First Bancorp (NASDAQ:FBNC) Shares Sold by Legal & General Group Plc

Legal & General Group Plc cut its holdings in First Bancorp (NASDAQ:FBNC) by 4.2% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 114,235 shares of the financial services provider’s stock after selling 5,007 shares during the quarter. Legal & General Group Plc’s holdings in First Bancorp were worth $5,023,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also made changes to their positions in FBNC. Franklin Resources Inc. increased its position in First Bancorp by 20.0% in the 3rd quarter. Franklin Resources Inc. now owns 1,784,208 shares of the financial services provider’s stock valued at $77,649,000 after acquiring an additional 297,144 shares during the period. Charles Schwab Investment Management Inc. lifted its position in First Bancorp by 2.7% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 507,297 shares of the financial services provider’s stock worth $22,306,000 after acquiring an additional 13,450 shares during the period. Federated Hermes Inc. grew its stake in shares of First Bancorp by 163.2% in the 4th quarter. Federated Hermes Inc. now owns 25,510 shares of the financial services provider’s stock valued at $1,122,000 after purchasing an additional 15,819 shares during the last quarter. Geode Capital Management LLC increased its holdings in shares of First Bancorp by 1.3% in the third quarter. Geode Capital Management LLC now owns 976,680 shares of the financial services provider’s stock valued at $40,628,000 after purchasing an additional 12,922 shares during the period. Finally, JPMorgan Chase & Co. increased its holdings in shares of First Bancorp by 220.6% in the third quarter. JPMorgan Chase & Co. now owns 104,609 shares of the financial services provider’s stock valued at $4,351,000 after purchasing an additional 71,977 shares during the period. 68.36% of the stock is owned by hedge funds and other institutional investors.

First Bancorp Stock Performance

NASDAQ FBNC opened at $37.05 on Tuesday. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 0.06. The business’s 50 day moving average is $39.72 and its two-hundred day moving average is $42.85. The stock has a market capitalization of $1.53 billion, a price-to-earnings ratio of 20.14 and a beta of 0.89. First Bancorp has a 12-month low of $29.53 and a 12-month high of $50.34.

First Bancorp (NASDAQ:FBNC) last released its quarterly earnings data on Wednesday, January 29th. The financial services provider reported $0.76 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.72 by $0.04. First Bancorp had a return on equity of 8.04% and a net margin of 14.19%. Research analysts expect that First Bancorp will post 3.27 EPS for the current year.

First Bancorp Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, April 25th. Investors of record on Monday, March 31st will be paid a $0.22 dividend. This represents a $0.88 annualized dividend and a dividend yield of 2.38%. The ex-dividend date is Monday, March 31st. First Bancorp’s dividend payout ratio (DPR) is 47.83%.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on FBNC. Janney Montgomery Scott downgraded First Bancorp from a “buy” rating to a “neutral” rating in a report on Friday, February 7th. Stephens began coverage on shares of First Bancorp in a research note on Wednesday, March 26th. They issued an “overweight” rating and a $48.00 target price for the company.

First Bancorp Company 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.