Federated Hermes Inc. Sells 8,121 Shares of First Bancorp (NASDAQ:FBNC)

Federated Hermes Inc. trimmed its position in shares of First Bancorp (NASDAQ:FBNC) by 26.5% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 22,560 shares of the financial services provider’s stock after selling 8,121 shares during the period. Federated Hermes Inc. owned about 0.05% of First Bancorp worth $835,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in the company. Everence Capital Management Inc. bought a new position in First Bancorp during the 4th quarter valued at about $213,000. Louisiana State Employees Retirement System bought a new position in First Bancorp in the 4th quarter worth about $762,000. Mirae Asset Global Investments Co. Ltd. grew its stake in First Bancorp by 8.4% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 18,476 shares of the financial services provider’s stock worth $684,000 after acquiring an additional 1,438 shares in the last quarter. Pinnacle Associates Ltd. grew its stake in First Bancorp by 15.3% in the 4th quarter. Pinnacle Associates Ltd. now owns 83,923 shares of the financial services provider’s stock worth $3,106,000 after acquiring an additional 11,155 shares in the last quarter. Finally, Wagner Wealth Management LLC bought a new position in First Bancorp in the 4th quarter worth about $240,000. 68.36% of the stock is currently owned by institutional investors.

First Bancorp Price Performance

NASDAQ FBNC opened at $31.25 on Thursday. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.81 and a current ratio of 0.81. The firm’s 50 day moving average price is $33.71 and its 200-day moving average price is $33.51. First Bancorp has a 52-week low of $26.00 and a 52-week high of $38.51. The company has a market cap of $1.29 billion, a PE ratio of 11.28 and a beta of 1.00.

First Bancorp Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, April 25th. Investors of record on Sunday, March 31st were given a dividend of $0.22 per share. The ex-dividend date of this dividend was Wednesday, March 27th. This represents a $0.88 dividend on an annualized basis and a yield of 2.82%. First Bancorp’s payout ratio is 31.77%.

Wall Street Analyst Weigh In

Separately, StockNews.com downgraded shares of First Bancorp from a “hold” rating to a “sell” rating in a research note on Thursday, April 25th.

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.