Envestnet Asset Management Inc. Purchases 6,628 Shares of First Bancorp (NASDAQ:FBNC)

Envestnet Asset Management Inc. raised its position in First Bancorp (NASDAQ:FBNC) by 8.5% during the 2nd quarter, HoldingsChannel reports. The fund owned 84,596 shares of the financial services provider’s stock after buying an additional 6,628 shares during the quarter. Envestnet Asset Management Inc.’s holdings in First Bancorp were worth $2,700,000 as of its most recent SEC filing.

A number of other large investors have also recently bought and sold shares of the company. Vanguard Group Inc. lifted its position in shares of First Bancorp by 0.4% in the first quarter. Vanguard Group Inc. now owns 2,799,602 shares of the financial services provider’s stock worth $101,122,000 after purchasing an additional 10,414 shares in the last quarter. Westwood Holdings Group Inc. increased its stake in First Bancorp by 0.4% in the 1st quarter. Westwood Holdings Group Inc. now owns 1,828,306 shares of the financial services provider’s stock valued at $66,038,000 after buying an additional 6,907 shares during the last quarter. Jennison Associates LLC lifted its position in First Bancorp by 77.7% during the 1st quarter. Jennison Associates LLC now owns 1,041,332 shares of the financial services provider’s stock worth $37,613,000 after buying an additional 455,406 shares in the last quarter. William Blair Investment Management LLC boosted its stake in shares of First Bancorp by 18.4% during the 2nd quarter. William Blair Investment Management LLC now owns 802,490 shares of the financial services provider’s stock worth $25,615,000 after buying an additional 124,992 shares during the last quarter. Finally, Victory Capital Management Inc. grew its holdings in shares of First Bancorp by 4.8% in the 2nd quarter. Victory Capital Management Inc. now owns 595,953 shares of the financial services provider’s stock valued at $19,023,000 after acquiring an additional 27,244 shares in the last quarter. Institutional investors and hedge funds own 68.36% of the company’s stock.

Insiders Place Their Bets

In other news, Director Suzanne S. Deferie sold 17,750 shares of the stock in a transaction dated Friday, September 20th. The shares were sold at an average price of $43.96, for a total value of $780,290.00. Following the transaction, the director now directly owns 67,654 shares of the company’s stock, valued at $2,974,069.84. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, Director Suzanne S. Deferie sold 17,750 shares of the company’s stock in a transaction that occurred on Friday, September 20th. The stock was sold at an average price of $43.96, for a total value of $780,290.00. Following the transaction, the director now owns 67,654 shares of the company’s stock, valued at approximately $2,974,069.84. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Suzanne S. Deferie sold 2,036 shares of First Bancorp stock in a transaction that occurred on Monday, September 23rd. The stock was sold at an average price of $43.77, for a total value of $89,115.72. Following the sale, the director now directly owns 65,618 shares of the company’s stock, valued at approximately $2,872,099.86. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 42,586 shares of company stock valued at $1,859,154 over the last ninety days. 3.65% of the stock is currently owned by company insiders.

Analyst Ratings Changes

FBNC has been the topic of several analyst reports. StockNews.com lowered First Bancorp from a “hold” rating to a “sell” rating in a report on Saturday, September 7th. Keefe, Bruyette & Woods upped their price objective on First Bancorp from $40.00 to $45.00 and gave the stock an “outperform” rating in a research note on Thursday, July 25th.

First Bancorp Stock Performance

Shares of FBNC opened at $41.73 on Friday. The company has a market cap of $1.72 billion, a PE ratio of 15.06 and a beta of 1.03. The firm has a 50-day moving average of $41.26 and a 200-day moving average of $35.88. First Bancorp has a one year low of $26.00 and a one year high of $45.41. The company has a debt-to-equity ratio of 0.07, a current ratio of 0.82 and a quick ratio of 0.82.

First Bancorp (NASDAQ:FBNC) last posted its quarterly earnings results on Wednesday, July 24th. The financial services provider reported $0.70 EPS for the quarter, topping analysts’ consensus estimates of $0.59 by $0.11. The business had revenue of $143.42 million during the quarter, compared to analysts’ expectations of $94.00 million. First Bancorp had a return on equity of 8.39% and a net margin of 20.17%. As a group, equities analysts forecast that First Bancorp will post 2.68 earnings per share for the current year.

First Bancorp Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 25th. Shareholders of record on Monday, September 30th will be issued a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a yield of 2.11%. The ex-dividend date of this dividend is Monday, September 30th. First Bancorp’s dividend payout ratio is 31.77%.

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.