Federated Hermes Inc. Acquires 15,819 Shares of First Bancorp (NASDAQ:FBNC)

Federated Hermes Inc. raised its holdings in shares of First Bancorp (NASDAQ:FBNC - Free Report) by 163.2% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 25,510 shares of the financial services provider's stock after purchasing an additional 15,819 shares during the quarter. Federated Hermes Inc. owned 0.06% of First Bancorp worth $1,122,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in FBNC. Franklin Resources Inc. lifted its stake in First Bancorp by 20.0% in the third quarter. Franklin Resources Inc. now owns 1,784,208 shares of the financial services provider's stock valued at $77,649,000 after buying an additional 297,144 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its stake in shares of First Bancorp by 2.7% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 507,297 shares of the financial services provider's stock worth $22,306,000 after acquiring an additional 13,450 shares in the last quarter. Geode Capital Management LLC lifted its stake in First Bancorp by 1.3% during the third quarter. Geode Capital Management LLC now owns 976,680 shares of the financial services provider's stock valued at $40,628,000 after buying an additional 12,922 shares in the last quarter. JPMorgan Chase & Co. grew its position in First Bancorp by 220.6% during the 3rd quarter. JPMorgan Chase & Co. now owns 104,609 shares of the financial services provider's stock worth $4,351,000 after purchasing an additional 71,977 shares in the last quarter. Finally, Jane Street Group LLC lifted its stake in First Bancorp by 85.3% in the 3rd quarter. Jane Street Group LLC now owns 69,408 shares of the financial services provider's stock worth $2,887,000 after acquiring an additional 31,953 shares in the last quarter. Institutional investors own 68.36% of the company's stock.

First Bancorp Trading Up 0.8 %

NASDAQ FBNC traded up $0.30 on Friday, reaching $37.12. The company had a trading volume of 207,666 shares, compared to its average volume of 180,240. The stock has a market cap of $1.53 billion, a price-to-earnings ratio of 20.17 and a beta of 0.89. The stock's 50 day moving average is $39.84 and its 200-day moving average is $42.85. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 0.06. First Bancorp has a 52 week low of $29.53 and a 52 week high of $50.34.

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, topping the consensus estimate of $0.72 by $0.04. First Bancorp had a return on equity of 8.04% and a net margin of 14.19%. Equities analysts predict that First Bancorp will post 3.27 earnings per share for the current year.

First Bancorp Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, April 25th. Stockholders of record on Monday, March 31st will be given a $0.22 dividend. The ex-dividend date of this dividend is Monday, March 31st. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.37%. First Bancorp's payout ratio is presently 47.83%.

Wall Street Analyst Weigh In

FBNC has been the subject of several analyst reports. Janney Montgomery Scott lowered shares of First Bancorp from a "buy" rating to a "neutral" rating in a research note on Friday, February 7th. 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 on the stock.

First Bancorp 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. 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.