Squarepoint Ops LLC Makes New Investment in First Bancorp (NASDAQ:FBNC)

Squarepoint Ops LLC acquired a new position in First Bancorp (NASDAQ:FBNC) during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund acquired 21,858 shares of the financial services provider’s stock, valued at approximately $698,000. Squarepoint Ops LLC owned 0.05% of First Bancorp at the end of the most recent quarter.

Several other large investors have also recently modified their holdings of the stock. Public Sector Pension Investment Board increased its holdings in shares of First Bancorp by 7.6% in the second quarter. Public Sector Pension Investment Board now owns 90,632 shares of the financial services provider’s stock worth $2,893,000 after buying an additional 6,366 shares during the period. Sei Investments Co. increased its holdings in shares of First Bancorp by 15.7% in the second quarter. Sei Investments Co. now owns 77,955 shares of the financial services provider’s stock worth $2,488,000 after buying an additional 10,572 shares during the period. Dimensional Fund Advisors LP increased its holdings in shares of First Bancorp by 6.9% in the second quarter. Dimensional Fund Advisors LP now owns 2,104,258 shares of the financial services provider’s stock worth $67,166,000 after buying an additional 136,002 shares during the period. Envestnet Asset Management Inc. increased its holdings in shares of First Bancorp by 8.5% in the second quarter. Envestnet Asset Management Inc. now owns 84,596 shares of the financial services provider’s stock worth $2,700,000 after buying an additional 6,628 shares during the period. Finally, William Blair Investment Management LLC increased its holdings in shares of First Bancorp by 18.4% in the second quarter. William Blair Investment Management LLC now owns 802,490 shares of the financial services provider’s stock worth $25,615,000 after buying an additional 124,992 shares during the period. Hedge funds and other institutional investors own 68.36% of the company’s stock.

Insider Activity

In other news, Director Mason Y. Garrett sold 22,800 shares of the business’s stock in a transaction on Friday, July 26th. The shares were sold at an average price of $43.41, for a total transaction of $989,748.00. Following the sale, the director now owns 196,416 shares in the company, valued at approximately $8,526,418.56. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In other news, Director Suzanne S. Deferie sold 2,036 shares of the business’s stock in a transaction on Monday, September 23rd. The shares were sold at an average price of $43.77, for a total transaction of $89,115.72. Following the sale, the director now owns 65,618 shares in the company, valued at approximately $2,872,099.86. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Mason Y. Garrett sold 22,800 shares of the business’s stock in a transaction on Friday, July 26th. The shares were sold at an average price of $43.41, for a total transaction of $989,748.00. Following the sale, the director now owns 196,416 shares in the company, valued at approximately $8,526,418.56. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 42,586 shares of company stock worth $1,859,154. Corporate insiders own 3.65% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on FBNC shares. Keefe, Bruyette & Woods boosted their price target on First Bancorp from $40.00 to $45.00 and gave the company an “outperform” rating in a report on Thursday, July 25th. StockNews.com downgraded First Bancorp from a “hold” rating to a “sell” rating in a report on Saturday, September 7th.

First Bancorp Stock Down 0.8 %

Shares of NASDAQ:FBNC opened at $41.41 on Tuesday. First Bancorp has a 1 year low of $26.00 and a 1 year high of $45.41. The stock’s 50-day moving average is $41.25 and its 200 day moving average is $35.95. The company has a debt-to-equity ratio of 0.07, a current ratio of 0.82 and a quick ratio of 0.82. The company has a market cap of $1.70 billion, a PE ratio of 14.95 and a beta of 1.03.

First Bancorp (NASDAQ:FBNC) last released its quarterly earnings results on Wednesday, July 24th. The financial services provider reported $0.70 earnings per share for the quarter, beating the consensus estimate of $0.59 by $0.11. The company had revenue of $143.42 million for the quarter, compared to analyst estimates of $94.00 million. First Bancorp had a return on equity of 8.39% and a net margin of 20.17%. Sell-side analysts anticipate that First Bancorp will post 2.68 EPS for the current year.

First Bancorp Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 25th. Stockholders of record on Monday, September 30th will be issued a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.13%. The ex-dividend date of this dividend is Monday, September 30th. First Bancorp’s dividend payout ratio (DPR) is presently 31.77%.

About First Bancorp

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.