JPMorgan Chase & Co. Acquires 71,977 Shares of First Bancorp (NASDAQ:FBNC)

JPMorgan Chase & Co. lifted its stake in First Bancorp (NASDAQ:FBNC - Free Report) by 220.6% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 104,609 shares of the financial services provider's stock after purchasing an additional 71,977 shares during the quarter. JPMorgan Chase & Co. owned 0.25% of First Bancorp worth $4,351,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also modified their holdings of the company. Stifel Financial Corp acquired a new stake in First Bancorp during the 3rd quarter worth about $205,000. CreativeOne Wealth LLC acquired a new stake in First Bancorp during the 3rd quarter worth about $211,000. Aptus Capital Advisors LLC acquired a new stake in First Bancorp during the 3rd quarter worth about $212,000. Olympiad Research LP acquired a new stake in First Bancorp during the 3rd quarter worth about $217,000. Finally, Everence Capital Management Inc. acquired a new stake in First Bancorp during the 3rd quarter worth about $240,000. Institutional investors and hedge funds own 68.36% of the company's stock.

First Bancorp Stock Up 1.5 %

Shares of FBNC traded up $0.65 during midday trading on Friday, reaching $44.14. 240,459 shares of the stock were exchanged, compared to its average volume of 156,967. First Bancorp has a 12-month low of $29.53 and a 12-month high of $50.34. The firm has a 50 day simple moving average of $45.55 and a 200-day simple moving average of $42.36. 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 cap of $1.82 billion, a price-to-earnings ratio of 17.80 and a beta of 1.05.

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 for the quarter, meeting analysts' consensus estimates of $0.70. First Bancorp had a return on equity of 8.00% and a net margin of 17.98%. The business had revenue of $144.99 million for the quarter, compared to the consensus estimate of $97.00 million. Research analysts forecast that First Bancorp will post 2.72 EPS for the current year.

First Bancorp Announces Dividend

The business 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 dividend on an annualized basis and a dividend yield of 1.99%. The ex-dividend date of this dividend is Tuesday, December 31st. First Bancorp's payout ratio is 35.48%.

Analyst Ratings Changes

FBNC has been the subject of a number of recent research reports. Keefe, Bruyette & Woods raised their price target 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 downgraded First Bancorp from a "hold" rating to a "sell" rating in a research note on Thursday, October 24th.

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.