Rhumbline Advisers Cuts Stake in First Bancorp $FBNC

Key Points

• Rhumbline Advisers has reduced its stake in First Bancorp by 4.3%, owning 119,200 shares valued at approximately $4.785 million.
• First Bancorp announced a quarterly dividend increase to $0.23 per share, up from the previous $0.18, with a yield of 1.7%.
• Wall Street analysts are optimistic about First Bancorp, with several upgrading their price targets and giving the stock a consensus rating of "Moderate Buy" and a price target of $56.67.

Rhumbline Advisers lowered its holdings in First Bancorp (NASDAQ:FBNC - Free Report) by 4.3% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 119,200 shares of the financial services provider's stock after selling 5,341 shares during the quarter. Rhumbline Advisers owned 0.29% of First Bancorp worth $4,785,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in FBNC. Deutsche Bank AG grew its position in First Bancorp by 52.2% during the fourth quarter. Deutsche Bank AG now owns 35,579 shares of the financial services provider's stock valued at $1,564,000 after buying an additional 12,202 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in shares of First Bancorp by 3.5% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 22,775 shares of the financial services provider's stock valued at $1,001,000 after purchasing an additional 778 shares during the period. ProShare Advisors LLC grew its position in shares of First Bancorp by 44.3% in the fourth quarter. ProShare Advisors LLC now owns 12,093 shares of the financial services provider's stock valued at $532,000 after purchasing an additional 3,715 shares during the period. Old North State Trust LLC acquired a new stake in shares of First Bancorp in the fourth quarter valued at about $3,206,000. Finally, Wealth Enhancement Advisory Services LLC grew its position in shares of First Bancorp by 33.6% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 26,703 shares of the financial services provider's stock valued at $1,174,000 after purchasing an additional 6,709 shares during the period. Institutional investors and hedge funds own 68.36% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on FBNC. Stephens boosted their price target on shares of First Bancorp from $53.00 to $57.00 and gave the stock an "overweight" rating in a research report on Monday, July 28th. Zacks Research upgraded shares of First Bancorp to a "strong-buy" rating in a research report on Tuesday, August 12th. Piper Sandler boosted their price target on shares of First Bancorp from $48.00 to $51.00 and gave the stock a "neutral" rating in a research report 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 stock an "outperform" rating in a research report on Tuesday, September 2nd. One analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat.com, First Bancorp currently has an average rating of "Moderate Buy" and a consensus target price of $56.67.

First Bancorp Trading Up 3.5%

NASDAQ:FBNC traded up $1.85 on Thursday, hitting $54.94. The stock had a trading volume of 223,932 shares, compared to its average volume of 203,206. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 0.06. The stock has a market cap of $2.28 billion, a price-to-earnings ratio of 23.48 and a beta of 1.00. The company has a fifty day moving average price of $51.65 and a two-hundred day moving average price of $44.60. First Bancorp has a 1-year low of $34.50 and a 1-year high of $56.45.

First Bancorp (NASDAQ:FBNC - Get Free Report) last posted its earnings results on Wednesday, July 23rd. The financial services provider reported $0.93 earnings per share for the quarter, beating the consensus estimate of $0.88 by $0.05. The company had revenue of $111.02 million for the quarter, compared to analyst estimates of $109.22 million. First Bancorp had a net margin of 17.65% and a return on equity of 8.96%. Equities research analysts expect that First Bancorp will post 3.27 earnings per share for the current fiscal year.

First Bancorp Increases Dividend

The business also recently declared 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 positive change from First Bancorp's previous quarterly dividend of $0.18. The ex-dividend date of this dividend is Tuesday, September 30th. This represents a $0.92 dividend on an annualized basis and a dividend yield of 1.7%. First Bancorp's payout ratio is presently 39.32%.

About First Bancorp

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.