Dimensional Fund Advisors LP Buys 136,002 Shares of First Bancorp (NASDAQ:FBNC)

Dimensional Fund Advisors LP boosted its position in shares of First Bancorp (NASDAQ:FBNC - Free Report) by 6.9% in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 2,104,258 shares of the financial services provider's stock after buying an additional 136,002 shares during the quarter. Dimensional Fund Advisors LP owned 5.11% of First Bancorp worth $67,166,000 at the end of the most recent quarter.

A number of other hedge funds have also recently bought and sold shares of the company. Jennison Associates LLC boosted its position in shares of First Bancorp by 77.7% during the 1st quarter. Jennison Associates LLC now owns 1,041,332 shares of the financial services provider's stock valued at $37,613,000 after purchasing an additional 455,406 shares in the last quarter. SageView Advisory Group LLC bought a new position in shares of First Bancorp in the first quarter valued at $943,000. Vanguard Group Inc. lifted its position in shares of First Bancorp by 1.9% during the 4th quarter. Vanguard Group Inc. now owns 2,789,188 shares of the financial services provider's stock valued at $103,228,000 after acquiring an additional 52,812 shares during the last quarter. American National Bank & Trust Co. VA bought a new stake in shares of First Bancorp during the 1st quarter worth $4,071,000. Finally, CANADA LIFE ASSURANCE Co grew its holdings in shares of First Bancorp by 1.2% in the 1st quarter. CANADA LIFE ASSURANCE Co now owns 33,399 shares of the financial services provider's stock worth $1,204,000 after acquiring an additional 394 shares during the last quarter. 68.36% of the stock is owned by institutional investors and hedge funds.

First Bancorp Stock Performance

Shares of FBNC stock opened at $41.30 on Friday. The company has a market capitalization of $1.70 billion, a price-to-earnings ratio of 14.91 and a beta of 1.03. First Bancorp has a 1-year low of $26.00 and a 1-year high of $45.41. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 0.07. The stock's fifty day simple moving average is $41.26 and its 200-day simple moving average is $35.63.

First Bancorp (NASDAQ:FBNC - Get Free Report) last released its earnings results on Wednesday, July 24th. The financial services provider reported $0.70 earnings per share for the quarter, beating the consensus estimate of $0.59 by $0.11. The company had revenue of $143.42 million for the quarter, compared to analysts' expectations of $94.00 million. First Bancorp had a return on equity of 8.39% and a net margin of 20.17%. On average, sell-side analysts predict that First Bancorp will post 2.68 earnings per share for the current fiscal year.

First Bancorp Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, October 25th. Shareholders of record on Monday, September 30th will be given a $0.22 dividend. The ex-dividend date of this dividend is Monday, September 30th. This represents a $0.88 dividend on an annualized basis and a yield of 2.13%. First Bancorp's payout ratio is 31.77%.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on the company. Keefe, Bruyette & Woods increased their price target on First Bancorp from $40.00 to $45.00 and gave the company an "outperform" rating in a research report on Thursday, July 25th. StockNews.com lowered shares of First Bancorp from a "hold" rating to a "sell" rating in a report on Saturday, September 7th.

Insider Buying and Selling at First Bancorp

In other news, Director Mason Y. Garrett sold 22,800 shares of the company's stock in a transaction on Friday, July 26th. The shares were sold at an average price of $43.41, for a total value of $989,748.00. Following the transaction, the director now directly owns 196,416 shares of the company's stock, valued at $8,526,418.56. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In related news, Director Mason Y. Garrett sold 22,800 shares of the business's stock in a transaction that occurred on Friday, July 26th. The stock was sold at an average price of $43.41, for a total value of $989,748.00. Following the completion of the sale, the director now owns 196,416 shares of the company's stock, valued at approximately $8,526,418.56. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, Director Suzanne S. Deferie sold 2,036 shares of the firm's stock in a transaction that occurred on Monday, September 23rd. The shares were sold at an average price of $43.77, for a total transaction of $89,115.72. Following the transaction, the director now directly owns 65,618 shares in the company, valued at approximately $2,872,099.86. The disclosure for this sale can be found here. Insiders sold 42,586 shares of company stock valued at $1,859,154 in the last quarter. Company insiders own 3.65% of the company's stock.

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.