Peregrine Capital Management LLC Sells 22,972 Shares of First Bancorp $FBNC

Key Points

• Peregrine Capital Management reduced its First Bancorp stake by 20.3% in the first quarter, selling 22,972 shares and leaving it with 90,336 shares valued at about $5.09 million.
• First Bancorp reported better-than-expected quarterly earnings of $1.13 per share, topping estimates by $0.04, while analysts currently rate the stock a “Moderate Buy” with an average price target of $62.95.
• The company declared a quarterly dividend of $0.24 per share, payable July 24, which annualizes to $0.96 per share and implies a 1.5% yield.

Peregrine Capital Management LLC cut its holdings in shares of First Bancorp (NASDAQ:FBNC - Free Report) by 20.3% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 90,336 shares of the financial services provider's stock after selling 22,972 shares during the quarter. Peregrine Capital Management LLC owned 0.22% of First Bancorp worth $5,090,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Royal Bank of Canada lifted its position in First Bancorp by 6.8% in the first quarter. Royal Bank of Canada now owns 43,558 shares of the financial services provider's stock valued at $1,749,000 after purchasing an additional 2,781 shares during the last quarter. AQR Capital Management LLC purchased a new stake in shares of First Bancorp in the 1st quarter worth about $318,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in First Bancorp by 5.1% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 23,935 shares of the financial services provider's stock worth $961,000 after buying an additional 1,160 shares during the period. Millennium Management LLC purchased a new position in shares of First Bancorp in the 1st quarter valued at approximately $4,046,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in First Bancorp by 6.4% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 258,671 shares of the financial services provider's stock valued at $10,383,000 after buying an additional 15,570 shares during the period. Institutional investors own 68.36% of the company's stock.

Analyst Ratings Changes

Several research firms have recently issued reports on FBNC. Keefe, Bruyette & Woods lifted their target price on shares of First Bancorp from $65.00 to $66.00 and gave the company an "outperform" rating in a report on Thursday, April 23rd. Weiss Ratings raised First Bancorp from a "buy (b-)" rating to a "buy (b)" rating in a report on Monday, May 18th. Brean Capital began coverage on First Bancorp in a research note on Monday, June 8th. They issued a "neutral" rating and a $65.75 price target for the company. Finally, Zacks Research raised First Bancorp from a "strong sell" rating to a "hold" rating in a report on Monday, March 9th. One 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's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $62.95.

First Bancorp Stock Performance

Shares of FBNC stock opened at $65.35 on Thursday. The company has a quick ratio of 0.84, a current ratio of 0.85 and a debt-to-equity ratio of 0.04. The company has a 50 day moving average price of $59.75 and a 200-day moving average price of $57.59. First Bancorp has a 52 week low of $45.04 and a 52 week high of $66.06. The firm has a market capitalization of $2.70 billion, a PE ratio of 22.30 and a beta of 0.81.

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

First Bancorp Dividend Announcement

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

Insider Buying and Selling at First Bancorp

In other news, Director Michael Goodwin Mayer sold 44,324 shares of the firm's stock in a transaction on Wednesday, May 20th. The stock was sold at an average price of $58.58, for a total value of $2,596,499.92. Following the transaction, the director directly owned 41,491 shares in the company, valued at $2,430,542.78. This trade represents a 51.65% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. 2.04% of the stock is owned by insiders.

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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