HighTower Advisors LLC Buys 4,851 Shares of First Bancorp (NASDAQ:FBNC)

HighTower Advisors LLC increased its stake in First Bancorp (NASDAQ:FBNC) by 47.6% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 15,033 shares of the financial services provider’s stock after purchasing an additional 4,851 shares during the period. HighTower Advisors LLC’s holdings in First Bancorp were worth $661,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also recently added to or reduced their stakes in FBNC. GAMMA Investing LLC boosted its position in shares of First Bancorp by 22.3% during the fourth quarter. GAMMA Investing LLC now owns 1,386 shares of the financial services provider’s stock worth $61,000 after buying an additional 253 shares during the period. Versant Capital Management Inc lifted its stake in First Bancorp by 82.3% in the 4th quarter. Versant Capital Management Inc now owns 587 shares of the financial services provider’s stock valued at $26,000 after acquiring an additional 265 shares in the last quarter. Captrust Financial Advisors boosted its position in First Bancorp by 0.7% during the 3rd quarter. Captrust Financial Advisors now owns 65,459 shares of the financial services provider’s stock worth $2,722,000 after acquiring an additional 478 shares during the last quarter. Rhumbline Advisers grew its stake in shares of First Bancorp by 0.5% during the 4th quarter. Rhumbline Advisers now owns 124,541 shares of the financial services provider’s stock worth $5,476,000 after acquiring an additional 621 shares in the last quarter. Finally, Stephens Inc. AR raised its holdings in shares of First Bancorp by 16.6% in the fourth quarter. Stephens Inc. AR now owns 7,428 shares of the financial services provider’s stock valued at $327,000 after purchasing an additional 1,058 shares during the last quarter. Institutional investors own 68.36% of the company’s stock.

First Bancorp Price Performance

Shares of FBNC opened at $40.33 on Friday. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 0.06. The company’s fifty day simple moving average is $42.17 and its 200 day simple moving average is $43.42. First Bancorp has a 1-year low of $29.53 and a 1-year high of $50.34. The company has a market cap of $1.67 billion, a price-to-earnings ratio of 21.92 and a beta of 1.04.

First Bancorp (NASDAQ:FBNC) last released its quarterly earnings results on Wednesday, January 29th. The financial services provider reported $0.76 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.72 by $0.04. First Bancorp had a return on equity of 8.04% and a net margin of 14.19%. On average, research analysts forecast that First Bancorp will post 3.27 earnings per share for the current fiscal year.

First Bancorp Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, April 25th. Investors 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 2.18%. First Bancorp’s dividend payout ratio is currently 47.83%.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on FBNC. Stephens initiated coverage on shares of First Bancorp in a research report on Wednesday. They issued an “overweight” rating and a $48.00 target price for the company. Janney Montgomery Scott downgraded shares of First Bancorp from a “buy” rating to a “neutral” rating in a research note on Friday, February 7th. Finally, Keefe, Bruyette & Woods lifted their target price on First Bancorp from $49.00 to $56.00 and gave the company an “outperform” rating in a research report on Wednesday, December 4th.

First Bancorp 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.