Geode Capital Management LLC Increases Stock Holdings in First Bancorp (NASDAQ:FBNC)

Geode Capital Management LLC increased its holdings in shares of First Bancorp (NASDAQ:FBNC) by 1.3% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 976,680 shares of the financial services provider’s stock after buying an additional 12,922 shares during the quarter. Geode Capital Management LLC owned about 2.36% of First Bancorp worth $40,628,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also recently added to or reduced their stakes in FBNC. Barclays PLC increased its stake in shares of First Bancorp by 142.3% during the 3rd quarter. Barclays PLC now owns 79,906 shares of the financial services provider’s stock valued at $3,324,000 after acquiring an additional 46,930 shares during the last quarter. Jane Street Group LLC grew its holdings in First Bancorp by 85.3% in the third quarter. Jane Street Group LLC now owns 69,408 shares of the financial services provider’s stock valued at $2,887,000 after purchasing an additional 31,953 shares during the period. Stifel Financial Corp acquired a new position in First Bancorp during the third quarter worth approximately $205,000. Systematic Financial Management LP purchased a new position in First Bancorp during the third quarter worth approximately $562,000. Finally, HighTower Advisors LLC acquired a new position in shares of First Bancorp in the 3rd quarter valued at $424,000. 68.36% of the stock is owned by institutional investors and hedge funds.

First Bancorp Trading Up 1.1 %

Shares of FBNC stock opened at $44.92 on Wednesday. The company has a quick ratio of 0.82, a current ratio of 0.83 and a debt-to-equity ratio of 0.06. First Bancorp has a fifty-two week low of $29.53 and a fifty-two week high of $50.34. The firm’s 50 day moving average price is $45.42 and its two-hundred day moving average price is $40.90. The stock has a market cap of $1.86 billion, a price-to-earnings ratio of 18.11 and a beta of 1.04.

First Bancorp (NASDAQ:FBNC) last issued its earnings results on Wednesday, October 23rd. The financial services provider reported $0.70 EPS for the quarter, meeting analysts’ consensus estimates of $0.70. First Bancorp had a net margin of 17.98% and a return on equity of 8.00%. The business had revenue of $144.99 million for the quarter, compared to the consensus estimate of $97.00 million. On average, analysts anticipate that First Bancorp will post 2.72 EPS for the current year.

First Bancorp Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Saturday, January 25th. Shareholders of record on Tuesday, December 31st will be paid a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a dividend yield of 1.96%. The ex-dividend date of this dividend is Tuesday, December 31st. First Bancorp’s dividend payout ratio is presently 35.48%.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on the company. Keefe, Bruyette & Woods upped their price objective on First Bancorp from $49.00 to $56.00 and gave the stock an “outperform” rating in a report on Wednesday, December 4th. StockNews.com lowered First Bancorp from a “hold” rating to a “sell” rating in a research note on Thursday, October 24th.

First Bancorp 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.