First Bancorp (NASDAQ:FBNC) Shares Acquired by Victory Capital Management Inc.

Victory Capital Management Inc. increased its position in shares of First Bancorp (NASDAQ:FBNCGet Rating) by 0.6% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 407,560 shares of the financial services provider’s stock after purchasing an additional 2,409 shares during the period. Victory Capital Management Inc.’s holdings in First Bancorp were worth $16,951,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Allegheny Financial Group LTD purchased a new position in First Bancorp during the fourth quarter worth about $31,000. Northwestern Mutual Wealth Management Co. purchased a new position in First Bancorp during the fourth quarter worth about $32,000. Geneos Wealth Management Inc. raised its stake in First Bancorp by 67.9% during the fourth quarter. Geneos Wealth Management Inc. now owns 779 shares of the financial services provider’s stock worth $35,000 after purchasing an additional 315 shares during the period. Nisa Investment Advisors LLC raised its stake in First Bancorp by 200.0% during the fourth quarter. Nisa Investment Advisors LLC now owns 1,050 shares of the financial services provider’s stock worth $46,000 after purchasing an additional 700 shares during the period. Finally, SG Americas Securities LLC purchased a new position in First Bancorp during the first quarter worth about $158,000. 68.57% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on the stock. DA Davidson downgraded shares of First Bancorp from a “buy” rating to a “neutral” rating and reduced their target price for the stock from $43.00 to $42.00 in a research note on Monday, August 1st. Raymond James lifted their target price on shares of First Bancorp from $40.00 to $43.00 and gave the stock an “outperform” rating in a research note on Monday, August 1st.

First Bancorp Price Performance

First Bancorp stock opened at $36.43 on Friday. The company’s 50 day simple moving average is $35.82 and its 200-day simple moving average is $39.50. The company has a market capitalization of $1.30 billion, a price-to-earnings ratio of 11.21 and a beta of 1.15. First Bancorp has a 1 year low of $32.90 and a 1 year high of $50.92. The company has a debt-to-equity ratio of 0.06, a quick ratio of 0.70 and a current ratio of 0.71.

First Bancorp (NASDAQ:FBNCGet Rating) last released its quarterly earnings results on Wednesday, July 27th. The financial services provider reported $1.04 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.02 by $0.02. First Bancorp had a net margin of 29.83% and a return on equity of 11.20%. As a group, equities research analysts expect that First Bancorp will post 3.73 earnings per share for the current year.

First Bancorp Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, July 25th. Investors of record on Thursday, June 30th were paid a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a yield of 2.42%. The ex-dividend date was Wednesday, June 29th. First Bancorp’s payout ratio is currently 27.08%.

Insiders Place Their Bets

In other First Bancorp news, Director Dexter V. Perry purchased 973 shares of the company’s stock in a transaction on Wednesday, June 29th. The stock was acquired at an average price of $34.78 per share, for a total transaction of $33,840.94. Following the completion of the purchase, the director now directly owns 3,485 shares in the company, valued at approximately $121,208.30. The purchase was disclosed in a filing with the SEC, which is available through this link. In related news, Director Dexter V. Perry acquired 973 shares of First Bancorp stock in a transaction dated Wednesday, June 29th. The shares were acquired at an average cost of $34.78 per share, for a total transaction of $33,840.94. Following the completion of the purchase, the director now owns 3,485 shares in the company, valued at $121,208.30. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Carlie C. Mclamb, Jr. acquired 1,238 shares of First Bancorp stock in a transaction dated Monday, May 16th. The stock was bought at an average price of $35.99 per share, for a total transaction of $44,555.62. Following the completion of the purchase, the director now owns 21,838 shares of the company’s stock, valued at approximately $785,949.62. The disclosure for this purchase can be found here. 1.90% of the stock is owned by company insiders.

First Bancorp Profile

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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 primarily in North Carolina and northeastern South Carolina. It accepts deposit products, such as checking, savings, and money market accounts, as well as time deposits, including certificate of deposits and individual retirement accounts.

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

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