Nuveen Asset Management LLC Invests $11.12 Million in First Bancorp (NASDAQ:FBNC)

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Nuveen Asset Management LLC bought a new position in shares of First Bancorp (NASDAQ:FBNC) in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 305,326 shares of the financial services provider’s stock, valued at approximately $11,120,000.

Several other hedge funds also recently added to or reduced their stakes in FBNC. Kennedy Capital Management Inc. increased its stake in shares of First Bancorp by 3.8% during the first quarter. Kennedy Capital Management Inc. now owns 105,841 shares of the financial services provider’s stock worth $3,679,000 after purchasing an additional 3,903 shares in the last quarter. Castine Capital Management LLC grew its stake in First Bancorp by 1.7% during the 1st quarter. Castine Capital Management LLC now owns 201,095 shares of the financial services provider’s stock valued at $6,990,000 after acquiring an additional 3,402 shares in the last quarter. Marshall Wace LLP grew its stake in First Bancorp by 1,440.2% during the 1st quarter. Marshall Wace LLP now owns 84,603 shares of the financial services provider’s stock valued at $2,941,000 after acquiring an additional 79,110 shares in the last quarter. Campbell & CO Investment Adviser LLC purchased a new stake in First Bancorp during the 2nd quarter valued at about $200,000. Finally, Bessemer Group Inc. grew its stake in First Bancorp by 124.3% during the 2nd quarter. Bessemer Group Inc. now owns 71,900 shares of the financial services provider’s stock valued at $2,619,000 after acquiring an additional 39,849 shares in the last quarter. 66.14% of the stock is owned by institutional investors and hedge funds.

Shares of NASDAQ FBNC opened at $35.68 on Friday. First Bancorp has a 12-month low of $30.50 and a 12-month high of $40.98. The stock has a market cap of $1.03 billion, a PE ratio of 11.26, a P/E/G ratio of 2.35 and a beta of 1.12. The company has a current ratio of 0.97, a quick ratio of 0.96 and a debt-to-equity ratio of 0.37. The company has a 50-day moving average of $35.67 and a 200 day moving average of $36.13.

First Bancorp (NASDAQ:FBNC) last announced its quarterly earnings data on Wednesday, July 24th. The financial services provider reported $0.80 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.77 by $0.03. First Bancorp had a net margin of 30.19% and a return on equity of 11.83%. The company had revenue of $70.40 million during the quarter, compared to analysts’ expectations of $69.62 million. On average, sell-side analysts forecast that First Bancorp will post 3.15 EPS for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 25th. Investors of record on Monday, September 30th will be paid a dividend of $0.12 per share. The ex-dividend date of this dividend is Friday, September 27th. This represents a $0.48 annualized dividend and a yield of 1.35%. First Bancorp’s dividend payout ratio is presently 15.95%.

Several brokerages recently issued reports on FBNC. BidaskClub raised shares of First Bancorp from a “hold” rating to a “buy” rating in a research note on Wednesday, September 18th. Zacks Investment Research cut shares of First Bancorp from a “hold” rating to a “sell” rating in a research note on Wednesday, October 2nd. Finally, ValuEngine raised shares of First Bancorp from a “sell” rating to a “hold” rating in a research note on Friday, October 4th. One research analyst has rated the stock with a sell rating, two have given a hold rating and five have given a buy rating to the company. First Bancorp has a consensus rating of “Buy” and a consensus price target of $39.75.

In other First Bancorp news, Director Mary Clara Capel sold 900 shares of the business’s stock in a transaction dated Thursday, August 1st. The shares were sold at an average price of $36.25, for a total value of $32,625.00. Following the transaction, the director now directly owns 14,012 shares in the company, valued at approximately $507,935. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 2.37% of the stock is currently owned by corporate insiders.

First Bancorp Company Profile

First Bancorp operates as the bank holding company for First Bank that provides banking products and services for individuals and small to medium-sized businesses primarily in North Carolina and northeastern South Carolina. It accepts deposit products, such as checking, savings, and money market accounts, as well as time deposits, including certificates of deposit and individual retirement accounts.

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Institutional Ownership by Quarter for First Bancorp (NASDAQ:FBNC)

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