First Bancorp (NASDAQ:FBNC) Holdings Raised by Rockefeller Capital Management L.P.

Rockefeller Capital Management L.P. boosted its holdings in First Bancorp (NASDAQ:FBNC - Free Report) by 15.0% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 486,772 shares of the financial services provider's stock after buying an additional 63,311 shares during the period. Rockefeller Capital Management L.P. owned 1.18% of First Bancorp worth $21,403,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in FBNC. Sterling Capital Management LLC grew its stake in shares of First Bancorp by 807.9% during the 4th quarter. Sterling Capital Management LLC now owns 1,262 shares of the financial services provider's stock valued at $55,000 after buying an additional 1,123 shares during the period. Raymond James Financial Inc. purchased a new position in First Bancorp in the fourth quarter valued at about $2,434,000. Invesco Ltd. lifted its stake in shares of First Bancorp by 5.9% during the fourth quarter. Invesco Ltd. now owns 113,370 shares of the financial services provider's stock worth $4,985,000 after purchasing an additional 6,351 shares in the last quarter. Bank of Montreal Can boosted its position in shares of First Bancorp by 7.8% in the fourth quarter. Bank of Montreal Can now owns 6,345 shares of the financial services provider's stock worth $279,000 after buying an additional 460 shares during the period. Finally, Federated Hermes Inc. grew its stake in shares of First Bancorp by 163.2% in the fourth quarter. Federated Hermes Inc. now owns 25,510 shares of the financial services provider's stock valued at $1,122,000 after buying an additional 15,819 shares in the last quarter. Hedge funds and other institutional investors own 68.36% of the company's stock.

First Bancorp Stock Up 0.8 %

Shares of FBNC stock traded up $0.30 during trading hours on Friday, hitting $37.12. 207,666 shares of the company were exchanged, compared to its average volume of 180,340. The stock has a market capitalization of $1.53 billion, a price-to-earnings ratio of 20.17 and a beta of 0.89. First Bancorp has a one year low of $29.53 and a one year high of $50.34. The business's 50-day simple moving average is $39.84 and its two-hundred day simple moving average is $42.88. 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 announced its quarterly earnings results on Wednesday, January 29th. The financial services provider reported $0.76 earnings per share 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%. Sell-side analysts predict that First Bancorp will post 3.27 EPS for the current fiscal year.

First Bancorp Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, April 25th. Stockholders of record on Monday, March 31st will be given a dividend of $0.22 per share. The ex-dividend date is Monday, March 31st. This represents a $0.88 annualized dividend and a dividend yield of 2.37%. First Bancorp's dividend payout ratio is currently 47.83%.

Analysts Set New Price Targets

A number of research firms have weighed in on FBNC. Janney Montgomery Scott cut First Bancorp from a "buy" rating to a "neutral" rating in a report on Friday, February 7th. Stephens initiated coverage on shares of First Bancorp in a report on Wednesday, March 26th. They set an "overweight" rating and a $48.00 price target for the company.

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.