PNC Financial Services Group Inc. lowered its stake in First Bancorp (NASDAQ:FBNC) by 0.1% during the second quarter, Holdings Channel reports. The fund owned 6,149 shares of the financial services provider’s stock after selling 6 shares during the period. PNC Financial Services Group Inc.’s holdings in First Bancorp were worth $109,000 at the end of the most recent quarter.
A number of other institutional investors also recently bought and sold shares of the company. First Trust Advisors LP raised its position in First Bancorp by 0.5% in the second quarter. First Trust Advisors LP now owns 29,262 shares of the financial services provider’s stock valued at $514,000 after buying an additional 147 shares during the last quarter. GSA Capital Partners LLP bought a new position in First Bancorp during the second quarter valued at about $199,000. California Public Employees Retirement System raised its position in First Bancorp by 30.1% in the second quarter. California Public Employees Retirement System now owns 86,400 shares of the financial services provider’s stock valued at $1,519,000 after buying an additional 20,000 shares during the last quarter. Emerald Acquisition Ltd. bought a new position in First Bancorp during the second quarter valued at about $1,037,000. Finally, RMB Capital Management LLC raised its position in First Bancorp by 4.2% in the second quarter. RMB Capital Management LLC now owns 119,213 shares of the financial services provider’s stock valued at $2,096,000 after buying an additional 4,800 shares during the last quarter. Institutional investors and hedge funds own 53.16% of the company’s stock.
Shares of First Bancorp (NASDAQ:FBNC) traded up 0.60% during midday trading on Wednesday, hitting $20.18. The stock had a trading volume of 1,330 shares. First Bancorp has a 52-week low of $17.15 and a 52-week high of $21.94. The company’s 50 day moving average is $19.87 and its 200 day moving average is $19.26. The company has a market cap of $405.36 million, a PE ratio of 14.71 and a beta of 1.24.
First Bancorp (NASDAQ:FBNC) last posted its earnings results on Tuesday, July 26th. The financial services provider reported $0.37 EPS for the quarter, topping analysts’ consensus estimates of $0.35 by $0.03. First Bancorp had a return on equity of 8.29% and a net margin of 18.91%. On average, analysts anticipate that First Bancorp will post $1.30 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 25th. Investors of record on Friday, September 30th will be given a $0.08 dividend. The ex-dividend date is Wednesday, September 28th. This represents a $0.32 dividend on an annualized basis and a dividend yield of 1.60%. First Bancorp’s dividend payout ratio is currently 23.36%.
Several equities analysts recently issued reports on the company. Zacks Investment Research upgraded First Bancorp from a “sell” rating to a “hold” rating in a research report on Monday. Keefe, Bruyette & Woods restated a “buy” rating and set a $24.00 price target on shares of First Bancorp in a research report on Tuesday, August 23rd. Two research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average target price of $22.17.
In other news, Director James C. Crawford III bought 2,000 shares of the firm’s stock in a transaction that occurred on Monday, August 15th. The shares were bought at an average cost of $18.63 per share, for a total transaction of $37,260.00. Following the completion of the transaction, the director now owns 59,777 shares of the company’s stock, valued at $1,113,645.51. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 2.37% of the stock is owned by corporate insiders.
About First Bancorp
First Bancorp is the bank holding company for First Bank (the Bank). The Company’s principal activity is the ownership and operation of First Bank. The Company engages in a range of banking activities, including the acceptance of deposits and the making of loans. The Company offers credit cards, debit cards, letters of credit, safe deposit box rentals and electronic funds transfer services, including wire transfers.
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