First Bancorp (NASDAQ:FBNC) Shares Sold by Greenwood Capital Associates LLC

Greenwood Capital Associates LLC cut its position in shares of First Bancorp (NASDAQ:FBNC - Free Report) by 95.9% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 10,134 shares of the financial services provider's stock after selling 237,202 shares during the quarter. Greenwood Capital Associates LLC's holdings in First Bancorp were worth $407,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently made changes to their positions in the company. Dimensional Fund Advisors LP boosted its holdings in First Bancorp by 3.5% in the fourth quarter. Dimensional Fund Advisors LP now owns 2,293,843 shares of the financial services provider's stock worth $100,862,000 after acquiring an additional 77,074 shares in the last quarter. Franklin Resources Inc. boosted its holdings in First Bancorp by 23.5% in the fourth quarter. Franklin Resources Inc. now owns 2,202,960 shares of the financial services provider's stock worth $96,864,000 after acquiring an additional 418,752 shares in the last quarter. Alliancebernstein L.P. boosted its holdings in First Bancorp by 1.1% in the fourth quarter. Alliancebernstein L.P. now owns 828,369 shares of the financial services provider's stock worth $36,423,000 after acquiring an additional 9,140 shares in the last quarter. William Blair Investment Management LLC boosted its holdings in First Bancorp by 2.4% in the fourth quarter. William Blair Investment Management LLC now owns 797,316 shares of the financial services provider's stock worth $35,058,000 after acquiring an additional 18,749 shares in the last quarter. Finally, Ameriprise Financial Inc. boosted its holdings in First Bancorp by 372.1% in the fourth quarter. Ameriprise Financial Inc. now owns 742,637 shares of the financial services provider's stock worth $32,654,000 after acquiring an additional 585,338 shares in the last quarter. 68.36% of the stock is currently owned by institutional investors.

First Bancorp Trading Down 0.9%

Shares of NASDAQ:FBNC traded down $0.37 during trading on Monday, hitting $40.33. The company had a trading volume of 235,189 shares, compared to its average volume of 186,795. The stock has a market cap of $1.67 billion, a price-to-earnings ratio of 21.92 and a beta of 0.86. First Bancorp has a one year low of $29.53 and a one year high of $50.34. The company has a fifty day simple moving average of $40.48 and a two-hundred day simple moving average of $42.02. The company has a debt-to-equity ratio of 0.06, a current ratio of 0.81 and a quick ratio of 0.81.

First Bancorp (NASDAQ:FBNC - Get Free Report) last announced its quarterly earnings results on Wednesday, April 23rd. The financial services provider reported $0.84 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.78 by $0.06. First Bancorp had a return on equity of 8.04% and a net margin of 14.19%. The business had revenue of $105.79 million for the quarter, compared to the consensus estimate of $105.81 million. As a group, equities analysts forecast that First Bancorp will post 3.27 earnings per share for the current year.

First Bancorp Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, July 25th. Stockholders of record on Monday, June 30th will be issued a $0.23 dividend. This represents a $0.92 annualized dividend and a dividend yield of 2.28%. The ex-dividend date of this dividend is Monday, June 30th. This is a boost from First Bancorp's previous quarterly dividend of $0.22. First Bancorp's payout ratio is 43.60%.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on FBNC shares. Stephens upped their price target on First Bancorp from $48.00 to $50.00 and gave the company an "overweight" rating in a report on Monday, April 28th. Keefe, Bruyette & Woods lowered their price target on First Bancorp from $51.00 to $50.00 and set an "outperform" rating on the stock in a 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. Finally, Piper Sandler started coverage on First Bancorp in a report on Tuesday, May 13th. They set a "neutral" rating and a $48.00 price target on the stock. Three equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and an average price target of $49.33.

First Bancorp 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.