Louisiana State Employees Retirement System Invests $1.04 Million in First Bancorp $FBNC

Key Points

• Louisiana State Employees Retirement System bought 18,400 shares of First Bancorp in the first quarter, a position valued at about $1.04 million.
• First Bancorp has attracted mixed but generally positive analyst attention, with a Moderate Buy consensus and an average price target of $62.95.
• The company recently reported better-than-expected earnings of $1.13 per share and also announced a quarterly dividend of $0.24 per share, payable July 24.

Louisiana State Employees Retirement System purchased a new position in First Bancorp (NASDAQ:FBNC - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm purchased 18,400 shares of the financial services provider's stock, valued at approximately $1,037,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in FBNC. EverSource Wealth Advisors LLC grew its stake in 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 worth $32,000 after purchasing an additional 689 shares in the last quarter. First Horizon Corp raised its position in First Bancorp by 83.7% during the 4th quarter. First Horizon Corp now owns 777 shares of the financial services provider's stock valued at $39,000 after purchasing an additional 354 shares in the last quarter. Torren Management LLC purchased a new stake in shares of First Bancorp in the 4th quarter worth $41,000. Steward Partners Investment Advisory LLC lifted its holdings in shares of 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 worth $42,000 after buying an additional 381 shares during the period. Finally, Valley National Advisers Inc. purchased a new stake in shares of First Bancorp in the 4th quarter worth $49,000. Institutional investors own 68.36% of the company's stock.

Analysts Set New Price Targets

FBNC has been the topic of several research reports. Zacks Research upgraded First Bancorp from a "strong sell" rating to a "hold" rating in a research note on Monday, March 9th. Brean Capital started coverage on shares of First Bancorp in a research note on Monday, June 8th. They issued a "neutral" rating and a $65.75 price objective for the company. Weiss Ratings upgraded shares of First Bancorp from a "buy (b-)" rating to a "buy (b)" rating in a report on Monday, May 18th. Finally, Keefe, Bruyette & Woods raised their target price 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 issued a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $62.95.

First Bancorp Stock Performance

First Bancorp stock opened at $63.80 on Friday. The stock has a 50-day moving average of $59.96 and a two-hundred day moving average of $57.71. The company has a debt-to-equity ratio of 0.04, a quick ratio of 0.84 and a current ratio of 0.85. First Bancorp has a one year low of $45.04 and a one year high of $66.06. The stock has a market cap of $2.64 billion, a PE ratio of 21.77 and a beta of 0.80.

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

First Bancorp Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, July 24th. Shareholders of record on Tuesday, June 30th will be given a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a yield of 1.5%. The ex-dividend date of this dividend is Tuesday, June 30th. First Bancorp's payout ratio is currently 32.76%.

Insider Transactions at First Bancorp

In other First Bancorp news, Director Michael Goodwin Mayer sold 44,324 shares of the firm's stock in a transaction on 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 completion of the transaction, the director owned 41,491 shares of the company's stock, valued at approximately $2,430,542.78. This trade represents a 51.65% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 2.04% of the company's stock.

About First Bancorp

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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