Universal Beteiligungs und Servicegesellschaft mbH Acquires Shares of 33,259 First Bancorp (NASDAQ:FBNC)

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

Other hedge funds also recently bought and sold shares of the company. Sterling Capital Management LLC raised its stake in shares of First Bancorp by 807.9% in the 4th quarter. Sterling Capital Management LLC now owns 1,262 shares of the financial services provider's stock valued at $55,000 after acquiring an additional 1,123 shares in the last quarter. Blue Trust Inc. bought a new position in shares of First Bancorp in the 1st quarter valued at approximately $128,000. Two Sigma Securities LLC bought a new position in shares of First Bancorp in the 4th quarter valued at approximately $204,000. Dynamic Technology Lab Private Ltd bought a new position in shares of First Bancorp in the 4th quarter valued at approximately $236,000. Finally, Teacher Retirement System of Texas bought a new position in shares of First Bancorp in the 1st quarter valued at approximately $243,000. 68.36% of the stock is owned by institutional investors and hedge funds.

First Bancorp Stock Performance

Shares of NASDAQ:FBNC traded down $1.73 during trading on Friday, hitting $48.36. 355,623 shares of the stock were exchanged, compared to its average volume of 322,584. First Bancorp has a 1-year low of $34.50 and a 1-year high of $52.12. The company has a market capitalization of $2.00 billion, a price-to-earnings ratio of 20.67 and a beta of 0.96. The company's fifty day simple moving average is $44.59 and its 200-day simple moving average is $42.30. The company has a debt-to-equity ratio of 0.06, a quick ratio of 0.82 and a current ratio of 0.82.

First Bancorp (NASDAQ:FBNC - Get Free Report) last announced 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. First Bancorp had a return on equity of 8.96% and a net margin of 17.65%. The company had revenue of $111.02 million for the quarter, compared to analyst estimates of $109.22 million. Sell-side analysts expect that First Bancorp will post 3.27 EPS for the current fiscal year.

First Bancorp Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, September 12th. Investors of record on Thursday, August 28th will be given a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a dividend yield of 1.5%. First Bancorp's dividend payout ratio (DPR) is presently 39.32%.

Wall Street Analyst Weigh In

A number of analysts have issued reports on FBNC shares. Piper Sandler raised their target price on First Bancorp from $48.00 to $51.00 and gave the company a "neutral" rating in a report on Friday. Wall Street Zen raised First Bancorp from a "sell" rating to a "hold" rating in a report on Monday, April 28th. Keefe, Bruyette & Woods raised their target price on First Bancorp from $50.00 to $53.00 and gave the company an "outperform" rating in a report on Thursday, July 24th. Finally, Stephens raised their target price on First Bancorp from $53.00 to $57.00 and gave the company an "overweight" rating in a report on Monday. Three research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to MarketBeat, the company 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.