Raymond James & Associates Buys 1,026 Shares of First Bancorp (NASDAQ:FBNC)

Raymond James & Associates grew its stake in shares of First Bancorp (NASDAQ:FBNC) by 1.5% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 69,575 shares of the financial services provider’s stock after buying an additional 1,026 shares during the period. Raymond James & Associates’ holdings in First Bancorp were worth $2,221,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. TFO Wealth Partners LLC increased its position in shares of First Bancorp by 17,233.3% during the fourth quarter. TFO Wealth Partners LLC now owns 1,560 shares of the financial services provider’s stock valued at $58,000 after buying an additional 1,551 shares during the period. SG Americas Securities LLC bought a new stake in shares of First Bancorp during the first quarter valued at about $185,000. PNC Financial Services Group Inc. increased its position in shares of First Bancorp by 5.4% during 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 buying an additional 283 shares during the period. Diversified Trust Co increased its position in shares of First Bancorp by 6.2% during the second quarter. Diversified Trust Co now owns 8,006 shares of the financial services provider’s stock valued at $256,000 after buying an additional 466 shares during the period. Finally, ProShare Advisors LLC increased its position in shares of First Bancorp by 7.4% during the first quarter. ProShare Advisors LLC now owns 8,055 shares of the financial services provider’s stock valued at $291,000 after buying an additional 553 shares during the period. 68.36% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

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

First Bancorp Stock Up 1.1 %

FBNC stock opened at $42.48 on Tuesday. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 0.07. The company’s 50 day moving average is $38.07 and its 200 day moving average is $34.64. The stock has a market cap of $1.75 billion, a price-to-earnings ratio of 15.34 and a beta of 1.03. First Bancorp has a 1-year low of $26.00 and a 1-year high of $45.41.

First Bancorp (NASDAQ:FBNC) last posted its quarterly earnings data on Wednesday, July 24th. The financial services provider reported $0.70 earnings per share for the quarter, topping the consensus estimate of $0.59 by $0.11. The company had revenue of $143.42 million for the quarter, compared to analysts’ expectations of $94.00 million. First Bancorp had a net margin of 20.17% and a return on equity of 8.39%. Sell-side analysts predict that First Bancorp will post 2.68 EPS for the current fiscal year.

First Bancorp Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, July 25th. Shareholders of record on Sunday, June 30th were paid a $0.22 dividend. This represents a $0.88 annualized dividend and a yield of 2.07%. The ex-dividend date of this dividend was Friday, June 28th. First Bancorp’s dividend payout ratio is currently 31.77%.

Insiders Place Their Bets

In other First Bancorp news, Director Mary Clara Capel sold 1,015 shares of the company’s stock in a transaction that occurred on Wednesday, June 26th. The stock was sold at an average price of $30.05, for a total value of $30,500.75. Following the completion of the sale, the director now owns 11,569 shares of the company’s stock, valued at $347,648.45. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In other First Bancorp news, Director Mason Y. Garrett sold 22,800 shares of the company’s stock in a transaction that occurred on Friday, July 26th. The stock was sold at an average price of $43.41, for a total value of $989,748.00. Following the completion of the sale, the director now owns 196,416 shares of the company’s stock, valued at $8,526,418.56. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Mary Clara Capel sold 1,015 shares of the company’s stock in a transaction that occurred on Wednesday, June 26th. The stock was sold at an average price of $30.05, for a total value of $30,500.75. Following the completion of the sale, the director now directly owns 11,569 shares of the company’s stock, valued at approximately $347,648.45. The disclosure for this sale can be found here. 3.65% of the stock is owned by insiders.

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.