First Bancorp (NASDAQ:FBNC) Shares Sold by Cubist Systematic Strategies LLC

Cubist Systematic Strategies LLC lowered its position in shares of First Bancorp (NASDAQ:FBNC – Get Rating) by 89.9% in the third quarter, HoldingsChannel.com reports. The firm owned 18,771 shares of the financial services provider’s stock after selling 167,164 shares during the quarter. Cubist Systematic Strategies LLC’s holdings in First Bancorp were worth $687,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of FBNC. Bessemer Group Inc. acquired a new position in shares of First Bancorp during the third quarter worth $5,833,000. Millennium Management LLC grew its stake in shares of First Bancorp by 35.5% during the second quarter. Millennium Management LLC now owns 481,185 shares of the financial services provider’s stock worth $16,793,000 after purchasing an additional 126,148 shares in the last quarter. Jennison Associates LLC grew its stake in shares of First Bancorp by 12.0% during the third quarter. Jennison Associates LLC now owns 1,122,307 shares of the financial services provider’s stock worth $41,054,000 after purchasing an additional 120,100 shares in the last quarter. Renaissance Technologies LLC grew its stake in shares of First Bancorp by 309.5% during the second quarter. Renaissance Technologies LLC now owns 141,831 shares of the financial services provider’s stock worth $4,950,000 after purchasing an additional 107,200 shares in the last quarter. Finally, Dimensional Fund Advisors LP grew its stake in shares of First Bancorp by 6.4% during the third quarter. Dimensional Fund Advisors LP now owns 1,579,545 shares of the financial services provider’s stock worth $57,780,000 after purchasing an additional 95,038 shares in the last quarter. Institutional investors and hedge funds own 69.44% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have issued reports on FBNC. StockNews.com downgraded shares of First Bancorp from a “hold” rating to a “sell” rating in a research note on Thursday, February 2nd. Piper Sandler decreased their price objective on shares of First Bancorp from $49.00 to $45.00 and set an “overweight” rating for the company in a research note on Thursday, January 26th. Finally, Raymond James decreased their price objective on shares of First Bancorp from $49.00 to $45.00 and set a “market outperform” rating for the company in a research note on Monday, January 30th.

Insider Activity

In other First Bancorp news, Director Carlie C. Mclamb, Jr. bought 655 shares of First Bancorp stock in a transaction dated Tuesday, March 7th. The stock was acquired at an average cost of $41.18 per share, with a total value of $26,972.90. Following the completion of the acquisition, the director now owns 20,414 shares of the company’s stock, valued at $840,648.52. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this link. Corporate insiders own 1.90% of the company’s stock.

First Bancorp Price Performance

Shares of NASDAQ:FBNC opened at $38.37 on Friday. The company has a 50-day simple moving average of $41.10 and a 200-day simple moving average of $41.54. First Bancorp has a one year low of $32.90 and a one year high of $49.00. The company has a debt-to-equity ratio of 0.28, a quick ratio of 0.74 and a current ratio of 0.74. The stock has a market capitalization of $1.57 billion, a price-to-earnings ratio of 9.29 and a beta of 1.09.

First Bancorp Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, January 25th. Stockholders of record on Saturday, December 31st were issued a $0.22 dividend. The ex-dividend date of this dividend was Thursday, December 29th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.29%. First Bancorp’s payout ratio is 21.36%.

First Bancorp Profile

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First Bancorp (North Carolina) operates as a bank holding company, which engages in banking activities, with the acceptance of deposits and the making of loans. It provides a range of deposit products such as checking, savings, NOW, and money market accounts, as well as time deposits, including various types of certificates of deposits and individual retirement accounts.