Intech Investment Management LLC Acquires 15,555 Shares of First Bancorp (NASDAQ:FBNC)

Intech Investment Management LLC raised its holdings in shares of First Bancorp (NASDAQ:FBNC - Free Report) by 168.4% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 24,793 shares of the financial services provider's stock after buying an additional 15,555 shares during the period. Intech Investment Management LLC owned about 0.06% of First Bancorp worth $1,090,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also modified their holdings of FBNC. William Blair Investment Management LLC lifted its position in First Bancorp by 2.4% during the fourth quarter. William Blair Investment Management LLC now owns 797,316 shares of the financial services provider's stock valued at $35,058,000 after purchasing an additional 18,749 shares in the last quarter. one8zero8 LLC bought a new position in First Bancorp in the 4th quarter worth $487,000. Swiss National Bank increased its stake in First Bancorp by 0.9% in the 4th quarter. Swiss National Bank now owns 81,100 shares of the financial services provider's stock worth $3,566,000 after buying an additional 700 shares in the last quarter. HighTower Advisors LLC raised its holdings in First Bancorp by 47.6% during the fourth quarter. HighTower Advisors LLC now owns 15,033 shares of the financial services provider's stock valued at $661,000 after acquiring an additional 4,851 shares during the period. Finally, Raymond James Financial Inc. bought a new position in shares of First Bancorp in the fourth quarter worth about $2,434,000. Hedge funds and other institutional investors own 68.36% of the company's stock.

Analysts Set New Price Targets

A number of research analysts recently commented on the company. Stephens initiated coverage on First Bancorp in a report on Wednesday. They issued an "overweight" rating and a $48.00 price target on the stock. Janney Montgomery Scott cut shares of First Bancorp from a "buy" rating to a "neutral" rating in a research note on Friday, February 7th. Finally, Keefe, Bruyette & Woods increased their price target on First Bancorp from $49.00 to $56.00 and gave the company an "outperform" rating in a research note on Wednesday, December 4th.

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First Bancorp Trading Up 0.2 %

NASDAQ FBNC traded up $0.07 during trading hours on Wednesday, hitting $41.21. 129,935 shares of the company were exchanged, compared to its average volume of 167,487. First Bancorp has a 52 week low of $29.53 and a 52 week high of $50.34. 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 stock has a 50-day moving average price of $42.34 and a 200 day moving average price of $43.46. The stock has a market cap of $1.70 billion, a PE ratio of 22.40 and a beta of 1.04.

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

First Bancorp Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, April 25th. Shareholders of record on Monday, March 31st will be issued a $0.22 dividend. This represents a $0.88 annualized dividend and a dividend yield of 2.14%. The ex-dividend date of this dividend is Monday, March 31st. First Bancorp's dividend payout ratio is 47.83%.

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.