Teacher Retirement System of Texas Acquires New Shares in First Bancorp (NASDAQ:FBNC)

Teacher Retirement System of Texas purchased a new position in First Bancorp (NASDAQ:FBNC - Free Report) in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 6,043 shares of the financial services provider's stock, valued at approximately $243,000.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Sterling Capital Management LLC raised its position in shares of 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 worth $55,000 after buying an additional 1,123 shares in the last quarter. Blue Trust Inc. bought a new stake in shares of First Bancorp in the 1st quarter valued at about $128,000. Two Sigma Securities LLC bought a new stake in shares of First Bancorp in the 4th quarter valued at about $204,000. Dynamic Technology Lab Private Ltd bought a new stake in shares of First Bancorp in the 4th quarter valued at about $236,000. Finally, Bank of Montreal Can lifted its stake in shares of First Bancorp by 7.8% in the 4th quarter. Bank of Montreal Can now owns 6,345 shares of the financial services provider's stock valued at $279,000 after acquiring an additional 460 shares during the last quarter. Hedge funds and other institutional investors own 68.36% of the company's stock.

First Bancorp Trading Down 0.4%

NASDAQ:FBNC traded down $0.17 during mid-day trading on Tuesday, reaching $47.35. 85,816 shares of the company's stock traded hands, compared to its average volume of 190,304. First Bancorp has a 12-month low of $34.50 and a 12-month high of $50.34. The company has a 50 day moving average price of $43.13 and a 200-day moving average price of $41.82. The company has a debt-to-equity ratio of 0.06, a current ratio of 0.82 and a quick ratio of 0.82. The firm has a market capitalization of $1.96 billion, a price-to-earnings ratio of 22.35 and a beta of 0.87.

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 for the quarter, topping analysts' consensus estimates of $0.78 by $0.06. First Bancorp had a return on equity of 8.52% and a net margin of 16.08%. The firm had revenue of $105.79 million for the quarter, compared to the consensus estimate of $105.81 million. On average, sell-side analysts predict that First Bancorp will post 3.27 earnings per share for the current year.

First Bancorp Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, September 12th. Shareholders of record on Thursday, August 28th will be issued a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a dividend yield of 1.52%. First Bancorp's dividend payout ratio (DPR) is 43.60%.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on FBNC shares. Stephens boosted their target price on 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 reduced their price target on First Bancorp from $51.00 to $50.00 and set an "outperform" rating on the stock in a report on Thursday, April 24th. Wall Street Zen upgraded First Bancorp from a "sell" rating to a "hold" rating in a report on Monday, April 28th. Finally, Piper Sandler assumed coverage on First Bancorp in a report on Tuesday, May 13th. They set a "neutral" rating and a $48.00 price target on the stock. Three investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to data from MarketBeat.com, First Bancorp presently has an average rating of "Hold" and a consensus target price 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.