Nordea Investment Management AB Lowers Stake in First Bancorp (NASDAQ:FBNC)

Posted by on May 13th, 2023

Nordea Investment Management AB cut its stake in First Bancorp (NASDAQ:FBNC – Get Rating) by 5.3% in the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 49,583 shares of the financial services provider’s stock after selling 2,763 shares during the period. Nordea Investment Management AB owned about 0.14% of First Bancorp worth $2,140,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Tudor Investment Corp Et Al increased its position in shares of First Bancorp by 6.9% during the 3rd quarter. Tudor Investment Corp Et Al now owns 10,933 shares of the financial services provider’s stock valued at $400,000 after purchasing an additional 702 shares during the last quarter. Wesbanco Bank Inc. purchased a new position in First Bancorp in the 4th quarter worth $1,981,000. Wakefield Asset Management LLLP bought a new stake in First Bancorp in the fourth quarter worth $723,000. ProShare Advisors LLC bought a new stake in First Bancorp in the fourth quarter worth $239,000. Finally, Penn Capital Management Company LLC grew its stake in shares of First Bancorp by 132.8% during the third quarter. Penn Capital Management Company LLC now owns 94,073 shares of the financial services provider’s stock valued at $3,441,000 after buying an additional 53,656 shares during the last quarter. Institutional investors own 69.44% of the company’s stock.

First Bancorp Stock Down 0.7 %

Shares of First Bancorp stock opened at $27.29 on Friday. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 0.47. First Bancorp has a 12-month low of $26.25 and a 12-month high of $49.00. The company has a market cap of $1.12 billion, a P/E ratio of 7.71 and a beta of 1.08. The company’s fifty day simple moving average is $33.87 and its two-hundred day simple moving average is $40.02.

First Bancorp Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, April 25th. Investors of record on Friday, March 31st were paid a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a yield of 3.22%. The ex-dividend date was Thursday, March 30th. First Bancorp’s payout ratio is currently 24.86%.

Analysts Set New Price Targets

Several analysts have weighed in on the company. StockNews.com assumed coverage on First Bancorp in a research report on Thursday, March 16th. They issued a “sell” rating for the company. Raymond James lowered their price objective on shares of First Bancorp from $45.00 to $43.00 and set an “outperform” rating for the company in a research note on Thursday, April 6th. Finally, Piper Sandler reduced their price target on First Bancorp from $44.00 to $39.00 in a report on Thursday, April 27th.

Insiders Place Their Bets

In other news, Director Carlie C. Mclamb, Jr. bought 655 shares of First Bancorp stock in a transaction on Tuesday, March 7th. The shares were purchased at an average price of $41.18 per share, for a total transaction of $26,972.90. Following the acquisition, the director now owns 20,414 shares of the company’s stock, valued at $840,648.52. The acquisition was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 3.65% of the stock is currently owned by company insiders.

About First Bancorp

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First Bancorp (North Carolina) operates as a bank holding company, which engages in banking activities, with the acceptance of deposits and the making of loans. It provides a range of deposit products such as checking, savings, NOW, and money market accounts, as well as time deposits, including various types of certificates of deposits and individual retirement accounts.

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

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