buys Shares of 28,937 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 bought a new position in First Bancorp (NASDAQ:FBNC - Free Report) during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 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 quarter.

Several other hedge funds have also added to or reduced their stakes in FBNC. Sterling Capital Management LLC boosted 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 worth $55,000 after acquiring an additional 1,123 shares in the last quarter. Blue Trust Inc. bought a new position in shares of First Bancorp during the first quarter valued at $128,000. Two Sigma Securities LLC purchased a new stake in shares of First Bancorp during the fourth quarter valued at $204,000. Teacher Retirement System of Texas bought a new stake in First Bancorp in the 1st quarter worth about $243,000. Finally, Bank of Montreal Can raised its position in First Bancorp by 7.8% in the 4th quarter. Bank of Montreal Can now owns 6,345 shares of the financial services provider's stock worth $279,000 after buying an additional 460 shares during the last quarter. 68.36% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the stock. Wall Street Zen raised shares of First Bancorp from a "sell" rating to a "hold" rating in a report on Monday, April 28th. Keefe, Bruyette & Woods boosted their price objective on shares of First Bancorp from $50.00 to $53.00 and gave the company an "outperform" rating in a report on Thursday, July 24th. Zacks Research raised shares of First Bancorp to a "strong-buy" rating in a report on Tuesday, August 12th. Stephens boosted their price objective on shares of First Bancorp from $53.00 to $57.00 and gave the company an "overweight" rating in a report on Monday, July 28th. Finally, Piper Sandler boosted their price objective on shares of First Bancorp from $48.00 to $51.00 and gave the company a "neutral" rating in a report on Friday, August 1st. One research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $53.67.

First Bancorp Stock Performance

Shares of FBNC traded up $2.63 during mid-day trading on Friday, hitting $54.53. 310,422 shares of the company traded hands, compared to its average volume of 314,848. 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 price of $47.54 and a two-hundred day moving average price of $43.02. First Bancorp has a 1 year low of $34.50 and a 1 year high of $54.65. The stock has a market cap of $2.26 billion, a price-to-earnings ratio of 23.30 and a beta of 0.96.

First Bancorp (NASDAQ:FBNC - Get Free Report) last announced its earnings results on Wednesday, July 23rd. The financial services provider reported $0.93 EPS for the quarter, beating 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 business had revenue of $111.02 million during the quarter, compared to analysts' expectations of $109.22 million. Equities analysts anticipate that First Bancorp will post 3.27 earnings per share for the current year.

First Bancorp Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 12th. Shareholders of record on Thursday, August 28th will be issued 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 is currently 39.32%.

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.