American Century Companies Inc. Lowers Holdings in First Bancorp $FBNC

Key Points

• American Century Companies Inc. reduced its stake in First Bancorp by 15.1% in the first quarter, now owning approximately 0.31% of the company valued at $5.2 million.
• First Bancorp received positive ratings from several analysts, with Zacks Research upgrading it to a "strong-buy" and a target price increase to an average of $53.67.
• The company has a dividend yield of 1.3% with a recent quarterly dividend of $0.18 per share, reflecting a payout ratio of 39.32%.

American Century Companies Inc. trimmed its position in First Bancorp (NASDAQ:FBNC - Free Report) by 15.1% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund owned 129,528 shares of the financial services provider's stock after selling 22,974 shares during the period. American Century Companies Inc. owned about 0.31% of First Bancorp worth $5,199,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also bought and sold shares of the company. DAVENPORT & Co LLC lifted its position in shares of First Bancorp by 3.1% during the 1st quarter. DAVENPORT & Co LLC now owns 19,759 shares of the financial services provider's stock valued at $793,000 after buying an additional 601 shares in the last quarter. Illinois Municipal Retirement Fund lifted its position in shares of First Bancorp by 3.2% during the 1st quarter. Illinois Municipal Retirement Fund now owns 22,364 shares of the financial services provider's stock valued at $898,000 after buying an additional 696 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in First Bancorp by 3.5% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 22,775 shares of the financial services provider's stock valued at $1,001,000 after purchasing an additional 778 shares during the period. MetLife Investment Management LLC raised its stake in First Bancorp by 6.3% during the 4th quarter. MetLife Investment Management LLC now owns 24,194 shares of the financial services provider's stock valued at $1,064,000 after purchasing an additional 1,425 shares during the period. Finally, Price T Rowe Associates Inc. MD raised its stake in First Bancorp by 7.8% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 36,708 shares of the financial services provider's stock valued at $1,615,000 after purchasing an additional 2,649 shares during the period. 68.36% of the stock is owned by hedge funds and other institutional investors.

First Bancorp Trading Down 0.1%

Shares of NASDAQ FBNC traded down $0.04 during trading hours on Tuesday, hitting $54.56. 63,535 shares of the company traded hands, compared to its average volume of 215,908. The company's 50 day moving average price is $49.21 and its 200 day moving average price is $43.48. First Bancorp has a 12 month low of $34.50 and a 12 month high of $55.49. 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 stock has a market capitalization of $2.26 billion, a price-to-earnings ratio of 23.32 and a beta of 1.00.

First Bancorp (NASDAQ:FBNC - Get Free Report) last posted its quarterly earnings data on Wednesday, July 23rd. The financial services provider reported $0.93 earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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 analysts' expectations of $109.22 million. On average, equities research analysts anticipate that First Bancorp will post 3.27 earnings per share for the current fiscal year.

First Bancorp Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 12th. Investors 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 payout ratio is currently 39.32%.

Analyst Upgrades and Downgrades

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

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.