First Bancorp (NASDAQ:FBNC) Stake Increased by TIAA CREF Investment Management LLC
TIAA CREF Investment Management LLC raised its stake in First Bancorp (NASDAQ:FBNC) by 11.7% during the first quarter, according to its most recent 13F filing with the SEC. The firm owned 71,680 shares of the financial services provider’s stock after buying an additional 7,493 shares during the period. TIAA CREF Investment Management LLC’s holdings in First Bancorp were worth $2,100,000 as of its most recent filing with the SEC.
Other institutional investors have also added to or reduced their stakes in the company. Highbridge Capital Management LLC acquired a new position in First Bancorp during the fourth quarter valued at about $300,000. American International Group Inc. boosted its position in First Bancorp by 7.0% in the first quarter. American International Group Inc. now owns 12,110 shares of the financial services provider’s stock valued at $355,000 after buying an additional 791 shares during the last quarter. Alliancebernstein L.P. boosted its position in First Bancorp by 5.0% in the first quarter. Alliancebernstein L.P. now owns 19,010 shares of the financial services provider’s stock valued at $557,000 after buying an additional 900 shares during the last quarter. Ironsides Asset Advisors LLC acquired a new position in First Bancorp during the first quarter valued at about $1,089,000. Finally, Swiss National Bank boosted its position in First Bancorp by 30.0% in the first quarter. Swiss National Bank now owns 39,000 shares of the financial services provider’s stock valued at $1,142,000 after buying an additional 9,000 shares during the last quarter. Institutional investors own 59.49% of the company’s stock.
Shares of First Bancorp (NASDAQ:FBNC) opened at 31.68 on Monday. The firm has a market cap of $781.80 million, a PE ratio of 22.05 and a beta of 1.18. First Bancorp has a 12-month low of $18.21 and a 12-month high of $32.99. The company has a 50 day moving average price of $31.14 and a 200-day moving average price of $29.81.
First Bancorp (NASDAQ:FBNC) last released its quarterly earnings results on Tuesday, July 25th. The financial services provider reported $0.45 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.43 by $0.02. The company had revenue of $51.79 million for the quarter, compared to analysts’ expectations of $49.49 million. First Bancorp had a return on equity of 8.23% and a net margin of 17.52%. Analysts expect that First Bancorp will post $1.86 EPS for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Tuesday, July 25th. Investors of record on Friday, June 30th were paid a dividend of $0.08 per share. The ex-dividend date of this dividend was Wednesday, June 28th. This represents a $0.32 dividend on an annualized basis and a dividend yield of 1.01%. First Bancorp’s dividend payout ratio is presently 22.54%.
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Several equities analysts have issued reports on FBNC shares. Keefe, Bruyette & Woods reiterated a “buy” rating and set a $34.00 target price on shares of First Bancorp in a research report on Monday, June 26th. Brean Capital began coverage on First Bancorp in a report on Friday, June 9th. They issued a “buy” rating and a $33.00 price target on the stock. ValuEngine upgraded First Bancorp from a “hold” rating to a “buy” rating in a report on Friday, June 2nd. Finally, Zacks Investment Research upgraded First Bancorp from a “hold” rating to a “buy” rating and set a $34.00 price target on the stock in a report on Monday, May 1st. Two investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus target price of $32.50.
First Bancorp Company Profile
First Bancorp is the bank holding company for First Bank (the Bank). The Company’s principal activity is the ownership and operation of First Bank. The Bank engages in a range of banking activities, including the acceptance of deposits and the making of loans. The Bank offers credit cards, debit cards, letters of credit, safe deposit box rentals and electronic funds transfer services, including wire transfers.
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