Cascades Capital Asset Management LLC Sells 999 Shares of First Bancorp (NASDAQ:FBNC)

Cascades Capital Asset Management LLC lessened its position in First Bancorp (NASDAQ:FBNC) by 2.6% during the fourth quarter, Holdings Channel reports. The fund owned 37,441 shares of the financial services provider’s stock after selling 999 shares during the period. First Bancorp comprises 0.9% of Cascades Capital Asset Management LLC’s holdings, making the stock its 26th biggest holding. Cascades Capital Asset Management LLC’s holdings in First Bancorp were worth $1,646,000 as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. Versant Capital Management Inc boosted its holdings in shares of First Bancorp by 82.3% in the 4th quarter. Versant Capital Management Inc now owns 587 shares of the financial services provider’s stock worth $26,000 after purchasing an additional 265 shares in the last quarter. GAMMA Investing LLC raised its holdings in shares of First Bancorp by 22.3% during the 4th quarter. GAMMA Investing LLC now owns 1,386 shares of the financial services provider’s stock valued at $61,000 after buying an additional 253 shares in the last quarter. KBC Group NV lifted its position in First Bancorp by 76.0% in the 4th quarter. KBC Group NV now owns 2,592 shares of the financial services provider’s stock worth $114,000 after buying an additional 1,119 shares during the last quarter. Salem Investment Counselors Inc. boosted its stake in First Bancorp by 157.3% in the fourth quarter. Salem Investment Counselors Inc. now owns 3,551 shares of the financial services provider’s stock worth $157,000 after buying an additional 2,171 shares in the last quarter. Finally, Stifel Financial Corp purchased a new stake in First Bancorp in the third quarter worth approximately $205,000. Hedge funds and other institutional investors own 68.36% of the company’s stock.

First Bancorp Price Performance

Shares of First Bancorp stock opened at $36.21 on Friday. The company has a debt-to-equity ratio of 0.06, a current ratio of 0.81 and a quick ratio of 0.81. First Bancorp has a one year low of $29.53 and a one year high of $50.34. The business’s 50 day simple moving average is $41.65 and its two-hundred day simple moving average is $43.32. The stock has a market capitalization of $1.50 billion, a P/E ratio of 19.68 and a beta of 0.89.

First Bancorp (NASDAQ:FBNC) last issued its earnings results on Wednesday, January 29th. The financial services provider reported $0.76 EPS for the quarter, topping the consensus estimate of $0.72 by $0.04. First Bancorp had a net margin of 14.19% and a return on equity of 8.04%. 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 paid a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a dividend yield of 2.43%. The ex-dividend date of this dividend is Monday, March 31st. First Bancorp’s dividend payout ratio (DPR) is 47.83%.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the stock. Stephens assumed coverage on shares of First Bancorp in a report on Wednesday, March 26th. They issued an “overweight” rating and a $48.00 price objective for the company. Janney Montgomery Scott downgraded shares of First Bancorp from a “buy” rating to a “neutral” rating in a research note on Friday, February 7th.

First Bancorp 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.