First Bancorp (NASDAQ:FBNC) Shares Bought by Bank of New York Mellon Corp

Bank of New York Mellon Corp increased its stake in First Bancorp (NASDAQ:FBNC) by 3.9% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 198,867 shares of the financial services provider’s stock after buying an additional 7,483 shares during the quarter. Bank of New York Mellon Corp owned about 0.67% of First Bancorp worth $6,495,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently modified their holdings of FBNC. Vaughan Nelson Investment Management L.P. bought a new stake in First Bancorp in the fourth quarter worth $34,515,000. BlackRock Inc. lifted its position in First Bancorp by 9.7% in the third quarter. BlackRock Inc. now owns 2,112,497 shares of the financial services provider’s stock worth $85,579,000 after buying an additional 187,396 shares during the last quarter. Macquarie Group Ltd. lifted its position in shares of First Bancorp by 14.6% during the third quarter. Macquarie Group Ltd. now owns 884,107 shares of the financial services provider’s stock worth $35,815,000 after purchasing an additional 112,361 shares during the last quarter. Peregrine Capital Management LLC lifted its position in shares of First Bancorp by 66.8% during the fourth quarter. Peregrine Capital Management LLC now owns 235,913 shares of the financial services provider’s stock worth $7,705,000 after purchasing an additional 94,510 shares during the last quarter. Finally, Dimensional Fund Advisors LP lifted its position in shares of First Bancorp by 5.0% during the third quarter. Dimensional Fund Advisors LP now owns 1,488,250 shares of the financial services provider’s stock worth $60,288,000 after purchasing an additional 70,394 shares during the last quarter. Institutional investors own 66.54% of the company’s stock.

Shares of NASDAQ:FBNC traded up $1.15 on Friday, hitting $39.18. 251,971 shares of the company’s stock were exchanged, compared to its average volume of 102,838. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.53. The company has a market cap of $1.16 billion, a price-to-earnings ratio of 13.02, a price-to-earnings-growth ratio of 2.83 and a beta of 1.26. First Bancorp has a 12 month low of $30.50 and a 12 month high of $43.14.

First Bancorp (NASDAQ:FBNC) last released its quarterly earnings data on Tuesday, April 23rd. The financial services provider reported $0.75 earnings per share for the quarter, beating the consensus estimate of $0.71 by $0.04. The firm had revenue of $68.24 million during the quarter, compared to the consensus estimate of $67.41 million. First Bancorp had a return on equity of 12.22% and a net margin of 30.44%. As a group, equities research analysts predict that First Bancorp will post 3.04 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which was paid on Thursday, April 25th. Investors of record on Sunday, March 31st were issued a $0.12 dividend. This is an increase from First Bancorp’s previous quarterly dividend of $0.10. This represents a $0.48 annualized dividend and a dividend yield of 1.23%. The ex-dividend date was Thursday, March 28th. First Bancorp’s payout ratio is presently 15.95%.

FBNC has been the subject of several research analyst reports. Zacks Investment Research downgraded First Bancorp from a “hold” rating to a “sell” rating in a research report on Tuesday, January 8th. FIG Partners upgraded First Bancorp from a “market perform” rating to an “outperform” rating in a research report on Thursday, January 24th. Brean Capital set a $42.00 target price on First Bancorp and gave the stock a “buy” rating in a research report on Friday, January 25th. BidaskClub upgraded First Bancorp from a “hold” rating to a “buy” rating in a research report on Friday, February 22nd. Finally, Sandler O’Neill upgraded First Bancorp from a “hold” rating to a “buy” rating in a research report on Monday, March 25th. Five investment analysts have rated the stock with a hold rating and five have given a buy rating to the stock. First Bancorp currently has an average rating of “Buy” and an average price target of $41.80.

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About First Bancorp

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 certificates of deposit and individual retirement accounts.

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

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