Ironsides Asset Advisors LLC boosted its stake in shares of First Bancorp (NASDAQ:FBNC) by 100.0% during the third quarter, according to its most recent Form 13F filing with the SEC. The fund owned 74,972 shares of the financial services provider’s stock after buying an additional 37,486 shares during the period. First Bancorp accounts for 1.1% of Ironsides Asset Advisors LLC’s investment portfolio, making the stock its 16th largest position. Ironsides Asset Advisors LLC owned 0.30% of First Bancorp worth $2,586,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Pinnacle Financial Partners Inc. purchased a new stake in First Bancorp in the second quarter valued at $100,000. BNP Paribas Arbitrage SA raised its position in First Bancorp by 1,207.2% in the second quarter. BNP Paribas Arbitrage SA now owns 3,268 shares of the financial services provider’s stock valued at $102,000 after purchasing an additional 3,018 shares during the period. IFP Advisors Inc raised its position in First Bancorp by 250.9% in the second quarter. IFP Advisors Inc now owns 3,513 shares of the financial services provider’s stock valued at $110,000 after purchasing an additional 2,512 shares during the period. Captrust Financial Advisors purchased a new stake in First Bancorp in the second quarter valued at $146,000. Finally, Legal & General Group Plc raised its position in First Bancorp by 23.1% in the second quarter. Legal & General Group Plc now owns 5,790 shares of the financial services provider’s stock valued at $180,000 after purchasing an additional 1,085 shares during the period. 65.97% of the stock is currently owned by institutional investors.

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FBNC has been the topic of a number of research analyst reports. Brean Capital restated a “buy” rating on shares of First Bancorp in a research report on Tuesday, October 31st. Zacks Investment Research upgraded First Bancorp from a “hold” rating to a “buy” rating and set a $39.00 price objective on the stock in a report on Thursday, October 5th. ValuEngine upgraded First Bancorp from a “hold” rating to a “buy” rating in a report on Friday, July 28th. Finally, Piper Jaffray Companies reiterated an “overweight” rating and issued a $37.00 price objective on shares of First Bancorp in a report on Thursday, October 5th. Five investment analysts have rated the stock with a buy rating, First Bancorp has an average rating of “Buy” and a consensus target price of $36.25.

First Bancorp (NASDAQ:FBNC) traded up $0.49 during mid-day trading on Thursday, hitting $36.08. The company had a trading volume of 131,300 shares, compared to its average volume of 92,881. The company has a debt-to-equity ratio of 0.78, a current ratio of 1.05 and a quick ratio of 1.05. The stock has a market cap of $1,055.03, a P/E ratio of 19.88, a PEG ratio of 1.40 and a beta of 1.08. First Bancorp has a 52-week low of $22.10 and a 52-week high of $37.42.

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, October 25th. Investors of record on Friday, September 29th were issued a $0.08 dividend. The ex-dividend date was Thursday, September 28th. This represents a $0.32 annualized dividend and a dividend yield of 0.89%. First Bancorp’s dividend payout ratio is presently 18.60%.

About First Bancorp

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.

Institutional Ownership by Quarter for First Bancorp (NASDAQ:FBNC)

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