JPMorgan Chase & Co. Buys 71,977 Shares of First Bancorp (NASDAQ:FBNC)

JPMorgan Chase & Co. raised its holdings in shares of First Bancorp (NASDAQ:FBNC) by 220.6% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 104,609 shares of the financial services provider’s stock after purchasing an additional 71,977 shares during the period. JPMorgan Chase & Co. owned 0.25% of First Bancorp worth $4,351,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in the business. Wealth Enhancement Advisory Services LLC increased its stake in First Bancorp by 1.8% during the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 19,994 shares of the financial services provider’s stock valued at $832,000 after purchasing an additional 347 shares in the last quarter. Captrust Financial Advisors grew its holdings in shares of First Bancorp by 0.7% during the third quarter. Captrust Financial Advisors now owns 65,459 shares of the financial services provider’s stock valued at $2,722,000 after buying an additional 478 shares during the last quarter. The Manufacturers Life Insurance Company increased its position in shares of First Bancorp by 2.8% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 20,933 shares of the financial services provider’s stock valued at $668,000 after acquiring an additional 566 shares during the period. American Century Companies Inc. raised its stake in First Bancorp by 0.8% in the 2nd quarter. American Century Companies Inc. now owns 130,641 shares of the financial services provider’s stock worth $4,170,000 after acquiring an additional 1,054 shares during the last quarter. Finally, Handelsbanken Fonder AB lifted its position in First Bancorp by 24.8% during the 3rd quarter. Handelsbanken Fonder AB now owns 8,544 shares of the financial services provider’s stock worth $355,000 after acquiring an additional 1,700 shares during the period. 68.36% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

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

First Bancorp Trading Up 1.5 %

NASDAQ FBNC opened at $44.14 on Friday. First Bancorp has a 1 year low of $29.53 and a 1 year high of $50.34. The company has a debt-to-equity ratio of 0.06, a current ratio of 0.83 and a quick ratio of 0.82. The company has a market capitalization of $1.82 billion, a PE ratio of 17.80 and a beta of 1.05. The company has a fifty day moving average of $45.55 and a 200 day moving average of $42.36.

First Bancorp (NASDAQ:FBNC) last released its quarterly earnings data on Wednesday, October 23rd. The financial services provider reported $0.70 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.70. First Bancorp had a return on equity of 8.00% and a net margin of 17.98%. The business had revenue of $144.99 million during the quarter, compared to analyst estimates of $97.00 million. Research analysts forecast that First Bancorp will post 2.72 earnings per share for the current year.

First Bancorp Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Saturday, January 25th. Shareholders of record on Tuesday, December 31st will be issued a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a yield of 1.99%. The ex-dividend date is Tuesday, December 31st. First Bancorp’s payout ratio is presently 35.48%.

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.