Universal Beteiligungs und Servicegesellschaft mbH Makes New $1.34 Million Investment in First Bancorp (NASDAQ:FBNC)

Key Points

• Universal Beteiligungs und Servicegesellschaft mbH acquired a new stake in First Bancorp, purchasing 33,259 shares valued at approximately $1,335,000, representing about 0.08% of the company's stock.
• Several institutional investors, including Bank of Montreal Can and DAVENPORT & Co LLC, have increased their stakes in First Bancorp, indicating strong institutional interest in the company.
• First Bancorp recently cut its dividend to $0.18 per share, resulting in a 1.5% dividend yield, with stakeholders expecting an EPS of 3.27 for the current fiscal year.

Universal Beteiligungs und Servicegesellschaft mbH purchased a new position in First Bancorp (NASDAQ:FBNC - Free Report) in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 33,259 shares of the financial services provider's stock, valued at approximately $1,335,000. Universal Beteiligungs und Servicegesellschaft mbH owned approximately 0.08% of First Bancorp at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of the stock. Sterling Capital Management LLC boosted its stake in First Bancorp by 807.9% during 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 First Bancorp during the 1st quarter worth 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 acquired a new position in shares of First Bancorp in the 4th quarter valued at approximately $236,000. Finally, Teacher Retirement System of Texas acquired a new position in First Bancorp during the 1st quarter worth approximately $243,000. 68.36% of the stock is owned by institutional investors and hedge funds.

First Bancorp Price Performance

Shares of NASDAQ:FBNC traded up $0.67 on Monday, hitting $49.03. The company's stock had a trading volume of 58,617 shares, compared to its average volume of 211,046. 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 company has a market capitalization of $2.03 billion, a PE ratio of 20.95 and a beta of 0.96. The company has a 50-day simple moving average of $44.59 and a 200 day simple moving average of $42.29. First Bancorp has a 1 year low of $34.50 and a 1 year high of $52.12.

First Bancorp (NASDAQ:FBNC - Get Free Report) last released its quarterly earnings data on Wednesday, July 23rd. The financial services provider reported $0.93 earnings per share for the quarter, topping the consensus estimate of $0.88 by $0.05. The business had revenue of $111.02 million during the quarter, compared to analysts' expectations of $109.22 million. First Bancorp had a return on equity of 8.96% and a net margin of 17.65%. Sell-side analysts forecast that First Bancorp will post 3.27 EPS for the current fiscal year.

First Bancorp Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 12th. Investors of record on Thursday, August 28th will be issued a $0.18 dividend. This represents a $0.72 annualized dividend and a dividend yield of 1.5%. First Bancorp's payout ratio is currently 39.32%.

Wall Street Analyst Weigh In

FBNC has been the subject of several recent analyst reports. Keefe, Bruyette & Woods increased their price objective on First Bancorp from $50.00 to $53.00 and gave the company an "outperform" rating in a report on Thursday, July 24th. Stephens reissued an "overweight" rating and set a $57.00 target price (up from $53.00) on shares of First Bancorp in a report on Monday, July 28th. Piper Sandler raised their price objective on First Bancorp from $48.00 to $51.00 and gave the company a "neutral" rating in a research note on Friday. Finally, Wall Street Zen raised First Bancorp from a "sell" rating to a "hold" rating in a research note on Monday, April 28th. Three equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company's stock. According to MarketBeat, First Bancorp presently has an average rating of "Hold" and an average price target of $53.67.

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.