Sei Investments Co. Lowers Holdings in First Bancorp (NASDAQ:FBNC)

Sei Investments Co. reduced its position in shares of First Bancorp (NASDAQ:FBNC) by 3.7% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 64,018 shares of the financial services provider’s stock after selling 2,466 shares during the period. Sei Investments Co. owned approximately 0.15% of First Bancorp worth $2,815,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in the company. Franklin Resources Inc. raised its stake in First Bancorp by 20.0% in the third quarter. Franklin Resources Inc. now owns 1,784,208 shares of the financial services provider’s stock valued at $77,649,000 after purchasing an additional 297,144 shares in the last quarter. Greenwood Capital Associates LLC raised its position in shares of First Bancorp by 979.3% during the 4th quarter. Greenwood Capital Associates LLC now owns 247,336 shares of the financial services provider’s stock valued at $10,875,000 after buying an additional 224,419 shares in the last quarter. JPMorgan Chase & Co. lifted its holdings in shares of First Bancorp by 220.6% during the 3rd quarter. JPMorgan Chase & Co. now owns 104,609 shares of the financial services provider’s stock worth $4,351,000 after acquiring an additional 71,977 shares during the last quarter. Raymond James Financial Inc. purchased a new position in First Bancorp in the fourth quarter worth $2,434,000. Finally, Barclays PLC increased its stake in First Bancorp by 142.3% in the third 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. Institutional investors own 68.36% of the company’s stock.

Wall Street Analysts Forecast Growth

FBNC has been the subject of a number of research reports. Stephens started coverage on First Bancorp in a report on Wednesday, March 26th. They issued an “overweight” rating and a $48.00 price objective for the company. Janney Montgomery Scott lowered First Bancorp from a “buy” rating to a “neutral” rating in a research note on Friday, February 7th.

First Bancorp Stock Performance

NASDAQ FBNC opened at $36.21 on Friday. The company has a 50-day simple moving average of $41.65 and a two-hundred day simple moving average of $43.32. First Bancorp has a 12-month low of $29.53 and a 12-month high of $50.34. The firm has a market cap of $1.50 billion, a price-to-earnings ratio of 19.68 and a beta of 0.89. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 0.06.

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 return on equity of 8.04% and a net margin of 14.19%. On average, equities analysts forecast that First Bancorp will post 3.27 EPS for the current year.

First Bancorp Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, April 25th. Investors of record on Monday, March 31st will be issued a dividend of $0.22 per share. The ex-dividend date of this dividend is Monday, March 31st. This represents a $0.88 dividend on an annualized basis and a yield of 2.43%. First Bancorp’s dividend payout ratio is currently 47.83%.

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.