Pinnacle Financial Partners Inc. acquired a new position in shares of First Bancorp (NASDAQ:FBNC) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 3,180 shares of the financial services provider’s stock, valued at approximately $100,000.

A number of other large investors also recently added to or reduced their stakes in FBNC. IFP Advisors Inc increased its stake in First Bancorp by 250.9% in the second quarter. IFP Advisors Inc now owns 3,513 shares of the financial services provider’s stock worth $110,000 after buying an additional 2,512 shares during the last quarter. Highbridge Capital Management LLC bought a new stake in First Bancorp during the fourth quarter worth $300,000. American International Group Inc. increased its stake in First Bancorp by 7.0% in the first quarter. American International Group Inc. now owns 12,110 shares of the financial services provider’s stock worth $355,000 after buying an additional 791 shares during the last quarter. Alliancebernstein L.P. increased its stake in First Bancorp by 5.0% in the first quarter. Alliancebernstein L.P. now owns 19,010 shares of the financial services provider’s stock worth $557,000 after buying an additional 900 shares during the last quarter. Finally, Municipal Employees Retirement System of Michigan bought a new stake in First Bancorp during the second quarter worth $731,000. 60.55% of the stock is currently owned by institutional investors.

Shares of First Bancorp (NASDAQ:FBNC) opened at 30.57 on Wednesday. The firm’s 50-day moving average price is $31.21 and its 200-day moving average price is $30.00. The firm has a market capitalization of $754.41 million, a P/E ratio of 21.30 and a beta of 1.18. First Bancorp has a 12-month low of $18.56 and a 12-month high of $32.99.

First Bancorp (NASDAQ:FBNC) last announced its earnings results on Tuesday, July 25th. The financial services provider reported $0.45 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.43 by $0.02. First Bancorp had a net margin of 17.52% and a return on equity of 7.77%. The firm had revenue of $51.79 million for the quarter, compared to analyst estimates of $49.49 million. Equities analysts predict that First Bancorp will post $1.86 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which was paid on Tuesday, July 25th. Shareholders of record on Friday, June 30th were given a dividend of $0.08 per share. The ex-dividend date of this dividend was Wednesday, June 28th. This represents a $0.32 dividend on an annualized basis and a dividend yield of 1.05%. First Bancorp’s payout ratio is presently 22.54%.

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FBNC has been the topic of a number of recent research reports. Keefe, Bruyette & Woods reaffirmed a “buy” rating and set a $34.00 price objective on shares of First Bancorp in a report on Monday, June 26th. Brean Capital initiated coverage on First Bancorp in a report on Friday, June 9th. They set a “buy” rating and a $33.00 price objective on the stock. ValuEngine raised First Bancorp from a “hold” rating to a “buy” rating in a report on Friday, June 2nd. Finally, Zacks Investment Research raised First Bancorp from a “hold” rating to a “buy” rating and set a $34.00 price objective on the stock in a report on Monday, May 1st. Two equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. The stock has a consensus rating of “Buy” and a consensus target price of $32.50.

First Bancorp Company Profile

First Bancorp is the bank holding company for First Bank (the Bank). The Company’s principal activity is the ownership and operation of First Bank. The Bank engages in a range of banking activities, including the acceptance of deposits and the making of loans. The Bank offers credit cards, debit cards, letters of credit, safe deposit box rentals and electronic funds transfer services, including wire transfers.

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Institutional Ownership by Quarter for First Bancorp (NASDAQ:FBNC)

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