Franklin Resources Inc. Buys 418,752 Shares of First Bancorp (NASDAQ:FBNC)

Franklin Resources Inc. boosted its stake in First Bancorp (NASDAQ:FBNC - Free Report) by 23.5% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,202,960 shares of the financial services provider's stock after purchasing an additional 418,752 shares during the quarter. Franklin Resources Inc. owned about 5.33% of First Bancorp worth $96,864,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

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

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First Bancorp Trading Down 2.7 %

FBNC traded down $1.01 on Friday, hitting $36.21. 244,565 shares of the company were exchanged, compared to its average volume of 176,414. The company has a debt-to-equity ratio of 0.06, a quick ratio of 0.81 and a current ratio of 0.81. The firm has a fifty day simple moving average of $41.65 and a two-hundred day simple moving average of $43.32. The stock has a market capitalization of $1.50 billion, a PE ratio of 19.68 and a beta of 0.89. First Bancorp has a 12 month low of $29.53 and a 12 month high of $50.34.

First Bancorp (NASDAQ:FBNC - Get Free Report) last issued its earnings results on Wednesday, January 29th. The financial services provider reported $0.76 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.72 by $0.04. First Bancorp had a net margin of 14.19% and a return on equity of 8.04%. Sell-side analysts expect that First Bancorp will post 3.27 earnings per share for the current year.

First Bancorp Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, April 25th. Shareholders of record on Monday, March 31st will be given a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.43%. The ex-dividend date of this dividend is Monday, March 31st. First Bancorp's payout ratio is 47.83%.

Analysts Set New Price Targets

A number of research analysts have commented on FBNC shares. Stephens started coverage on shares of First Bancorp in a research report on Wednesday, March 26th. They set an "overweight" rating and a $48.00 price target on the stock. Janney Montgomery Scott lowered shares of First Bancorp from a "buy" rating to a "neutral" rating in a report on Friday, February 7th.

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. 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.