Jennison Associates LLC Boosts Stock Holdings in First Bancorp $FBNC

Jennison Associates LLC raised its position in shares of First Bancorp (NASDAQ:FBNC) by 34.1% in the 1st quarter, Holdings Channel.com reports. The firm owned 974,221 shares of the financial services provider’s stock after acquiring an additional 247,859 shares during the quarter. Jennison Associates LLC’s holdings in First Bancorp were worth $54,897,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also bought and sold shares of FBNC. Illinois Municipal Retirement Fund grew its stake in shares of First Bancorp by 1.1% during the 1st quarter. Illinois Municipal Retirement Fund now owns 22,017 shares of the financial services provider’s stock worth $1,241,000 after acquiring an additional 242 shares during the period. Principal Financial Group Inc. raised its stake in First Bancorp by 26.5% in the 1st quarter. Principal Financial Group Inc. now owns 250,027 shares of the financial services provider’s stock valued at $14,089,000 after acquiring an additional 52,451 shares during the period. Fifth Third Bancorp raised its stake in First Bancorp by 8,167.6% in the 1st quarter. Fifth Third Bancorp now owns 9,177 shares of the financial services provider’s stock valued at $517,000 after acquiring an additional 9,066 shares during the period. Summit Securities Group LLC bought a new stake in First Bancorp in the 1st quarter valued at about $34,000. Finally, Abel Hall LLC purchased a new stake in First Bancorp during the first quarter valued at about $246,000. 68.36% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at First Bancorp

In other news, Director Michael Goodwin Mayer sold 44,324 shares of the firm’s stock in a transaction that occurred on Wednesday, May 20th. The shares were sold at an average price of $58.58, for a total value of $2,596,499.92. Following the completion of the transaction, the director directly owned 41,491 shares in the company, valued at approximately $2,430,542.78. This trade represents a 51.65% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 2.04% of the company’s stock.

First Bancorp Stock Performance

NASDAQ:FBNC opened at $64.43 on Monday. The business’s fifty day moving average is $61.00 and its 200 day moving average is $58.54. The firm has a market cap of $2.67 billion, a price-to-earnings ratio of 21.99 and a beta of 0.80. The company has a debt-to-equity ratio of 0.04, a quick ratio of 0.84 and a current ratio of 0.85. First Bancorp has a 52-week low of $45.04 and a 52-week high of $66.54.

First Bancorp (NASDAQ:FBNC) last issued its earnings results on Wednesday, April 22nd. The financial services provider reported $1.13 EPS for the quarter, topping the consensus estimate of $1.09 by $0.04. The business had revenue of $122.29 million during the quarter, compared to the consensus estimate of $123.20 million. First Bancorp had a return on equity of 10.86% and a net margin of 20.59%. Research analysts predict that First Bancorp will post 4.67 EPS for the current year.

First Bancorp Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, July 24th. Stockholders of record on Tuesday, June 30th will be issued a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a dividend yield of 1.5%. The ex-dividend date of this dividend is Tuesday, June 30th. First Bancorp’s dividend payout ratio is presently 32.76%.

Analyst Upgrades and Downgrades

FBNC has been the subject of a number of research reports. Raymond James Financial increased their target price on shares of First Bancorp from $68.00 to $75.00 and gave the stock a “strong-buy” rating in a research report on Thursday. Weiss Ratings raised shares of First Bancorp from a “buy (b-)” rating to a “buy (b)” rating in a research report on Monday, May 18th. Keefe, Bruyette & Woods upped their price target on shares of First Bancorp from $65.00 to $66.00 and gave the company an “outperform” rating in a research note on Thursday, April 23rd. Finally, Brean Capital assumed coverage on shares of First Bancorp in a report on Monday, June 8th. They issued a “neutral” rating and a $65.75 price objective for the company. One analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $65.55.

About First Bancorp

First Bancorp operates as the bank holding company for First Bank, offering a broad range of commercial and consumer banking services. Its core offerings include business lending, treasury and cash management, residential and commercial mortgage financing, and consumer deposit products. Through its subsidiary, First Bank provides online and branch-based banking solutions, including checking and savings accounts, certificate of deposits, and digital banking tools designed to meet the needs of individuals, small- to mid-sized businesses, and professional institutions.

The company maintains a network of full-service banking centers and loan production offices across North Carolina and South Carolina, with a focus on markets in the Piedmont, Sandhills and coastal regions.