First Bancorp (NASDAQ:FBNC) Holdings Trimmed by Comerica Bank

Comerica Bank lowered its holdings in First Bancorp (NASDAQ:FBNCGet Rating) by 7.6% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 27,211 shares of the financial services provider’s stock after selling 2,250 shares during the period. Comerica Bank owned approximately 0.08% of First Bancorp worth $1,119,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of FBNC. Wipfli Financial Advisors LLC acquired a new position in First Bancorp during the third quarter valued at $63,000. Point72 Hong Kong Ltd purchased a new position in First Bancorp during the 2nd quarter valued at about $85,000. Asset Dedication LLC acquired a new position in shares of First Bancorp in the 3rd quarter valued at about $106,000. Mutual of America Capital Management LLC lifted its position in shares of First Bancorp by 16.6% in the second quarter. Mutual of America Capital Management LLC now owns 5,806 shares of the financial services provider’s stock worth $203,000 after purchasing an additional 826 shares in the last quarter. Finally, Jane Street Group LLC acquired a new stake in shares of First Bancorp during the second quarter worth approximately $214,000. Institutional investors and hedge funds own 69.44% of the company’s stock.

Insider Activity

In related news, Director Carlie C. Mclamb, Jr. bought 928 shares of First Bancorp stock in a transaction that occurred on Friday, November 11th. The stock was purchased at an average cost of $46.40 per share, for a total transaction of $43,059.20. Following the acquisition, the director now owns 12,213 shares in the company, valued at $566,683.20. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. 1.90% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of equities research analysts have issued reports on the stock. upgraded shares of First Bancorp from a “sell” rating to a “hold” rating in a research report on Thursday, October 20th. Raymond James boosted their target price on First Bancorp from $41.00 to $49.00 and gave the company an “outperform” rating in a research note on Monday, October 31st.

First Bancorp Stock Performance

FBNC stock opened at $39.81 on Wednesday. The firm has a 50 day moving average of $44.05 and a two-hundred day moving average of $40.60. First Bancorp has a 12 month low of $32.90 and a 12 month high of $49.00. The company has a market capitalization of $1.42 billion, a price-to-earnings ratio of 11.92 and a beta of 1.14. The company has a quick ratio of 0.73, a current ratio of 0.73 and a debt-to-equity ratio of 0.23.

First Bancorp (NASDAQ:FBNCGet Rating) last released its quarterly earnings data on Wednesday, October 26th. The financial services provider reported $1.06 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.98 by $0.08. The business had revenue of $102.25 million during the quarter, compared to analyst estimates of $91.27 million. First Bancorp had a net margin of 30.32% and a return on equity of 12.00%. As a group, equities analysts anticipate that First Bancorp will post 4.07 EPS for the current fiscal year.

First Bancorp Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, January 25th. Stockholders of record on Saturday, December 31st will be paid a dividend of $0.22 per share. The ex-dividend date of this dividend is Thursday, December 29th. This represents a $0.88 annualized dividend and a dividend yield of 2.21%. First Bancorp’s dividend payout ratio (DPR) is presently 26.35%.

First Bancorp Profile

(Get Rating)

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.

Further Reading

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

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