55,366 Shares in First Bancorp (NASDAQ:FBNC) Purchased by Raymond James Financial Inc.

Raymond James Financial Inc. bought a new stake in shares of First Bancorp (NASDAQ:FBNC) in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 55,366 shares of the financial services provider’s stock, valued at approximately $2,434,000. Raymond James Financial Inc. owned about 0.13% of First Bancorp at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Proficio Capital Partners LLC acquired a new stake in First Bancorp in the fourth quarter worth $895,000. Charles Schwab Investment Management Inc. lifted its position in First Bancorp by 2.7% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 507,297 shares of the financial services provider’s stock valued at $22,306,000 after purchasing an additional 13,450 shares during the last quarter. Bank of New York Mellon Corp boosted its stake in First Bancorp by 12.0% during the 4th quarter. Bank of New York Mellon Corp now owns 367,298 shares of the financial services provider’s stock valued at $16,150,000 after purchasing an additional 39,362 shares during the period. Edge Capital Group LLC bought a new position in First Bancorp in the 4th quarter worth about $600,000. Finally, Principal Financial Group Inc. increased its stake in shares of First Bancorp by 3.0% in the fourth quarter. Principal Financial Group Inc. now owns 200,421 shares of the financial services provider’s stock valued at $8,813,000 after purchasing an additional 5,893 shares during the period. 68.36% of the stock is currently owned by institutional investors and hedge funds.

First Bancorp Stock Performance

NASDAQ:FBNC opened at $40.33 on Friday. The company has a 50-day moving average of $42.17 and a 200-day moving average of $43.43. The firm has a market cap of $1.67 billion, a price-to-earnings ratio of 21.92 and a beta of 1.04. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 0.06. First Bancorp has a twelve month low of $29.53 and a twelve month high of $50.34.

First Bancorp (NASDAQ:FBNC) last posted its quarterly earnings results 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 net margin of 14.19% and a return on equity of 8.04%. Analysts forecast that First Bancorp will post 3.27 earnings per share for the current fiscal year.

First Bancorp Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, April 25th. Stockholders of record on Monday, March 31st will be given a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.18%. The ex-dividend date is Monday, March 31st. First Bancorp’s dividend payout ratio (DPR) is presently 47.83%.

Analyst Ratings Changes

Several equities analysts have commented on the stock. Keefe, Bruyette & Woods raised their target price on shares of First Bancorp from $49.00 to $56.00 and gave the company an “outperform” rating in a research note on Wednesday, December 4th. Janney Montgomery Scott cut First Bancorp from a “buy” rating to a “neutral” rating in a report on Friday, February 7th. Finally, Stephens initiated coverage on First Bancorp in a research report on Wednesday. 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.