Bank of New York Mellon Corp Reduces Holdings in First Bancorp (NASDAQ:FBNC)

Bank of New York Mellon Corp decreased its position in First Bancorp (NASDAQ:FBNC - Free Report) by 4.9% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 349,449 shares of the financial services provider's stock after selling 17,849 shares during the quarter. Bank of New York Mellon Corp owned about 0.85% of First Bancorp worth $14,027,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of the company. Sterling Capital Management LLC grew its position in First Bancorp by 807.9% during 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 in the 1st quarter worth about $128,000. Two Sigma Securities LLC purchased a new stake in First Bancorp in the 4th quarter worth about $204,000. Dynamic Technology Lab Private Ltd purchased a new stake in First Bancorp in the 4th quarter worth about $236,000. Finally, Teacher Retirement System of Texas purchased a new stake in First Bancorp in the 1st quarter worth about $243,000. Institutional investors and hedge funds own 68.36% of the company's stock.

First Bancorp Price Performance

NASDAQ FBNC traded up $0.03 during midday trading on Wednesday, hitting $46.90. The company had a trading volume of 200,291 shares, compared to its average volume of 190,880. The company has a market capitalization of $1.94 billion, a PE ratio of 22.23 and a beta of 0.87. 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 firm has a 50-day moving average price of $43.32 and a 200-day moving average price of $41.88. First Bancorp has a twelve month low of $34.50 and a twelve month high of $50.34.

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 the consensus estimate of $0.89 by $0.04. First Bancorp had a return on equity of 8.52% and a net margin of 16.08%. As a group, 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. Shareholders of record on Thursday, August 28th will be given a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a yield of 1.54%. First Bancorp's dividend payout ratio is currently 43.60%.

Wall Street Analyst Weigh In

Several research analysts have weighed in on the company. Keefe, Bruyette & Woods dropped their target price on First Bancorp from $51.00 to $50.00 and set an "outperform" rating on the stock in a research report on Thursday, April 24th. Wall Street Zen raised First Bancorp from a "sell" rating to a "hold" rating in a report on Monday, April 28th. Stephens increased their price objective on First Bancorp from $48.00 to $50.00 and gave the company an "overweight" rating in a report on Monday, April 28th. Finally, Piper Sandler assumed coverage on First Bancorp in a report on Tuesday, May 13th. They set a "neutral" rating and a $48.00 price objective on the stock. Three analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus price target of $49.33.

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.