GAMMA Investing LLC Cuts Stock Position in First Bancorp (NASDAQ:FBNC)

GAMMA Investing LLC decreased its holdings in First Bancorp (NASDAQ:FBNC) by 26.0% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 1,448 shares of the financial services provider’s stock after selling 509 shares during the quarter. GAMMA Investing LLC’s holdings in First Bancorp were worth $52,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. TFO Wealth Partners LLC lifted its holdings in First Bancorp by 17,233.3% during the 4th quarter. TFO Wealth Partners LLC now owns 1,560 shares of the financial services provider’s stock worth $58,000 after buying an additional 1,551 shares in the last quarter. PNC Financial Services Group Inc. boosted its holdings in First Bancorp by 5.4% in the fourth quarter. PNC Financial Services Group Inc. now owns 5,562 shares of the financial services provider’s stock valued at $206,000 after purchasing an additional 283 shares during the period. Everence Capital Management Inc. acquired a new position in First Bancorp during the 4th quarter worth $213,000. Wagner Wealth Management LLC purchased a new stake in First Bancorp during the 4th quarter worth about $240,000. Finally, Handelsbanken Fonder AB acquired a new stake in First Bancorp in the 4th quarter valued at about $253,000. Institutional investors and hedge funds own 68.36% of the company’s stock.

Analyst Ratings Changes

Separately, StockNews.com downgraded First Bancorp from a “hold” rating to a “sell” rating in a research report on Thursday, April 25th.

First Bancorp Stock Performance

NASDAQ:FBNC opened at $30.47 on Tuesday. First Bancorp has a 12 month low of $26.00 and a 12 month high of $38.51. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.81 and a quick ratio of 0.81. The firm has a market capitalization of $1.25 billion, a PE ratio of 11.00 and a beta of 1.02. The business’s fifty day moving average price is $31.43 and its 200 day moving average price is $33.78.

First Bancorp (NASDAQ:FBNC) last released its quarterly earnings data on Wednesday, April 24th. The financial services provider reported $0.61 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.64 by ($0.03). First Bancorp had a return on equity of 8.62% and a net margin of 20.58%. The business had revenue of $92.17 million for the quarter, compared to analyst estimates of $96.12 million. On average, sell-side analysts anticipate that First Bancorp will post 2.53 earnings per share for the current fiscal year.

First Bancorp Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, July 25th. Shareholders of record on Sunday, June 30th will be paid a $0.22 dividend. The ex-dividend date of this dividend is Friday, June 28th. This represents a $0.88 annualized dividend and a yield of 2.89%. First Bancorp’s dividend payout ratio is currently 31.77%.

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. 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.