Rockefeller Capital Management L.P. Sells 142,693 Shares of First Bancorp $FBNC

Rockefeller Capital Management L.P. lowered its stake in shares of First Bancorp (NASDAQ:FBNC) by 30.5% during the 4th quarter, Holdings Channel.com reports. The firm owned 324,633 shares of the financial services provider’s stock after selling 142,693 shares during the quarter. Rockefeller Capital Management L.P.’s holdings in First Bancorp were worth $16,488,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Oregon Public Employees Retirement Fund grew its stake in shares of First Bancorp by 2.1% in the 4th quarter. Oregon Public Employees Retirement Fund now owns 9,532 shares of the financial services provider’s stock valued at $484,000 after buying an additional 200 shares during the period. SouthState Bank Corp boosted its holdings in First Bancorp by 1.5% in the fourth quarter. SouthState Bank Corp now owns 13,189 shares of the financial services provider’s stock worth $670,000 after acquiring an additional 200 shares in the last quarter. State of Alaska Department of Revenue boosted its holdings in First Bancorp by 1.1% in the fourth quarter. State of Alaska Department of Revenue now owns 22,841 shares of the financial services provider’s stock worth $1,159,000 after acquiring an additional 238 shares in the last quarter. Bank of Montreal Can grew its stake in First Bancorp by 6.9% in the fourth quarter. Bank of Montreal Can now owns 4,725 shares of the financial services provider’s stock valued at $240,000 after acquiring an additional 305 shares during the period. Finally, Amundi grew its position in First Bancorp by 5.1% in the 3rd quarter. Amundi now owns 7,154 shares of the financial services provider’s stock valued at $371,000 after purchasing an additional 345 shares during the period. Institutional investors own 68.36% of the company’s stock.

First Bancorp Trading Up 2.0%

NASDAQ FBNC opened at $62.03 on Wednesday. The company has a current ratio of 0.85, a quick ratio of 0.84 and a debt-to-equity ratio of 0.04. The business has a fifty day simple moving average of $59.17 and a 200 day simple moving average of $57.09. First Bancorp has a 12 month low of $41.75 and a 12 month high of $62.64. The firm has a market capitalization of $2.57 billion, a P/E ratio of 21.17 and a beta of 0.81.

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

First Bancorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, July 24th. Shareholders of record on Tuesday, June 30th will be given a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a 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 topic of several research reports. Wall Street Zen upgraded shares of First Bancorp from a “sell” rating to a “hold” rating in a report on Saturday, February 28th. Zacks Research raised shares of First Bancorp from a “strong sell” rating to a “hold” rating in a research report on Monday, March 9th. Keefe, Bruyette & Woods upped their target price on shares of First Bancorp from $65.00 to $66.00 and gave the stock an “outperform” rating in a report on Thursday, April 23rd. Brean Capital initiated coverage on shares of First Bancorp in a research report on Monday, June 8th. They issued a “neutral” rating and a $65.75 price target on the stock. Finally, Weiss Ratings upgraded First Bancorp from a “buy (b-)” rating to a “buy (b)” rating in a research note on Monday, May 18th. One investment analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $62.95.

Insider Buying and Selling

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

First Bancorp Company Profile

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.