First Bancorp $FBNC Shares Sold by Peregrine Capital Management LLC

Peregrine Capital Management LLC lowered its stake in First Bancorp (NASDAQ:FBNC) by 15.0% during the third quarter, according to its most recent 13F filing with the SEC. The firm owned 118,990 shares of the financial services provider’s stock after selling 21,048 shares during the quarter. Peregrine Capital Management LLC owned 0.29% of First Bancorp worth $6,293,000 as of its most recent filing with the SEC.

Other large investors also recently added to or reduced their stakes in the company. EverSource Wealth Advisors LLC lifted its holdings in First Bancorp by 2,222.6% during the second quarter. EverSource Wealth Advisors LLC now owns 720 shares of the financial services provider’s stock valued at $32,000 after purchasing an additional 689 shares in the last quarter. Quest 10 Wealth Builders Inc. purchased a new position in First Bancorp in the 3rd quarter valued at about $34,000. GAMMA Investing LLC lifted its stake in First Bancorp by 33.5% in the 2nd quarter. GAMMA Investing LLC now owns 1,895 shares of the financial services provider’s stock valued at $84,000 after buying an additional 475 shares in the last quarter. BNP Paribas Financial Markets boosted its holdings in First Bancorp by 47.6% in the 2nd quarter. BNP Paribas Financial Markets now owns 4,321 shares of the financial services provider’s stock worth $191,000 after buying an additional 1,393 shares during the last quarter. Finally, Tower Research Capital LLC TRC increased its stake in First Bancorp by 157.4% during the 2nd quarter. Tower Research Capital LLC TRC now owns 4,481 shares of the financial services provider’s stock worth $198,000 after buying an additional 2,740 shares in the last quarter. 68.36% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on FBNC shares. Weiss Ratings restated a “hold (c)” rating on shares of First Bancorp in a research report on Wednesday, October 8th. Raymond James Financial upgraded First Bancorp from a “market perform” rating to a “strong-buy” rating and set a $62.00 price objective on the stock in a report on Wednesday. Wall Street Zen lowered shares of First Bancorp from a “hold” rating to a “sell” rating in a report on Saturday, November 15th. Finally, Zacks Research cut shares of First Bancorp from a “strong-buy” rating to a “hold” rating in a research report on Thursday, January 1st. One equities research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $58.00.

First Bancorp Stock Down 0.2%

Shares of NASDAQ FBNC opened at $53.66 on Friday. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 0.06. The business’s 50 day moving average is $51.41 and its two-hundred day moving average is $50.77. First Bancorp has a 52-week low of $34.50 and a 52-week high of $56.45. The firm has a market cap of $2.23 billion, a price-to-earnings ratio of 22.55 and a beta of 0.89.

First Bancorp (NASDAQ:FBNC) last issued its quarterly earnings data on Wednesday, October 22nd. The financial services provider reported $1.01 earnings per share for the quarter, beating analysts’ consensus estimates of $0.93 by $0.08. First Bancorp had a return on equity of 9.61% and a net margin of 17.50%.The business had revenue of $89.61 million during the quarter, compared to analysts’ expectations of $113.47 million. Research analysts predict that First Bancorp will post 3.27 EPS for the current year.

First Bancorp Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Sunday, January 25th. Shareholders of record on Wednesday, December 31st will be paid a dividend of $0.23 per share. The ex-dividend date is Wednesday, December 31st. This represents a $0.92 dividend on an annualized basis and a yield of 1.7%. First Bancorp’s dividend payout ratio is 38.66%.

First Bancorp Company Profile

First Bancorp operates as the bank holding company for First Bank, offering a broad range of commercial and consumer banking services. Its core offerings include business lending, treasury and cash management, residential and commercial mortgage financing, and consumer deposit products. Through its subsidiary, First Bank provides online and branch-based banking solutions, including checking and savings accounts, certificate of deposits, and digital banking tools designed to meet the needs of individuals, small- to mid-sized businesses, and professional institutions.

The company maintains a network of full-service banking centers and loan production offices across North Carolina and South Carolina, with a focus on markets in the Piedmont, Sandhills and coastal regions.