William Blair Investment Management LLC Has $35.17 Million Holdings in First Bancorp $FBNC

William Blair Investment Management LLC cut its holdings in First Bancorp (NASDAQ:FBNC) by 5.7% in the 3rd quarter, HoldingsChannel.com reports. The fund owned 665,017 shares of the financial services provider’s stock after selling 40,326 shares during the period. William Blair Investment Management LLC’s holdings in First Bancorp were worth $35,173,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in FBNC. Smartleaf Asset Management LLC grew its stake in First Bancorp by 183.6% during the third quarter. Smartleaf Asset Management LLC now owns 553 shares of the financial services provider’s stock worth $29,000 after purchasing an additional 358 shares during the period. Quest 10 Wealth Builders Inc. bought a new position in shares of First Bancorp during the 3rd quarter worth approximately $34,000. EverSource Wealth Advisors LLC grew its position in shares of First Bancorp by 2,222.6% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 720 shares of the financial services provider’s stock worth $32,000 after buying an additional 689 shares during the period. Atlantic Union Bankshares Corp acquired a new stake in shares of First Bancorp during the 3rd quarter worth approximately $115,000. Finally, Longboard Asset Management LP bought a new stake in shares of First Bancorp in the 3rd quarter valued at $201,000. 68.36% of the stock is owned by institutional investors and hedge funds.

First Bancorp Stock Performance

Shares of FBNC opened at $56.79 on Monday. The stock has a 50 day moving average of $56.99 and a 200 day moving average of $53.62. The company has a market capitalization of $2.36 billion, a price-to-earnings ratio of 21.19 and a beta of 0.90. First Bancorp has a 12 month low of $34.50 and a 12 month high of $62.64. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.05.

First Bancorp (NASDAQ:FBNC) last announced its quarterly earnings data on Wednesday, January 21st. The financial services provider reported $1.19 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.03 by $0.16. First Bancorp had a return on equity of 10.41% and a net margin of 19.24%. As a group, sell-side analysts forecast that First Bancorp will post 3.27 earnings per share for the current year.

First Bancorp Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, April 24th. Investors of record on Tuesday, March 31st will be given a dividend of $0.24 per share. The ex-dividend date is Tuesday, March 31st. This is an increase from First Bancorp’s previous quarterly dividend of $0.23. This represents a $0.96 annualized dividend and a yield of 1.7%. First Bancorp’s dividend payout ratio (DPR) is currently 35.82%.

Insider Transactions at First Bancorp

In related news, insider Mary Clara Capel sold 5,000 shares of the firm’s stock in a transaction dated Tuesday, February 3rd. The shares were sold at an average price of $59.31, for a total transaction of $296,550.00. Following the completion of the sale, the insider owned 20,400 shares in the company, valued at approximately $1,209,924. This trade represents a 19.69% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Insiders have sold a total of 10,142 shares of company stock worth $592,276 in the last three months. Company insiders own 3.65% of the company’s stock.

Wall Street Analyst Weigh In

FBNC has been the topic of several research analyst reports. Piper Sandler lowered shares of First Bancorp from an “overweight” rating to a “neutral” rating and increased their target price for the stock from $58.00 to $64.00 in a research note on Saturday, February 7th. Raymond James Financial raised shares of First Bancorp from a “market perform” rating to a “strong-buy” rating and set a $62.00 price objective on the stock in a research report on Wednesday, January 7th. Zacks Research lowered First Bancorp from a “hold” rating to a “strong sell” rating in a research report on Friday, February 6th. Wall Street Zen upgraded First Bancorp from a “sell” rating to a “hold” rating in a report on Saturday. Finally, Weiss Ratings restated a “hold (c)” rating on shares of First Bancorp in a report on Thursday, January 22nd. One analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $61.25.

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.