Principal Financial Group Inc. Has $14.09 Million Holdings in First Bancorp $FBNC

Principal Financial Group Inc. increased its holdings in First Bancorp (NASDAQ:FBNC) by 26.5% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 250,027 shares of the financial services provider’s stock after purchasing an additional 52,451 shares during the period. Principal Financial Group Inc. owned approximately 0.60% of First Bancorp worth $14,089,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of FBNC. Vanguard Group Inc. lifted its position in shares of First Bancorp by 0.4% in the fourth quarter. Vanguard Group Inc. now owns 2,849,425 shares of the financial services provider’s stock worth $144,722,000 after buying an additional 11,439 shares during the last quarter. State Street Corp increased its holdings in shares of First Bancorp by 9.2% during the 4th quarter. State Street Corp now owns 2,012,273 shares of the financial services provider’s stock valued at $102,661,000 after acquiring an additional 169,363 shares during the last quarter. Ameriprise Financial Inc. raised its stake in shares of First Bancorp by 48.6% in the 3rd quarter. Ameriprise Financial Inc. now owns 1,314,341 shares of the financial services provider’s stock valued at $69,516,000 after acquiring an additional 429,769 shares in the last quarter. Jennison Associates LLC raised its stake in shares of First Bancorp by 20.4% in the 4th quarter. Jennison Associates LLC now owns 726,362 shares of the financial services provider’s stock valued at $36,892,000 after acquiring an additional 123,283 shares in the last quarter. Finally, Invesco Ltd. lifted its holdings in First Bancorp by 10.7% in the 4th quarter. Invesco Ltd. now owns 289,012 shares of the financial services provider’s stock worth $14,679,000 after purchasing an additional 27,849 shares during the last quarter. 68.36% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other First Bancorp news, Director Michael Goodwin Mayer sold 44,324 shares of First Bancorp stock in a transaction on Wednesday, May 20th. The stock was sold at an average price of $58.58, for a total value of $2,596,499.92. Following the completion of the transaction, the director owned 41,491 shares in the company, valued at approximately $2,430,542.78. The trade was a 51.65% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 2.04% of the stock is owned by corporate insiders.

First Bancorp Stock Up 1.1%

NASDAQ FBNC opened at $63.27 on Friday. The company has a debt-to-equity ratio of 0.04, a quick ratio of 0.84 and a current ratio of 0.85. The firm has a 50-day simple moving average of $61.42 and a 200 day simple moving average of $58.89. First Bancorp has a twelve month low of $45.04 and a twelve month high of $66.54. The stock has a market cap of $2.62 billion, a PE ratio of 19.65 and a beta of 0.80.

First Bancorp (NASDAQ:FBNC) last announced its quarterly earnings results on Wednesday, July 22nd. The financial services provider reported $1.22 EPS for the quarter, topping analysts’ consensus estimates of $1.15 by $0.07. First Bancorp had a net margin of 22.12% and a return on equity of 11.43%. The firm had revenue of $127.30 million during the quarter, compared to analysts’ expectations of $126.07 million. On average, research analysts forecast that First Bancorp will post 4.67 EPS for the current year.

First Bancorp Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, July 24th. Investors of record on Tuesday, June 30th will be issued a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a yield of 1.5%. The ex-dividend date of this dividend is Tuesday, June 30th. First Bancorp’s dividend payout ratio (DPR) is currently 29.81%.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on FBNC. Weiss Ratings upgraded First Bancorp from a “buy (b-)” rating to a “buy (b)” rating in a report on Monday, May 18th. Keefe, Bruyette & Woods boosted their price objective on shares of First Bancorp from $65.00 to $66.00 and gave the stock an “outperform” rating in a research note on Thursday, April 23rd. Brean Capital started coverage on shares of First Bancorp in a report on Monday, June 8th. They set a “neutral” rating and a $65.75 price objective for the company. Finally, Raymond James Financial lifted their target price on shares of First Bancorp from $68.00 to $75.00 and gave the stock a “strong-buy” rating in a report on Thursday, July 16th. One analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and three have given a Hold rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $65.55.

First Bancorp Profile

First Bancorp operates as the bank holding company for First Bank, offering a broad range of commercial and consumer banking services. Its core offerings include business lending, treasury and cash management, residential and commercial mortgage financing, and consumer deposit products. Through its subsidiary, First Bank provides online and branch-based banking solutions, including checking and savings accounts, certificate of deposits, and digital banking tools designed to meet the needs of individuals, small- to mid-sized businesses, and professional institutions.

The company maintains a network of full-service banking centers and loan production offices across North Carolina and South Carolina, with a focus on markets in the Piedmont, Sandhills and coastal regions.