First Bancorp (FBNC) Holdings Lifted by Renaissance Technologies LLC
Renaissance Technologies LLC raised its position in First Bancorp (NASDAQ:FBNC) by 2.2% in the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 593,814 shares of the financial services provider’s stock after buying an additional 12,605 shares during the period. Renaissance Technologies LLC’s holdings in First Bancorp were worth $24,293,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Parkside Financial Bank & Trust purchased a new position in First Bancorp in the second quarter valued at $123,000. Mount Yale Investment Advisors LLC purchased a new position in First Bancorp in the first quarter valued at $115,000. SG Americas Securities LLC purchased a new position in First Bancorp in the first quarter valued at $123,000. Sei Investments Co. increased its holdings in First Bancorp by 60.0% in the first quarter. Sei Investments Co. now owns 3,517 shares of the financial services provider’s stock valued at $126,000 after buying an additional 1,319 shares in the last quarter. Finally, Envestnet Asset Management Inc. increased its holdings in First Bancorp by 78.0% in the first quarter. Envestnet Asset Management Inc. now owns 4,887 shares of the financial services provider’s stock valued at $175,000 after buying an additional 2,141 shares in the last quarter. 65.04% of the stock is owned by institutional investors.
A number of research firms have weighed in on FBNC. BidaskClub cut shares of First Bancorp from a “buy” rating to a “hold” rating in a report on Saturday, June 30th. Piper Jaffray Companies lifted their price objective on shares of First Bancorp from $44.00 to $46.00 and gave the company a “buy” rating in a report on Friday, July 27th. Sandler O’Neill cut shares of First Bancorp from a “buy” rating to a “hold” rating in a research note on Thursday, July 26th. ValuEngine cut shares of First Bancorp from a “buy” rating to a “hold” rating in a research note on Monday, July 2nd. Finally, Brean Capital reissued a “buy” rating on shares of First Bancorp in a research note on Monday, July 30th. Six research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. First Bancorp has a consensus rating of “Hold” and a consensus target price of $41.25.
First Bancorp (NASDAQ:FBNC) last released its earnings results on Thursday, July 26th. The financial services provider reported $0.79 EPS for the quarter, topping analysts’ consensus estimates of $0.69 by $0.10. The business had revenue of $67.34 million during the quarter, compared to analysts’ expectations of $68.24 million. First Bancorp had a net margin of 26.25% and a return on equity of 10.53%. equities analysts anticipate that First Bancorp will post 3.02 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Thursday, October 25th. Stockholders of record on Sunday, September 30th will be paid a dividend of $0.10 per share. The ex-dividend date is Thursday, September 27th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.98%. First Bancorp’s dividend payout ratio is currently 21.62%.
In related news, CEO Richard H. Moore bought 1,250 shares of the business’s stock in a transaction dated Wednesday, September 19th. The stock was acquired at an average price of $39.79 per share, with a total value of $49,737.50. Following the completion of the purchase, the chief executive officer now directly owns 139,935 shares of the company’s stock, valued at $5,568,013.65. The purchase was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Suzanne S. Deferie bought 5,000 shares of the business’s stock in a transaction dated Wednesday, September 19th. The shares were bought at an average cost of $39.80 per share, with a total value of $199,000.00. Following the purchase, the insider now directly owns 132,545 shares of the company’s stock, valued at $5,275,291. The disclosure for this purchase can be found here. 1.89% of the stock is owned by insiders.
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 primarily in North Carolina and northeastern South Carolina. It accepts deposit products, such as checking, savings, and money market accounts, as well as time deposits, including certificates of deposits and individual retirement accounts.
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