Hardin Capital Partners LLC Cuts Stake in First Bancorp (NASDAQ:FBNC)

Hardin Capital Partners LLC lessened its stake in shares of First Bancorp (NASDAQ:FBNC) by 36.4% in the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 6,327 shares of the financial services provider’s stock after selling 3,615 shares during the quarter. Hardin Capital Partners LLC’s holdings in First Bancorp were worth $278,000 as of its most recent filing with the SEC.

Several other hedge funds have also added to or reduced their stakes in FBNC. Franklin Resources Inc. grew its position in shares of First Bancorp by 20.0% during the 3rd quarter. Franklin Resources Inc. now owns 1,784,208 shares of the financial services provider’s stock valued at $77,649,000 after acquiring an additional 297,144 shares during the period. Charles Schwab Investment Management Inc. grew its holdings in First Bancorp by 2.7% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 507,297 shares of the financial services provider’s stock valued at $22,306,000 after purchasing an additional 13,450 shares during the period. Systematic Financial Management LP purchased a new stake in First Bancorp in the third quarter worth $562,000. Geode Capital Management LLC raised its stake in shares of First Bancorp by 1.3% in the third quarter. Geode Capital Management LLC now owns 976,680 shares of the financial services provider’s stock valued at $40,628,000 after buying an additional 12,922 shares during the period. Finally, JPMorgan Chase & Co. lifted its position in shares of First Bancorp by 220.6% during the 3rd quarter. JPMorgan Chase & Co. now owns 104,609 shares of the financial services provider’s stock valued at $4,351,000 after buying an additional 71,977 shares during the last quarter. Institutional investors own 68.36% of the company’s stock.

First Bancorp Price Performance

First Bancorp stock opened at $41.14 on Wednesday. The firm has a market capitalization of $1.70 billion, a P/E ratio of 22.36 and a beta of 1.04. First Bancorp has a one year low of $29.53 and a one year high of $50.34. The company has a debt-to-equity ratio of 0.06, a current ratio of 0.81 and a quick ratio of 0.81. The business has a fifty day moving average price of $42.34 and a 200-day moving average price of $43.46.

First Bancorp (NASDAQ:FBNC) last issued its quarterly earnings data on Wednesday, January 29th. The financial services provider reported $0.76 earnings per share (EPS) for the quarter, topping 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%. As a group, equities research analysts forecast that First Bancorp will post 3.27 EPS for the current year.

First Bancorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, April 25th. Stockholders of record on Monday, March 31st will be given a $0.22 dividend. The ex-dividend date is Monday, March 31st. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.14%. First Bancorp’s dividend payout ratio (DPR) is currently 47.83%.

Analyst Ratings Changes

Several equities research analysts recently weighed in on the company. Keefe, Bruyette & Woods lifted their price objective on First Bancorp from $49.00 to $56.00 and gave the stock an “outperform” rating in a report on Wednesday, December 4th. Janney Montgomery Scott downgraded shares of First Bancorp from a “buy” rating to a “neutral” rating in a research note on Friday, February 7th.

About First Bancorp

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.