Cascades Capital Asset Management LLC Sells 999 Shares of First Bancorp (NASDAQ:FBNC)

Cascades Capital Asset Management LLC lessened its position in shares of First Bancorp (NASDAQ:FBNC) by 2.6% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 37,441 shares of the financial services provider’s stock after selling 999 shares during the period. First Bancorp accounts for 0.9% of Cascades Capital Asset Management LLC’s holdings, making the stock its 26th biggest holding. Cascades Capital Asset Management LLC owned about 0.09% of First Bancorp worth $1,646,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also bought and sold shares of the company. Versant Capital Management Inc lifted its stake in shares of 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 purchasing an additional 265 shares during the period. GAMMA Investing LLC lifted its stake in First Bancorp by 22.3% in the fourth quarter. GAMMA Investing LLC now owns 1,386 shares of the financial services provider’s stock valued at $61,000 after buying an additional 253 shares during the period. KBC Group NV boosted its holdings in shares of First Bancorp by 76.0% during the 4th quarter. KBC Group NV now owns 2,592 shares of the financial services provider’s stock worth $114,000 after buying an additional 1,119 shares in the last quarter. Salem Investment Counselors Inc. grew its position in shares of First Bancorp by 157.3% during the 4th quarter. Salem Investment Counselors Inc. now owns 3,551 shares of the financial services provider’s stock worth $157,000 after buying an additional 2,171 shares during the period. Finally, Stifel Financial Corp bought a new stake in shares of First Bancorp in the 3rd quarter valued at $205,000. Institutional investors and hedge funds own 68.36% of the company’s stock.

First Bancorp Price Performance

Shares of FBNC opened at $36.21 on Friday. The business’s fifty day moving average is $41.65 and its 200 day moving average is $43.32. First Bancorp has a 12-month low of $29.53 and a 12-month high of $50.34. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 0.06. The stock has a market cap of $1.50 billion, a P/E ratio of 19.68 and a beta of 0.89.

First Bancorp (NASDAQ:FBNC) last issued its quarterly earnings results on Wednesday, January 29th. The financial services provider reported $0.76 EPS for the quarter, beating analysts’ consensus estimates of $0.72 by $0.04. First Bancorp had a return on equity of 8.04% and a net margin of 14.19%. Sell-side analysts anticipate 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 paid a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a yield of 2.43%. The ex-dividend date is Monday, March 31st. First Bancorp’s dividend payout ratio is 47.83%.

Analyst Ratings Changes

FBNC has been the topic of several research analyst reports. Stephens started coverage on shares of First Bancorp in a research note on Wednesday, March 26th. They set an “overweight” rating and a $48.00 target price on the stock. Janney Montgomery Scott cut shares of First Bancorp from a “buy” rating to a “neutral” rating in a research report on Friday, February 7th.

First Bancorp Company 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.