Raymond James Financial Inc. Makes New Investment in First Bancorp (NASDAQ:FBNC)

Raymond James Financial Inc. acquired a new position in shares of First Bancorp (NASDAQ:FBNC - Free Report) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 55,366 shares of the financial services provider's stock, valued at approximately $2,434,000. Raymond James Financial Inc. owned approximately 0.13% of First Bancorp at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of FBNC. Versant Capital Management Inc raised its stake in First Bancorp by 82.3% during the 4th quarter. Versant Capital Management Inc now owns 587 shares of the financial services provider's stock worth $26,000 after acquiring an additional 265 shares in the last quarter. GAMMA Investing LLC grew its holdings in shares of First Bancorp by 22.3% during the fourth quarter. GAMMA Investing LLC now owns 1,386 shares of the financial services provider's stock worth $61,000 after purchasing an additional 253 shares during the last quarter. KBC Group NV increased its position in shares of First Bancorp by 76.0% during the fourth quarter. KBC Group NV now owns 2,592 shares of the financial services provider's stock worth $114,000 after purchasing an additional 1,119 shares in the last quarter. Salem Investment Counselors Inc. increased its position in shares of First Bancorp by 157.3% during the fourth quarter. Salem Investment Counselors Inc. now owns 3,551 shares of the financial services provider's stock worth $157,000 after purchasing an additional 2,171 shares in the last quarter. Finally, Stifel Financial Corp purchased a new stake in shares of First Bancorp in the 3rd quarter valued at about $205,000. Hedge funds and other institutional investors own 68.36% of the company's stock.

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First Bancorp Stock Performance

FBNC stock traded up $0.31 during trading on Wednesday, hitting $40.49. The company had a trading volume of 146,096 shares, compared to its average volume of 175,348. First Bancorp has a 1-year low of $29.53 and a 1-year high of $50.34. The firm has a 50-day moving average price of $41.94 and a 200-day moving average price of $43.40. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 0.06. The firm has a market cap of $1.67 billion, a PE ratio of 22.01 and a beta of 0.89.

First Bancorp (NASDAQ:FBNC - Get Free Report) last posted its quarterly earnings data on Wednesday, January 29th. The financial services provider reported $0.76 earnings per share for the quarter, beating analysts' consensus estimates of $0.72 by $0.04. First Bancorp had a net margin of 14.19% and a return on equity of 8.04%. On average, analysts expect that First Bancorp will post 3.27 earnings per share for the current year.

First Bancorp Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, April 25th. Investors of record on Monday, March 31st will be issued a dividend of $0.22 per share. The ex-dividend date of this dividend is Monday, March 31st. This represents a $0.88 annualized dividend and a yield of 2.17%. First Bancorp's dividend payout ratio is currently 47.83%.

Analyst Upgrades and Downgrades

Several research firms have commented on FBNC. Janney Montgomery Scott lowered First Bancorp from a "buy" rating to a "neutral" rating in a research report on Friday, February 7th. Keefe, Bruyette & Woods raised their target price on shares of First Bancorp from $49.00 to $56.00 and gave the stock an "outperform" rating in a research report on Wednesday, December 4th. Finally, Stephens assumed coverage on shares of First Bancorp in a research report on Wednesday, March 26th. They issued an "overweight" rating and a $48.00 price target for the company.

About First Bancorp

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. The company accepts deposit products, such as checking, savings, and money market accounts, as well as time deposits, including certificate of deposits and individual retirement accounts.