Raymond James & Associates Has $2.41 Million Position in First Bancorp (NASDAQ:FBNC)

Raymond James & Associates lowered its stake in First Bancorp (NASDAQ:FBNC) by 0.5% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 65,048 shares of the financial services provider’s stock after selling 328 shares during the period. Raymond James & Associates owned 0.16% of First Bancorp worth $2,407,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Illinois Municipal Retirement Fund acquired a new stake in shares of First Bancorp in the third quarter valued at approximately $683,000. Charles Schwab Investment Management Inc. lifted its stake in shares of First Bancorp by 4.9% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 400,597 shares of the financial services provider’s stock valued at $11,273,000 after purchasing an additional 18,567 shares during the period. Great Lakes Advisors LLC lifted its stake in shares of First Bancorp by 89.3% in the 3rd quarter. Great Lakes Advisors LLC now owns 44,278 shares of the financial services provider’s stock valued at $1,246,000 after purchasing an additional 20,888 shares during the period. Kennedy Capital Management LLC acquired a new position in shares of First Bancorp in the 3rd quarter valued at $490,000. Finally, Trexquant Investment LP acquired a new position in shares of First Bancorp in the 3rd quarter valued at $327,000. Institutional investors and hedge funds own 68.36% of the company’s stock.

Wall Street Analyst Weigh In

Separately, StockNews.com raised First Bancorp from a “sell” rating to a “hold” rating in a research note on Monday, April 1st.

First Bancorp Stock Performance

Shares of First Bancorp stock opened at $31.80 on Tuesday. The company has a market capitalization of $1.31 billion, a PE ratio of 12.57 and a beta of 1.00. First Bancorp has a 12 month low of $26.00 and a 12 month high of $38.51. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.46. The stock’s fifty day simple moving average is $34.44 and its 200 day simple moving average is $33.20.

First Bancorp (NASDAQ:FBNC) last issued its quarterly earnings data on Wednesday, January 24th. The financial services provider reported $0.72 EPS for the quarter, topping the consensus estimate of $0.66 by $0.06. The business had revenue of $97.03 million for the quarter, compared to the consensus estimate of $99.63 million. First Bancorp had a return on equity of 7.97% and a net margin of 19.06%. On average, research analysts predict that First Bancorp will post 2.7 EPS for the current year.

First Bancorp Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, April 25th. Shareholders of record on Sunday, March 31st will be issued a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a yield of 2.77%. The ex-dividend date is Wednesday, March 27th. First Bancorp’s dividend payout ratio (DPR) is presently 34.78%.

First Bancorp 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.