Shell Asset Management Co. Has $391,000 Holdings in First Bancorp (NASDAQ:FBNC)

Shell Asset Management Co. lessened its holdings in shares of First Bancorp (NASDAQ:FBNCGet Rating) by 12.9% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 9,361 shares of the financial services provider’s stock after selling 1,385 shares during the period. Shell Asset Management Co.’s holdings in First Bancorp were worth $391,000 as of its most recent filing with the SEC.

Other hedge funds also recently modified their holdings of the company. Principal Financial Group Inc. lifted its holdings in shares of First Bancorp by 18.3% during the fourth quarter. Principal Financial Group Inc. now owns 230,184 shares of the financial services provider’s stock worth $10,524,000 after purchasing an additional 35,548 shares during the period. Allspring Global Investments Holdings LLC acquired a new position in First Bancorp in the fourth quarter valued at $883,000. New York State Common Retirement Fund lifted its holdings in First Bancorp by 9.6% in the fourth quarter. New York State Common Retirement Fund now owns 24,643 shares of the financial services provider’s stock valued at $1,127,000 after buying an additional 2,161 shares during the period. New York State Teachers Retirement System lifted its holdings in First Bancorp by 3.0% in the first quarter. New York State Teachers Retirement System now owns 10,255 shares of the financial services provider’s stock valued at $428,000 after buying an additional 300 shares during the period. Finally, Nordea Investment Management AB acquired a new position in First Bancorp in the first quarter valued at $2,510,000. Institutional investors and hedge funds own 68.57% of the company’s stock.

First Bancorp Trading Down 0.2 %

NASDAQ:FBNC opened at $36.21 on Friday. The company has a debt-to-equity ratio of 0.06, a current ratio of 0.71 and a quick ratio of 0.70. The firm has a 50-day moving average of $35.84 and a 200-day moving average of $39.58. The company has a market cap of $1.29 billion, a PE ratio of 11.14 and a beta of 1.15. First Bancorp has a one year low of $32.90 and a one year high of $50.92.

First Bancorp (NASDAQ:FBNCGet Rating) last posted its earnings results on Wednesday, July 27th. The financial services provider reported $1.04 EPS for the quarter, topping the consensus estimate of $1.02 by $0.02. First Bancorp had a net margin of 29.83% and a return on equity of 11.20%. As a group, equities research analysts expect that First Bancorp will post 3.82 EPS for the current fiscal year.

First Bancorp Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, July 25th. Stockholders of record on Thursday, June 30th were given a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a dividend yield of 2.43%. The ex-dividend date was Wednesday, June 29th. First Bancorp’s payout ratio is presently 27.08%.

Analysts Set New Price Targets

FBNC has been the topic of several recent analyst reports. DA Davidson lowered shares of First Bancorp from a “buy” rating to a “neutral” rating and dropped their target price for the company from $43.00 to $42.00 in a report on Monday. Raymond James upped their price objective on shares of First Bancorp from $40.00 to $43.00 and gave the company an “outperform” rating in a report on Monday.

Insider Transactions at First Bancorp

In other news, Director Dexter V. Perry acquired 973 shares of First Bancorp stock in a transaction on Wednesday, June 29th. The stock was acquired at an average cost of $34.78 per share, with a total value of $33,840.94. Following the transaction, the director now owns 3,485 shares of the company’s stock, valued at approximately $121,208.30. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, Director Dexter V. Perry acquired 973 shares of the firm’s stock in a transaction on Wednesday, June 29th. The stock was purchased at an average price of $34.78 per share, for a total transaction of $33,840.94. Following the purchase, the director now owns 3,485 shares in the company, valued at approximately $121,208.30. The purchase was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Carlie C. Mclamb, Jr. acquired 1,238 shares of the firm’s stock in a transaction on Monday, May 16th. The stock was purchased at an average price of $35.99 per share, with a total value of $44,555.62. Following the purchase, the director now owns 21,838 shares in the company, valued at approximately $785,949.62. The disclosure for this purchase can be found here. 1.90% of the stock is currently owned by insiders.

About First Bancorp

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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 primarily in North Carolina and northeastern South Carolina. It accepts deposit products, such as checking, savings, and money market accounts, as well as time deposits, including certificate of deposits and individual retirement accounts.

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Institutional Ownership by Quarter for First Bancorp (NASDAQ:FBNC)

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