Goldman Sachs Group Inc. Cuts Position in First Bancorp $FBNC

Key Points

• Goldman Sachs Group Inc. reduced its stake in First Bancorp by 69.2%, selling 363,765 shares, and now owns 162,273 shares valued at approximately $6.5 million.
• First Bancorp recently declared a $0.23 quarterly dividend, an increase from the previous $0.18, resulting in an annualized yield of 1.7%.
• Research firms have upgraded First Bancorp's stock ratings, with consensus estimates indicating an average price target of $56.67 and a Moderate Buy rating.

Goldman Sachs Group Inc. lessened its holdings in shares of First Bancorp (NASDAQ:FBNC - Free Report) by 69.2% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 162,273 shares of the financial services provider's stock after selling 363,765 shares during the period. Goldman Sachs Group Inc. owned 0.39% of First Bancorp worth $6,514,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of the business. Quantbot Technologies LP acquired a new position in First Bancorp in the 1st quarter valued at about $25,000. Northwestern Mutual Wealth Management Co. boosted its holdings in First Bancorp by 1,412.9% in the 1st quarter. Northwestern Mutual Wealth Management Co. now owns 938 shares of the financial services provider's stock valued at $38,000 after purchasing an additional 876 shares during the last quarter. Blue Trust Inc. acquired a new position in First Bancorp in the 1st quarter valued at about $128,000. Teacher Retirement System of Texas acquired a new position in First Bancorp in the 1st quarter valued at about $243,000. Finally, SageView Advisory Group LLC boosted its holdings in First Bancorp by 8.6% in the 1st quarter. SageView Advisory Group LLC now owns 6,843 shares of the financial services provider's stock valued at $275,000 after purchasing an additional 540 shares during the last quarter. Hedge funds and other institutional investors own 68.36% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on FBNC shares. Zacks Research raised shares of First Bancorp to a "strong-buy" rating in a research note on Tuesday, August 12th. Stephens boosted their price target on shares of First Bancorp from $53.00 to $57.00 and gave the company an "overweight" rating in a research note on Monday, July 28th. Piper Sandler boosted their price target on shares of First Bancorp from $48.00 to $51.00 and gave the company a "neutral" rating in a research note on Friday, August 1st. Finally, Keefe, Bruyette & Woods boosted their price target on shares of First Bancorp from $53.00 to $62.00 and gave the company an "outperform" rating in a research note on Tuesday, September 2nd. One research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and two have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $56.67.

First Bancorp Stock Performance

Shares of NASDAQ:FBNC traded down $1.04 on Friday, reaching $53.91. The company's stock had a trading volume of 103,250 shares, compared to its average volume of 214,745. The stock's 50-day moving average is $51.65 and its two-hundred day moving average is $44.60. First Bancorp has a 52-week low of $34.50 and a 52-week high of $56.45. The company has a debt-to-equity ratio of 0.06, a current ratio of 0.82 and a quick ratio of 0.82. The stock has a market capitalization of $2.23 billion, a P/E ratio of 23.04 and a beta of 1.00.

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. As a group, sell-side analysts forecast that First Bancorp will post 3.27 EPS for the current year.

First Bancorp Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Saturday, October 25th. Stockholders of record on Tuesday, September 30th will be paid a $0.23 dividend. This is a boost from First Bancorp's previous quarterly dividend of $0.18. The ex-dividend date is Tuesday, September 30th. This represents a $0.92 annualized dividend and a dividend yield of 1.7%. First Bancorp's dividend payout ratio (DPR) is 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.