SG Americas Securities LLC Invests $546,000 in First Bancorp (NASDAQ:FBNC)

SG Americas Securities LLC purchased a new position in First Bancorp (NASDAQ:FBNC - Free Report) during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 13,595 shares of the financial services provider's stock, valued at approximately $546,000.

Several other hedge funds have also recently added to or reduced their stakes in the business. Chatham Capital Group Inc. boosted its stake in shares of First Bancorp by 4.5% during the 1st quarter. Chatham Capital Group Inc. now owns 79,002 shares of the financial services provider's stock valued at $3,171,000 after buying an additional 3,435 shares during the period. GAMMA Investing LLC lifted its stake in shares of First Bancorp by 4,012.5% in the 1st quarter. GAMMA Investing LLC now owns 56,999 shares of the financial services provider's stock valued at $2,288,000 after purchasing an additional 55,613 shares during the last quarter. Wealth Enhancement Advisory Services LLC lifted its stake in shares of First Bancorp by 33.6% in the 4th 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 last quarter. Old North State Trust LLC acquired a new position in First Bancorp during the 4th quarter worth $3,206,000. Finally, ProShare Advisors LLC lifted its position in First Bancorp by 44.3% during the 4th quarter. ProShare Advisors LLC now owns 12,093 shares of the financial services provider's stock worth $532,000 after acquiring an additional 3,715 shares during the last quarter. Institutional investors and hedge funds own 68.36% of the company's stock.

First Bancorp Price Performance

Shares of FBNC stock traded up $0.54 during trading hours on Tuesday, reaching $42.36. 34,510 shares of the company were exchanged, compared to its average volume of 185,973. First Bancorp has a fifty-two week low of $29.53 and a fifty-two week high of $50.34. The stock's fifty day moving average is $40.85 and its two-hundred day moving average is $41.78. The company has a market cap of $1.75 billion, a price-to-earnings ratio of 20.08 and a beta of 0.87. The company has a debt-to-equity ratio of 0.06, a current ratio of 0.82 and a quick ratio of 0.82.

First Bancorp (NASDAQ:FBNC - Get Free Report) last announced its quarterly earnings data on Wednesday, April 23rd. The financial services provider reported $0.84 earnings per share for the quarter, beating the consensus estimate of $0.78 by $0.06. First Bancorp had a net margin of 16.08% and a return on equity of 8.52%. The business had revenue of $105.79 million for the quarter, compared to analyst estimates of $105.81 million. Sell-side analysts forecast that First Bancorp will post 3.27 earnings per share for the current fiscal year.

First Bancorp Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, July 25th. Shareholders of record on Monday, June 30th will be paid a $0.23 dividend. This represents a $0.92 annualized dividend and a yield of 2.17%. The ex-dividend date is Monday, June 30th. This is an increase from First Bancorp's previous quarterly dividend of $0.22. First Bancorp's dividend payout ratio is presently 41.71%.

Analysts Set New Price Targets

Several research analysts have recently issued reports on the stock. Piper Sandler initiated coverage on shares of First Bancorp in a report on Tuesday, May 13th. They set a "neutral" rating and a $48.00 price objective on the stock. Stephens upped their target price on shares of First Bancorp from $48.00 to $50.00 and gave the company an "overweight" rating in a research note on Monday, April 28th. Keefe, Bruyette & Woods lowered their target price on shares of First Bancorp from $51.00 to $50.00 and set an "outperform" rating on the stock in a research note on Thursday, April 24th. Finally, Wall Street Zen raised shares of First Bancorp from a "sell" rating to a "hold" rating in a research note on Monday, April 28th. Three analysts have rated the stock with a hold rating and two have assigned a buy rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus price target of $49.33.

First Bancorp 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.