Hsbc Holdings PLC Buys Shares of 11,000 First Bancorp $FBNC

Hsbc Holdings PLC purchased a new stake in shares of First Bancorp (NASDAQ:FBNC) during the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 11,000 shares of the financial services provider’s stock, valued at approximately $560,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of FBNC. EverSource Wealth Advisors LLC grew its stake in First Bancorp by 2,222.6% during the second quarter. EverSource Wealth Advisors LLC now owns 720 shares of the financial services provider’s stock valued at $32,000 after acquiring an additional 689 shares in the last quarter. First Horizon Corp lifted its stake in First Bancorp by 83.7% in the 4th quarter. First Horizon Corp now owns 777 shares of the financial services provider’s stock worth $39,000 after purchasing an additional 354 shares in the last quarter. Torren Management LLC bought a new position in First Bancorp in the 4th quarter valued at $41,000. Steward Partners Investment Advisory LLC boosted its holdings in First Bancorp by 87.0% in the 4th quarter. Steward Partners Investment Advisory LLC now owns 819 shares of the financial services provider’s stock valued at $42,000 after purchasing an additional 381 shares during the period. Finally, Valley National Advisers Inc. purchased a new position in shares of First Bancorp during the 4th quarter valued at $49,000. 68.36% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on FBNC shares. Keefe, Bruyette & Woods upped their price target 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. Raymond James Financial lifted their price objective on First Bancorp from $68.00 to $75.00 and gave the company a “strong-buy” rating in a research note on Thursday. Brean Capital began coverage on First Bancorp in a research report on Monday, June 8th. They set a “neutral” rating and a $65.75 target price for the company. 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 given a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $65.55.

First Bancorp Trading Up 2.8%

NASDAQ FBNC opened at $66.23 on Friday. The stock’s 50-day simple moving average is $60.89 and its two-hundred day simple moving average is $58.45. First Bancorp has a twelve month low of $45.04 and a twelve month high of $66.54. The company has a quick ratio of 0.84, a current ratio of 0.85 and a debt-to-equity ratio of 0.04. The company has a market capitalization of $2.74 billion, a price-to-earnings ratio of 22.60 and a beta of 0.80.

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

First Bancorp Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, July 24th. Investors of record on Tuesday, June 30th will be given a $0.24 dividend. The ex-dividend date is Tuesday, June 30th. This represents a $0.96 dividend on an annualized basis and a yield of 1.4%. First Bancorp’s payout ratio is presently 32.76%.

Insider Transactions at First Bancorp

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

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.