Wellington Management Group LLP Has $57.85 Million Position in First Bancorp (FBNC)
Wellington Management Group LLP raised its stake in shares of First Bancorp (NASDAQ:FBNC) by 2.7% during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 1,975,197 shares of the financial services provider’s stock after buying an additional 51,909 shares during the period. Wellington Management Group LLP owned 8.01% of First Bancorp worth $57,854,000 at the end of the most recent quarter.
A number of other hedge funds have also bought and sold shares of the stock. Russell Investments Group Ltd. acquired a new stake in First Bancorp during the fourth quarter valued at approximately $1,097,000. Bessemer Group Inc. boosted its position in shares of First Bancorp by 13.9% in the fourth quarter. Bessemer Group Inc. now owns 19,700 shares of the financial services provider’s stock valued at $535,000 after buying an additional 2,400 shares during the period. State Street Corp boosted its position in shares of First Bancorp by 6.5% in the fourth quarter. State Street Corp now owns 365,240 shares of the financial services provider’s stock valued at $9,916,000 after buying an additional 22,410 shares during the period. Dimensional Fund Advisors LP boosted its position in shares of First Bancorp by 7.8% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,062,674 shares of the financial services provider’s stock valued at $28,841,000 after buying an additional 76,554 shares during the period. Finally, Martingale Asset Management L P boosted its position in shares of First Bancorp by 2.0% in the fourth quarter. Martingale Asset Management L P now owns 78,733 shares of the financial services provider’s stock valued at $2,137,000 after buying an additional 1,560 shares during the period. Hedge funds and other institutional investors own 58.02% of the company’s stock.
First Bancorp (NASDAQ FBNC) traded down 1.39% during trading on Friday, reaching $31.14. The company’s stock had a trading volume of 209,850 shares. The company’s 50 day moving average price is $29.32 and its 200 day moving average price is $28.84. The company has a market cap of $767.73 million, a P/E ratio of 23.33 and a beta of 1.14. First Bancorp has a 52 week low of $17.15 and a 52 week high of $32.27.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, July 25th. Stockholders of record on Friday, June 30th will be issued a $0.08 dividend. The ex-dividend date is Wednesday, June 28th. This represents a $0.32 dividend on an annualized basis and a dividend yield of 1.03%. First Bancorp’s payout ratio is 23.88%.
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Several research firms have recently weighed in on FBNC. Zacks Investment Research lowered First Bancorp from a “buy” rating to a “hold” rating in a research note on Wednesday, March 29th. ValuEngine raised First Bancorp from a “hold” rating to a “buy” rating in a research report on Friday, June 2nd. Finally, Brean Capital assumed coverage on First Bancorp in a research report on Friday, June 9th. They issued a “buy” rating and a $33.00 target price for the company. One investment analyst has rated the stock with a hold rating and five have given a buy rating to the company’s stock. First Bancorp currently has a consensus rating of “Buy” and an average price target of $29.50.
In other news, Director James C. Crawford III bought 1,000 shares of the company’s stock in a transaction dated Tuesday, May 2nd. The shares were bought at an average cost of $28.81 per share, with a total value of $28,810.00. Following the acquisition, the director now owns 62,777 shares in the company, valued at $1,808,605.37. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Over the last ninety days, insiders bought 3,222 shares of company stock worth $93,519. 1.89% of the stock is owned by insiders.
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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