Geode Capital Management LLC Grows Holdings in First Bancorp (NASDAQ:FBNC)

Geode Capital Management LLC increased its holdings in shares of First Bancorp (NASDAQ:FBNC - Free Report) by 1.3% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 976,680 shares of the financial services provider's stock after buying an additional 12,922 shares during the quarter. Geode Capital Management LLC owned 2.36% of First Bancorp worth $40,628,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently added to or reduced their stakes in the business. Dimensional Fund Advisors LP lifted its stake in shares of First Bancorp by 6.9% during the second quarter. Dimensional Fund Advisors LP now owns 2,104,258 shares of the financial services provider's stock worth $67,166,000 after buying an additional 136,002 shares during the period. William Blair Investment Management LLC lifted its position in First Bancorp by 18.4% during the 2nd quarter. William Blair Investment Management LLC now owns 802,490 shares of the financial services provider's stock worth $25,615,000 after acquiring an additional 124,992 shares during the period. Smith Salley Wealth Management purchased a new stake in First Bancorp during the 2nd quarter valued at about $3,568,000. Rockefeller Capital Management L.P. increased its holdings in shares of First Bancorp by 28.2% in the third quarter. Rockefeller Capital Management L.P. now owns 423,461 shares of the financial services provider's stock valued at $17,612,000 after purchasing an additional 93,072 shares during the period. Finally, Barclays PLC increased its holdings in shares of First Bancorp by 142.3% in 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 period. 68.36% of the stock is owned by institutional investors and hedge funds.

First Bancorp Stock Performance

NASDAQ:FBNC traded up $0.47 during mid-day trading on Wednesday, hitting $44.92. The company's stock had a trading volume of 49,396 shares, compared to its average volume of 168,229. The business's fifty day moving average is $45.42 and its two-hundred day moving average is $40.90. The stock has a market cap of $1.86 billion, a price-to-earnings ratio of 18.11 and a beta of 1.04. The company has a debt-to-equity ratio of 0.06, a current ratio of 0.83 and a quick ratio of 0.82. First Bancorp has a 1 year low of $29.53 and a 1 year high of $50.34.

First Bancorp (NASDAQ:FBNC - Get Free Report) last issued its quarterly earnings data 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 business had revenue of $144.99 million during the quarter, compared to analysts' expectations of $97.00 million. First Bancorp had a return on equity of 8.00% and a net margin of 17.98%. Analysts anticipate that First Bancorp will post 2.72 EPS for the current fiscal year.

First Bancorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Saturday, January 25th. Shareholders of record on Tuesday, December 31st will be given a $0.22 dividend. The ex-dividend date of this dividend is Tuesday, December 31st. This represents a $0.88 annualized dividend and a yield of 1.96%. First Bancorp's dividend payout ratio is presently 35.48%.

Analysts Set New Price Targets

FBNC has been the subject of a number of research reports. StockNews.com downgraded First Bancorp from a "hold" rating to a "sell" rating in a report on Thursday, October 24th. Keefe, Bruyette & Woods lifted their price objective on shares of First Bancorp from $49.00 to $56.00 and gave the company an "outperform" rating in a research note on Wednesday, December 4th.

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.