Schwab Charles Investment Management Inc. Acquires 4,910 Shares of First Bancorp (FBNC)

Schwab Charles Investment Management Inc. grew its holdings in First Bancorp (NASDAQ:FBNC) by 5.0% in the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 103,363 shares of the financial services provider’s stock after purchasing an additional 4,910 shares during the quarter. Schwab Charles Investment Management Inc.’s holdings in First Bancorp were worth $3,557,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also bought and sold shares of FBNC. Vanguard Group Inc. boosted its stake in shares of First Bancorp by 24.8% in the second quarter. Vanguard Group Inc. now owns 1,000,939 shares of the financial services provider’s stock valued at $31,290,000 after purchasing an additional 198,866 shares during the period. Macquarie Group Ltd. raised its holdings in First Bancorp by 30.4% in the third quarter. Macquarie Group Ltd. now owns 619,044 shares of the financial services provider’s stock valued at $21,301,000 after acquiring an additional 144,201 shares in the last quarter. State Street Corp raised its holdings in First Bancorp by 27.9% in the second quarter. State Street Corp now owns 461,813 shares of the financial services provider’s stock valued at $14,436,000 after acquiring an additional 100,632 shares in the last quarter. Banc Funds Co. LLC raised its holdings in First Bancorp by 18.5% in the second quarter. Banc Funds Co. LLC now owns 592,556 shares of the financial services provider’s stock valued at $18,523,000 after acquiring an additional 92,392 shares in the last quarter. Finally, Jennison Associates LLC acquired a new stake in First Bancorp in the third quarter valued at approximately $3,124,000. 56.51% of the stock is owned by institutional investors and hedge funds.

Shares of First Bancorp (NASDAQ:FBNC) opened at $36.97 on Friday. The firm has a market cap of $1,095.94, a P/E ratio of 20.65, a P/E/G ratio of 1.20 and a beta of 1.10. First Bancorp has a 1-year low of $26.47 and a 1-year high of $41.76. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.78.

The company also recently announced a quarterly dividend, which will be paid on Thursday, January 25th. Investors of record on Sunday, December 31st will be issued a $0.08 dividend. The ex-dividend date is Thursday, December 28th. This represents a $0.32 annualized dividend and a yield of 0.87%. First Bancorp’s dividend payout ratio (DPR) is 18.60%.

In other First Bancorp news, insider Suzanne S. Deferie sold 12,001 shares of the firm’s stock in a transaction that occurred on Wednesday, December 27th. The shares were sold at an average price of $35.67, for a total transaction of $428,075.67. Following the sale, the insider now owns 113,408 shares of the company’s stock, valued at $4,045,263.36. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Richard H. Moore acquired 2,755 shares of the business’s stock in a transaction on Wednesday, December 20th. The shares were bought at an average cost of $36.00 per share, for a total transaction of $99,180.00. Following the acquisition, the chief executive officer now owns 121,741 shares of the company’s stock, valued at approximately $4,382,676. The disclosure for this purchase can be found here. 1.89% of the stock is owned by company insiders.

Several analysts recently weighed in on FBNC shares. Piper Jaffray Companies reaffirmed an “overweight” rating and issued a $37.00 target price on shares of First Bancorp in a report on Thursday, October 5th. BidaskClub cut shares of First Bancorp from a “buy” rating to a “hold” rating in a report on Thursday, December 21st. Zacks Investment Research cut shares of First Bancorp from a “buy” rating to a “hold” rating in a report on Tuesday, December 26th. Brean Capital reaffirmed a “buy” rating on shares of First Bancorp in a report on Tuesday, January 2nd. Finally, Stephens started coverage on shares of First Bancorp in a report on Monday, December 4th. They issued an “equal weight” rating on the stock. Two research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. The company currently has an average rating of “Buy” and a consensus target price of $39.50.

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First Bancorp Profile

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

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