Schwab Charles Investment Management Inc. Has $3.56 Million Position in First Bancorp (FBNC)

Schwab Charles Investment Management Inc. boosted its stake in shares of First Bancorp (NASDAQ:FBNC) by 5.0% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 103,363 shares of the financial services provider’s stock after buying an additional 4,910 shares during the quarter. Schwab Charles Investment Management Inc. owned 0.35% of First Bancorp worth $3,557,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in the business. JPMorgan Chase & Co. boosted its stake in First Bancorp by 2.0% during the second quarter. JPMorgan Chase & Co. now owns 53,009 shares of the financial services provider’s stock worth $1,657,000 after buying an additional 1,041 shares during the period. Legal & General Group Plc boosted its stake in First Bancorp by 23.1% during the second quarter. Legal & General Group Plc now owns 5,790 shares of the financial services provider’s stock worth $180,000 after buying an additional 1,085 shares during the period. Voya Investment Management LLC boosted its stake in First Bancorp by 7.7% during the second quarter. Voya Investment Management LLC now owns 15,488 shares of the financial services provider’s stock worth $484,000 after buying an additional 1,113 shares during the period. Parametric Portfolio Associates LLC boosted its stake in First Bancorp by 7.9% during the second quarter. Parametric Portfolio Associates LLC now owns 36,254 shares of the financial services provider’s stock worth $1,133,000 after buying an additional 2,660 shares during the period. Finally, BNP Paribas Arbitrage SA boosted its stake in First Bancorp by 1,207.2% during the second quarter. BNP Paribas Arbitrage SA now owns 3,268 shares of the financial services provider’s stock worth $102,000 after buying an additional 3,018 shares during the period. 56.51% of the stock is owned by institutional investors.

First Bancorp (NASDAQ:FBNC) opened at $36.97 on Friday. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.78. First Bancorp has a 12 month low of $26.47 and a 12 month high of $41.76. The company has a market cap of $1,095.94, a P/E ratio of 20.65, a PEG ratio of 1.20 and a beta of 1.10.

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, January 25th. Stockholders of record on Sunday, December 31st will be paid a $0.08 dividend. This represents a $0.32 annualized dividend and a dividend yield of 0.87%. The ex-dividend date of this dividend is Thursday, December 28th. First Bancorp’s payout ratio is 18.60%.

In other First Bancorp news, CEO Richard H. Moore acquired 2,755 shares of the stock in a transaction dated Wednesday, December 20th. The stock was acquired at an average price of $36.00 per share, with a total value of $99,180.00. Following the completion of the purchase, the chief executive officer now owns 121,741 shares in the company, valued at approximately $4,382,676. The purchase was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Suzanne S. Deferie sold 12,001 shares of the firm’s stock in a transaction that occurred on Wednesday, December 27th. The shares were sold at an average price of $35.67, for a total transaction of $428,075.67. Following the completion of the transaction, the insider now directly owns 113,408 shares of the company’s stock, valued at approximately $4,045,263.36. The disclosure for this sale can be found here. Company insiders own 1.89% of the company’s stock.

FBNC has been the subject of several research analyst reports. Zacks Investment Research raised shares of First Bancorp from a “hold” rating to a “buy” rating and set a $40.00 target price for the company in a research note on Wednesday, January 3rd. Keefe, Bruyette & Woods reaffirmed a “buy” rating and set a $41.00 target price on shares of First Bancorp in a research note on Friday, December 22nd. Brean Capital increased their target price on shares of First Bancorp from $39.00 to $35.00 and gave the stock a “buy” rating in a research note on Wednesday, October 25th. BidaskClub lowered shares of First Bancorp from a “buy” rating to a “hold” rating in a research note on Thursday, December 21st. Finally, Stephens initiated coverage on shares of First Bancorp in a research note on Monday, December 4th. They set an “equal weight” rating for the company. Two research analysts have rated the stock with a hold rating and five have given a buy rating to the company. The stock currently has an average rating of “Buy” and a consensus price target of $39.50.

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About First Bancorp

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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