Victory Capital Management Inc. Sells 15,655 Shares of First Bancorp (NASDAQ:FBNC)

Victory Capital Management Inc. trimmed its holdings in shares of First Bancorp (NASDAQ:FBNC - Free Report) by 2.7% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 557,027 shares of the financial services provider's stock after selling 15,655 shares during the quarter. Victory Capital Management Inc. owned 1.35% of First Bancorp worth $22,359,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in the business. Sterling Capital Management LLC lifted its position in shares of First Bancorp by 807.9% in the 4th quarter. Sterling Capital Management LLC now owns 1,262 shares of the financial services provider's stock worth $55,000 after purchasing an additional 1,123 shares during the period. Blue Trust Inc. acquired a new position in shares of First Bancorp in the 1st quarter worth approximately $128,000. Two Sigma Securities LLC acquired a new position in shares of First Bancorp in the 4th quarter worth approximately $204,000. Dynamic Technology Lab Private Ltd acquired a new position in shares of First Bancorp in the 4th quarter worth approximately $236,000. Finally, Teacher Retirement System of Texas acquired a new position in shares of First Bancorp in the 1st quarter worth approximately $243,000. 68.36% of the stock is owned by institutional investors.

First Bancorp Stock Up 1.8%

FBNC traded up $0.88 during trading on Friday, hitting $50.13. 919,713 shares of the company's stock were exchanged, compared to its average volume of 281,494. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 0.06. The business's 50 day moving average is $43.71 and its two-hundred day moving average is $42.01. First Bancorp has a fifty-two week low of $34.50 and a fifty-two week high of $50.34. The stock has a market cap of $2.08 billion, a P/E ratio of 21.42 and a beta of 0.87.

First Bancorp (NASDAQ:FBNC - Get Free Report) last released its quarterly earnings data on Wednesday, July 23rd. The financial services provider reported $0.93 earnings per share for the quarter, topping the consensus estimate of $0.88 by $0.05. First Bancorp had a net margin of 17.65% and a return on equity of 8.96%. The firm had revenue of $111.02 million for the quarter, compared to the consensus estimate of $109.22 million. As a group, equities analysts expect that First Bancorp will post 3.27 earnings per share for the current fiscal year.

First Bancorp Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 12th. Shareholders of record on Thursday, August 28th will be issued a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a yield of 1.44%. First Bancorp's payout ratio is 39.32%.

Analysts Set New Price Targets

FBNC has been the topic of a number of research reports. Piper Sandler initiated coverage on shares of First Bancorp in a research report on Tuesday, May 13th. They set a "neutral" rating and a $48.00 target price on the stock. Stephens boosted their target price on shares of First Bancorp from $48.00 to $50.00 and gave the company an "overweight" rating in a research report on Monday, April 28th. Keefe, Bruyette & Woods boosted their target price on shares of First Bancorp from $50.00 to $53.00 and gave the company an "outperform" rating in a research report on Thursday. Finally, Wall Street Zen upgraded shares of First Bancorp from a "sell" rating to a "hold" rating in a research report on Monday, April 28th. Three analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Hold" and an average price target of $50.33.

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.