Thrivent Financial for Lutherans Lowers Position in First Bancorp (NASDAQ:FBNC)

Thrivent Financial for Lutherans decreased its holdings in shares of First Bancorp (NASDAQ:FBNC) by 1.4% during the fourth quarter, according to its most recent filing with the SEC. The firm owned 31,955 shares of the financial services provider’s stock after selling 461 shares during the period. Thrivent Financial for Lutherans’ holdings in First Bancorp were worth $1,405,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of FBNC. Franklin Resources Inc. increased its holdings in First Bancorp by 20.0% during the third quarter. Franklin Resources Inc. now owns 1,784,208 shares of the financial services provider’s stock valued at $77,649,000 after buying an additional 297,144 shares during the period. Greenwood Capital Associates LLC boosted its position in First Bancorp by 979.3% during the 4th quarter. Greenwood Capital Associates LLC now owns 247,336 shares of the financial services provider’s stock valued at $10,875,000 after acquiring an additional 224,419 shares in the last quarter. Rockefeller Capital Management L.P. increased its holdings in shares of First Bancorp by 28.2% in the 3rd quarter. Rockefeller Capital Management L.P. now owns 423,461 shares of the financial services provider’s stock valued at $17,612,000 after acquiring an additional 93,072 shares during the period. JPMorgan Chase & Co. raised its position in shares of First Bancorp by 220.6% in the 3rd quarter. JPMorgan Chase & Co. now owns 104,609 shares of the financial services provider’s stock worth $4,351,000 after acquiring an additional 71,977 shares in the last quarter. Finally, Raymond James Financial Inc. purchased a new stake in shares of First Bancorp during the 4th quarter worth $2,434,000. Institutional investors own 68.36% of the company’s stock.

First Bancorp Price Performance

Shares of NASDAQ FBNC opened at $40.33 on Monday. First Bancorp has a fifty-two week low of $29.53 and a fifty-two week high of $50.34. The company has a market cap of $1.67 billion, a PE ratio of 21.92 and a beta of 1.04. The company has a debt-to-equity ratio of 0.06, a quick ratio of 0.81 and a current ratio of 0.81. The business has a 50-day simple moving average of $42.17 and a two-hundred day simple moving average of $43.45.

First Bancorp (NASDAQ:FBNC) last released its earnings results on Wednesday, January 29th. The financial services provider reported $0.76 EPS for the quarter, topping analysts’ consensus estimates of $0.72 by $0.04. First Bancorp had a net margin of 14.19% and a return on equity of 8.04%. As a group, equities analysts expect that First Bancorp will post 3.27 EPS for the current fiscal year.

First Bancorp Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, April 25th. Investors of record on Monday, March 31st will be given a $0.22 dividend. This represents a $0.88 annualized dividend and a dividend yield of 2.18%. The ex-dividend date of this dividend is Monday, March 31st. First Bancorp’s payout ratio is 47.83%.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on FBNC. 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 note on Wednesday, December 4th. Janney Montgomery Scott lowered shares of First Bancorp from a “buy” rating to a “neutral” rating in a research note on Friday, February 7th. Finally, Stephens started coverage on shares of First Bancorp in a research note on Wednesday, March 26th. They issued an “overweight” rating and a $48.00 target price for the company.

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.