GAMMA Investing LLC Buys 253 Shares of First Bancorp (NASDAQ:FBNC)

GAMMA Investing LLC raised its stake in First Bancorp (NASDAQ:FBNC) by 22.3% during the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 1,386 shares of the financial services provider’s stock after buying an additional 253 shares during the period. GAMMA Investing LLC’s holdings in First Bancorp were worth $61,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. Franklin Resources Inc. increased its stake in shares of First Bancorp by 20.0% in the third quarter. Franklin Resources Inc. now owns 1,784,208 shares of the financial services provider’s stock valued at $77,649,000 after buying an additional 297,144 shares during the period. Systematic Financial Management LP bought a new position in First Bancorp during the 3rd quarter worth approximately $562,000. Geode Capital Management LLC lifted its position in shares of First Bancorp by 1.3% in the 3rd quarter. Geode Capital Management LLC now owns 976,680 shares of the financial services provider’s stock worth $40,628,000 after purchasing an additional 12,922 shares during the period. Jane Street Group LLC increased its position in shares of First Bancorp by 85.3% during the third quarter. Jane Street Group LLC now owns 69,408 shares of the financial services provider’s stock worth $2,887,000 after buying an additional 31,953 shares during the period. Finally, Natixis Advisors LLC acquired a new stake in shares of First Bancorp during the third quarter worth $1,275,000. Institutional investors own 68.36% of the company’s stock.

First Bancorp Price Performance

Shares of NASDAQ FBNC opened at $40.96 on Monday. The firm has a market capitalization of $1.69 billion, a P/E ratio of 16.52 and a beta of 1.05. The firm’s 50-day moving average price is $45.65 and its 200-day moving average price is $42.02. The company has a current ratio of 0.83, a quick ratio of 0.82 and a debt-to-equity ratio of 0.06. First Bancorp has a 1-year low of $29.53 and a 1-year high of $50.34.

First Bancorp (NASDAQ:FBNC) last released its quarterly earnings data on Wednesday, October 23rd. The financial services provider reported $0.70 earnings per share for the quarter, hitting the consensus estimate of $0.70. The firm had revenue of $144.99 million for the quarter, compared to the consensus estimate of $97.00 million. First Bancorp had a net margin of 17.98% and a return on equity of 8.00%. Equities research analysts anticipate that First Bancorp will post 2.72 earnings per share for the current fiscal year.

First Bancorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Saturday, January 25th. Stockholders of record on Tuesday, December 31st will be paid a $0.22 dividend. This represents a $0.88 annualized dividend and a dividend yield of 2.15%. The ex-dividend date of this dividend is Tuesday, December 31st. First Bancorp’s dividend payout ratio (DPR) is presently 35.48%.

Analysts Set New Price Targets

Several research firms recently issued reports on FBNC. Keefe, Bruyette & Woods boosted their target price on shares of First Bancorp from $49.00 to $56.00 and gave the company an “outperform” rating in a report on Wednesday, December 4th. StockNews.com lowered shares of First Bancorp from a “hold” rating to a “sell” rating in a research note on Thursday, October 24th.

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.