Jennison Associates LLC Has $54.90 Million Holdings in First Bancorp $FBNC

Key Points

• Jennison Associates LLC boosted its First Bancorp stake by 34.1% in the first quarter, ending with 974,221 shares valued at about $54.9 million, or roughly 2.35% of the company.
• First Bancorp reported quarterly earnings of $1.13 per share, topping analyst expectations, and it also announced a quarterly dividend of $0.24 per share to be paid on July 24.
• Wall Street sentiment is constructive, with analysts assigning a Moderate Buy consensus and an average price target of $65.55; Raymond James recently raised its target to $75 and reiterated a strong-buy view.

Jennison Associates LLC increased its position in First Bancorp (NASDAQ:FBNC - Free Report) by 34.1% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 974,221 shares of the financial services provider's stock after purchasing an additional 247,859 shares during the period. Jennison Associates LLC owned approximately 2.35% of First Bancorp worth $54,897,000 at the end of the most recent quarter.

Other hedge funds have also bought and sold shares of the company. EverSource Wealth Advisors LLC lifted its stake in shares of First Bancorp by 2,222.6% in the second quarter. EverSource Wealth Advisors LLC now owns 720 shares of the financial services provider's stock valued at $32,000 after buying an additional 689 shares in the last quarter. Summit Securities Group LLC bought a new stake in shares of First Bancorp during the first quarter worth about $34,000. First Horizon Corp raised its holdings in shares of First Bancorp by 83.7% in the 4th quarter. First Horizon Corp now owns 777 shares of the financial services provider's stock worth $39,000 after acquiring an additional 354 shares during the last quarter. Torren Management LLC acquired a new stake in shares of First Bancorp in the 4th quarter worth about $41,000. Finally, Steward Partners Investment Advisory LLC lifted its position in First Bancorp by 87.0% in the 4th quarter. Steward Partners Investment Advisory LLC now owns 819 shares of the financial services provider's stock valued at $42,000 after acquiring an additional 381 shares in the last quarter. Institutional investors and hedge funds own 68.36% of the company's stock.

First Bancorp Stock Performance

Shares of First Bancorp stock opened at $64.43 on Monday. The business's fifty day simple moving average is $61.00 and its 200 day simple moving average is $58.54. The firm has a market capitalization of $2.67 billion, a P/E ratio of 21.99 and a beta of 0.80. First Bancorp has a 12 month low of $45.04 and a 12 month high of $66.54. The company has a current ratio of 0.85, a quick ratio of 0.84 and a debt-to-equity ratio of 0.04.

First Bancorp (NASDAQ:FBNC - Get Free Report) last announced its earnings results on Wednesday, April 22nd. The financial services provider reported $1.13 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.09 by $0.04. The firm had revenue of $122.29 million during the quarter, compared to analyst estimates of $123.20 million. First Bancorp had a return on equity of 10.86% and a net margin of 20.59%. As a group, analysts anticipate that First Bancorp will post 4.67 EPS for the current year.

First Bancorp Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, July 24th. Investors of record on Tuesday, June 30th will be issued a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a yield of 1.5%. The ex-dividend date is Tuesday, June 30th. First Bancorp's dividend payout ratio (DPR) is 32.76%.

Insider Transactions at First Bancorp

In other First Bancorp news, Director Michael Goodwin Mayer sold 44,324 shares of First Bancorp stock in a transaction dated Wednesday, May 20th. The shares were sold at an average price of $58.58, for a total value of $2,596,499.92. Following the sale, the director owned 41,491 shares of the company's stock, valued at approximately $2,430,542.78. The trade was a 51.65% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 2.04% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages have recently commented on FBNC. Raymond James Financial increased their price objective on First Bancorp from $68.00 to $75.00 and gave the stock a "strong-buy" rating in a research note on Thursday. Weiss Ratings raised shares of First Bancorp from a "buy (b-)" rating to a "buy (b)" rating in a report on Monday, May 18th. Brean Capital assumed coverage on shares of First Bancorp in a research note on Monday, June 8th. They issued a "neutral" rating and a $65.75 target price for the company. Finally, Keefe, Bruyette & Woods raised their price target on shares of First Bancorp from $65.00 to $66.00 and gave the company an "outperform" rating in a research report on Thursday, April 23rd. One equities research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $65.55.

First Bancorp Profile

First Bancorp operates as the bank holding company for First Bank, offering a broad range of commercial and consumer banking services. Its core offerings include business lending, treasury and cash management, residential and commercial mortgage financing, and consumer deposit products. Through its subsidiary, First Bank provides online and branch-based banking solutions, including checking and savings accounts, certificate of deposits, and digital banking tools designed to meet the needs of individuals, small- to mid-sized businesses, and professional institutions.

The company maintains a network of full-service banking centers and loan production offices across North Carolina and South Carolina, with a focus on markets in the Piedmont, Sandhills and coastal regions.

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