Huber Capital Management LLC Grows Stake in First Bancorp (NASDAQ:FBNC)

Huber Capital Management LLC increased its stake in First Bancorp (NASDAQ:FBNC) by 78.5% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 45,140 shares of the financial services provider’s stock after acquiring an additional 19,851 shares during the period. Huber Capital Management LLC owned approximately 0.16% of First Bancorp worth $1,847,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Walthausen & Co. LLC lifted its stake in First Bancorp by 3.7% in the first quarter. Walthausen & Co. LLC now owns 121,290 shares of the financial services provider’s stock worth $5,276,000 after purchasing an additional 4,300 shares during the last quarter. Victory Capital Management Inc. lifted its stake in First Bancorp by 15.7% in the second quarter. Victory Capital Management Inc. now owns 337,868 shares of the financial services provider’s stock worth $13,822,000 after purchasing an additional 45,870 shares during the last quarter. William Blair Investment Management LLC bought a new stake in First Bancorp in the second quarter worth about $68,000. Healthcare of Ontario Pension Plan Trust Fund bought a new stake in First Bancorp in the second quarter worth about $1,800,000. Finally, American Century Companies Inc. lifted its stake in First Bancorp by 25.1% in the second quarter. American Century Companies Inc. now owns 28,892 shares of the financial services provider’s stock worth $1,182,000 after purchasing an additional 5,789 shares during the last quarter. Institutional investors own 76.68% of the company’s stock.

Several analysts have issued reports on FBNC shares. Piper Sandler downgraded shares of First Bancorp from an “overweight” rating to a “neutral” rating and set a $52.00 price objective for the company. in a research note on Tuesday. Zacks Investment Research downgraded shares of First Bancorp from a “buy” rating to a “hold” rating in a research note on Tuesday. Five investment analysts have rated the stock with a hold rating, According to MarketBeat, the stock has an average rating of “Hold” and an average price target of $49.50.

Shares of First Bancorp stock traded down $0.68 on Thursday, hitting $47.59. 8,270 shares of the company traded hands, compared to its average volume of 130,968. The stock’s 50 day moving average price is $42.34 and its 200-day moving average price is $42.25. The company has a current ratio of 0.73, a quick ratio of 0.73 and a debt-to-equity ratio of 0.07. First Bancorp has a 52 week low of $21.77 and a 52 week high of $50.35. The company has a market cap of $1.36 billion, a PE ratio of 13.19 and a beta of 1.30.

First Bancorp (NASDAQ:FBNC) last issued its quarterly earnings data on Monday, July 26th. The financial services provider reported $1.04 EPS for the quarter, topping analysts’ consensus estimates of $0.92 by $0.12. The company had revenue of $80.13 million during the quarter, compared to the consensus estimate of $74.57 million. First Bancorp had a net margin of 32.57% and a return on equity of 11.75%. As a group, research analysts anticipate that First Bancorp will post 3.44 EPS for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, October 25th. Investors of record on Thursday, September 30th will be paid a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a yield of 1.68%. The ex-dividend date is Wednesday, September 29th. First Bancorp’s dividend payout ratio (DPR) is 30.89%.

In other First Bancorp news, Director Dexter V. Perry acquired 650 shares of First Bancorp stock in a transaction that occurred on Monday, September 20th. The stock was bought at an average price of $39.00 per share, with a total value of $25,350.00. Following the completion of the purchase, the director now directly owns 650 shares of the company’s stock, valued at approximately $25,350. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 2.28% of the company’s stock.

First Bancorp Company Profile

First Bancorp operates as a bank holding company, which engages banking activities, with the acceptance of deposits and the making of loans. It provides 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 CDs and individual retirement accounts.

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

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