First Bancorp (NASDAQ:FBNC) Stock Position Raised by Franklin Resources Inc.

Franklin Resources Inc. raised its position in shares of First Bancorp (NASDAQ:FBNC - Free Report) by 20.0% in the third quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 1,784,208 shares of the financial services provider's stock after purchasing an additional 297,144 shares during the quarter. Franklin Resources Inc. owned about 4.32% of First Bancorp worth $77,649,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of FBNC. Geode Capital Management LLC grew its stake in shares of First Bancorp by 1.3% in the 3rd quarter. Geode Capital Management LLC now owns 976,680 shares of the financial services provider's stock worth $40,628,000 after purchasing an additional 12,922 shares during the last quarter. Barclays PLC lifted its stake in First Bancorp by 142.3% during the third quarter. Barclays PLC now owns 79,906 shares of the financial services provider's stock valued at $3,324,000 after purchasing an additional 46,930 shares during the last quarter. Jane Street Group LLC boosted its holdings in First Bancorp by 85.3% during the third quarter. Jane Street Group LLC now owns 69,408 shares of the financial services provider's stock worth $2,887,000 after buying an additional 31,953 shares in the last quarter. Stifel Financial Corp acquired a new position in First Bancorp in the third quarter worth approximately $205,000. Finally, Systematic Financial Management LP bought a new position in shares of First Bancorp in the third quarter valued at $562,000. 68.36% of the stock is currently owned by institutional investors and hedge funds.

First Bancorp Trading Down 1.2 %

Shares of First Bancorp stock traded down $0.59 during trading on Tuesday, hitting $47.35. The stock had a trading volume of 241,115 shares, compared to its average volume of 166,871. The company has a quick ratio of 0.82, a current ratio of 0.83 and a debt-to-equity ratio of 0.06. The company has a market capitalization of $1.96 billion, a PE ratio of 19.09 and a beta of 1.04. First Bancorp has a 1 year low of $29.53 and a 1 year high of $50.34. The stock has a 50 day simple moving average of $45.11 and a 200 day simple moving average of $40.32.

First Bancorp (NASDAQ:FBNC - Get Free Report) last announced its earnings results on Wednesday, October 23rd. The financial services provider reported $0.70 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.70. The company had revenue of $144.99 million for the quarter, compared to the consensus estimate of $97.00 million. First Bancorp had a net margin of 17.98% and a return on equity of 8.00%. On average, research analysts expect that First Bancorp will post 2.72 EPS for the current fiscal year.

First Bancorp Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Saturday, January 25th. Investors of record on Tuesday, December 31st will be paid a $0.22 dividend. This represents a $0.88 annualized dividend and a yield of 1.86%. The ex-dividend date of this dividend is Tuesday, December 31st. First Bancorp's dividend payout ratio is currently 35.48%.

Insiders Place Their Bets

In other First Bancorp news, Director Suzanne S. Deferie sold 2,036 shares of the company's stock in a transaction that occurred on Monday, September 23rd. The shares were sold at an average price of $43.77, for a total value of $89,115.72. Following the transaction, the director now owns 65,618 shares in the company, valued at approximately $2,872,099.86. This represents a 3.01 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 3.65% of the company's stock.

Analyst Ratings Changes

Several research firms have recently weighed in on FBNC. Keefe, Bruyette & Woods raised their price objective on First Bancorp from $49.00 to $56.00 and gave the stock an "outperform" rating in a research note on Wednesday, December 4th. StockNews.com lowered First Bancorp from a "hold" rating to a "sell" rating in a research report on Thursday, October 24th.

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.