Peregrine Capital Management LLC Buys 9,992 Shares of First Bancorp (NASDAQ:FBNC)

Peregrine Capital Management LLC lifted its stake in shares of First Bancorp (NASDAQ:FBNC - Free Report) by 7.4% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 144,730 shares of the financial services provider's stock after purchasing an additional 9,992 shares during the period. Peregrine Capital Management LLC owned 0.35% of First Bancorp worth $5,809,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. Sterling Capital Management LLC lifted its holdings in First Bancorp by 807.9% in the fourth quarter. Sterling Capital Management LLC now owns 1,262 shares of the financial services provider's stock valued at $55,000 after acquiring an additional 1,123 shares during the last quarter. Blue Trust Inc. purchased a new stake in First Bancorp in the first quarter valued at approximately $128,000. Two Sigma Securities LLC purchased a new stake in First Bancorp in the fourth quarter valued at approximately $204,000. Dynamic Technology Lab Private Ltd purchased a new stake in First Bancorp in the fourth quarter valued at approximately $236,000. Finally, Bank of Montreal Can raised its position in First Bancorp by 7.8% in the fourth quarter. Bank of Montreal Can now owns 6,345 shares of the financial services provider's stock valued at $279,000 after purchasing an additional 460 shares during the period. 68.36% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

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

First Bancorp Stock Up 2.8%

Shares of FBNC traded up $1.29 during midday trading on Wednesday, hitting $46.85. The company had a trading volume of 271,826 shares, compared to its average volume of 190,568. The company's 50 day moving average price is $41.77 and its 200 day moving average price is $41.68. The stock has a market cap of $1.94 billion, a price-to-earnings ratio of 22.20 and a beta of 0.87. First Bancorp has a 52 week low of $31.55 and a 52 week high of $50.34. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 0.06.

First Bancorp (NASDAQ:FBNC - Get Free Report) last posted its 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. The firm had revenue of $105.79 million during the quarter, compared to analyst estimates of $105.81 million. First Bancorp had a net margin of 16.08% and a return on equity of 8.52%. On average, equities research analysts predict that First Bancorp will post 3.27 EPS for the current year.

First Bancorp Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, July 25th. Stockholders of record on Monday, June 30th will be issued a dividend of $0.23 per share. The ex-dividend date of this dividend is Monday, June 30th. This represents a $0.92 dividend on an annualized basis and a dividend yield of 1.96%. This is a positive change from First Bancorp's previous quarterly dividend of $0.22. First Bancorp's payout ratio is currently 43.60%.

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.