Public Sector Pension Investment Board Buys 28,141 Shares of First Bancorp $FBNC

Key Points

• Public Sector Pension Investment Board increased its stake in First Bancorp by 27.3%, owning 131,121 shares worth approximately $5.26 million as of the end of the last reporting period.
• First Bancorp recently announced a quarterly dividend of $0.18, with an annualized yield of 1.4% and a dividend payout ratio of 39.32%.
• Equity analysts have given First Bancorp ratings ranging from hold to strong buy, with a consensus price target of $53.67 following recent adjustments.

Public Sector Pension Investment Board raised its holdings in shares of First Bancorp (NASDAQ:FBNC - Free Report) by 27.3% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 131,121 shares of the financial services provider's stock after buying an additional 28,141 shares during the quarter. Public Sector Pension Investment Board owned about 0.32% of First Bancorp worth $5,263,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Sterling Capital Management LLC grew its position in First Bancorp by 807.9% during the fourth quarter. Sterling Capital Management LLC now owns 1,262 shares of the financial services provider's stock worth $55,000 after buying an additional 1,123 shares in the last quarter. Blue Trust Inc. purchased a new position in shares of First Bancorp in the 1st quarter worth about $128,000. Two Sigma Securities LLC purchased a new position in shares of First Bancorp in the 4th quarter worth about $204,000. Teacher Retirement System of Texas purchased a new position in shares of First Bancorp in the 1st quarter worth about $243,000. Finally, Bank of Montreal Can boosted its holdings in shares of 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 purchasing an additional 460 shares in the last quarter. 68.36% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

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

First Bancorp Trading Up 4.9%

FBNC traded up $2.5650 during midday trading on Friday, reaching $54.4650. 38,383 shares of the company's stock traded hands, compared to its average volume of 214,521. The firm has a fifty day moving average of $47.26 and a two-hundred day moving average of $42.99. The stock has a market capitalization of $2.26 billion, a price-to-earnings ratio of 23.24 and a beta of 0.96. The company has a debt-to-equity ratio of 0.06, a current ratio of 0.82 and a quick ratio of 0.82. First Bancorp has a 52 week low of $34.50 and a 52 week high of $54.13.

First Bancorp (NASDAQ:FBNC - Get Free Report) last released its quarterly 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 return on equity of 8.96% and a net margin of 17.65%.The business had revenue of $111.02 million during the quarter, compared to analyst estimates of $109.22 million. On average, equities analysts anticipate that First Bancorp will post 3.27 earnings per share for the current fiscal year.

First Bancorp Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, September 12th. Stockholders of record on Thursday, August 28th will be given a $0.18 dividend. This represents a $0.72 annualized dividend and a dividend yield of 1.3%. First Bancorp's dividend 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.