Bank of New York Mellon Corp Purchases 16,795 Shares of First Bancorp (NASDAQ:FBNC)
Bank of New York Mellon Corp boosted its position in shares of First Bancorp (NASDAQ:FBNC) by 12.0% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 157,128 shares of the financial services provider’s stock after buying an additional 16,795 shares during the period. Bank of New York Mellon Corp owned 0.71% of First Bancorp worth $4,603,000 as of its most recent SEC filing.
Other hedge funds have also recently bought and sold shares of the company. Dimensional Fund Advisors LP raised its stake in First Bancorp by 7.8% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,062,674 shares of the financial services provider’s stock worth $28,841,000 after buying an additional 76,554 shares in the last quarter. Highbridge Capital Management LLC purchased a new stake in First Bancorp during the fourth quarter worth about $300,000. Dalton Greiner Hartman Maher & Co. raised its stake in First Bancorp by 0.4% in the first quarter. Dalton Greiner Hartman Maher & Co. now owns 73,448 shares of the financial services provider’s stock worth $2,151,000 after buying an additional 273 shares in the last quarter. Renaissance Technologies LLC raised its stake in First Bancorp by 91.0% in the fourth quarter. Renaissance Technologies LLC now owns 589,800 shares of the financial services provider’s stock worth $16,007,000 after buying an additional 281,000 shares in the last quarter. Finally, Russell Investments Group Ltd. purchased a new stake in First Bancorp during the fourth quarter worth about $1,097,000. Institutional investors own 58.77% of the company’s stock.
Shares of First Bancorp (NASDAQ:FBNC) remained flat at $31.59 during mid-day trading on Friday. The company’s stock had a trading volume of 62,716 shares. The firm has a 50-day moving average of $31.14 and a 200-day moving average of $29.81. The stock has a market capitalization of $779.58 million, a PE ratio of 21.98 and a beta of 1.18. First Bancorp has a 52 week low of $18.21 and a 52 week high of $32.99.
First Bancorp (NASDAQ:FBNC) last issued its earnings results on Tuesday, July 25th. The financial services provider reported $0.45 EPS for the quarter, beating analysts’ consensus estimates of $0.43 by $0.02. The business had revenue of $51.79 million during the quarter, compared to analyst estimates of $49.49 million. First Bancorp had a return on equity of 8.23% and a net margin of 17.52%. Analysts forecast that First Bancorp will post $1.86 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Tuesday, July 25th. Investors of record on Friday, June 30th were paid a $0.08 dividend. The ex-dividend date of this dividend was Wednesday, June 28th. This represents a $0.32 dividend on an annualized basis and a dividend yield of 1.01%. First Bancorp’s payout ratio is 22.54%.
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A number of analysts recently issued reports on the stock. Zacks Investment Research upgraded shares of First Bancorp from a “hold” rating to a “buy” rating and set a $34.00 price target for the company in a research note on Monday, May 1st. Brean Capital set a $33.00 price target on shares of First Bancorp and gave the stock a “buy” rating in a research note on Wednesday, July 26th. ValuEngine upgraded shares of First Bancorp from a “hold” rating to a “buy” rating in a research note on Friday, July 28th. Finally, Keefe, Bruyette & Woods restated a “buy” rating and issued a $34.00 price target on shares of First Bancorp in a research note on Monday, June 26th. Two analysts have rated the stock with a hold rating and four have issued a buy rating to the company. First Bancorp currently has an average rating of “Buy” and a consensus target price of $32.50.
First Bancorp Company Profile
First Bancorp is the bank holding company for First Bank (the Bank). The Company’s principal activity is the ownership and operation of First Bank. The Bank engages in a range of banking activities, including the acceptance of deposits and the making of loans. The Bank offers credit cards, debit cards, letters of credit, safe deposit box rentals and electronic funds transfer services, including wire transfers.
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