7,800 Shares in First Bancorp (NASDAQ:FBNC) Bought by KLP Kapitalforvaltning AS

KLP Kapitalforvaltning AS purchased a new position in shares of First Bancorp (NASDAQ:FBNC - Free Report) during the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund purchased 7,800 shares of the financial services provider's stock, valued at approximately $344,000.

Several other institutional investors have also recently made changes to their positions in the stock. American Century Companies Inc. grew its stake in shares of First Bancorp by 7.8% in the fourth quarter. American Century Companies Inc. now owns 152,502 shares of the financial services provider's stock valued at $6,706,000 after buying an additional 10,978 shares in the last quarter. Intech Investment Management LLC lifted its stake in First Bancorp by 168.4% in the fourth quarter. Intech Investment Management LLC now owns 24,793 shares of the financial services provider's stock valued at $1,090,000 after acquiring an additional 15,555 shares during the last quarter. William Blair Investment Management LLC grew its position in shares of First Bancorp by 2.4% in the 4th quarter. William Blair Investment Management LLC now owns 797,316 shares of the financial services provider's stock valued at $35,058,000 after acquiring an additional 18,749 shares during the period. one8zero8 LLC acquired a new position in shares of First Bancorp during the 4th quarter worth about $487,000. Finally, Swiss National Bank raised its holdings in shares of First Bancorp by 0.9% in the 4th quarter. Swiss National Bank now owns 81,100 shares of the financial services provider's stock valued at $3,566,000 after purchasing an additional 700 shares during the period. Institutional investors and hedge funds own 68.36% of the company's stock.

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First Bancorp Stock Performance

Shares of FBNC stock traded down $1.81 during midday trading on Thursday, hitting $36.38. 220,580 shares of the company were exchanged, compared to its average volume of 178,975. First Bancorp has a 52 week low of $29.53 and a 52 week high of $50.34. The firm has a market capitalization of $1.50 billion, a P/E ratio of 19.77 and a beta of 0.89. The firm's 50 day moving average price is $40.80 and its two-hundred day moving average price is $43.05. The company has a debt-to-equity ratio of 0.06, a quick ratio of 0.81 and a current ratio of 0.81.

First Bancorp (NASDAQ:FBNC - Get Free Report) last issued its quarterly earnings data 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%. As a group, equities research analysts anticipate 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 issued a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a yield of 2.42%. The ex-dividend date is Monday, March 31st. First Bancorp's dividend payout ratio is 47.83%.

Analysts Set New Price Targets

FBNC has been the topic of a number of recent analyst reports. Janney Montgomery Scott downgraded First Bancorp from a "buy" rating to a "neutral" rating in a research report on Friday, February 7th. Stephens started coverage on First Bancorp in a report on Wednesday, March 26th. They set an "overweight" rating and a $48.00 target price on the stock.

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.