Victory Capital Management Inc. Cuts Stake in First Bancorp (NASDAQ:FBNC)

Victory Capital Management Inc. lowered its holdings in shares of First Bancorp (NASDAQ:FBNC - Free Report) by 2.7% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 557,027 shares of the financial services provider's stock after selling 15,655 shares during the quarter. Victory Capital Management Inc. owned approximately 1.35% of First Bancorp worth $22,359,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in FBNC. Principal Financial Group Inc. grew its stake in First Bancorp by 2.7% during the 1st quarter. Principal Financial Group Inc. now owns 205,830 shares of the financial services provider's stock worth $8,262,000 after buying an additional 5,409 shares during the last quarter. Teacher Retirement System of Texas purchased a new stake in First Bancorp during the 1st quarter worth approximately $243,000. DAVENPORT & Co LLC grew its holdings in First Bancorp by 3.1% in the 1st quarter. DAVENPORT & Co LLC now owns 19,759 shares of the financial services provider's stock valued at $793,000 after buying an additional 601 shares in the last quarter. Peregrine Capital Management LLC grew its position in First Bancorp by 7.4% in the first quarter. Peregrine Capital Management LLC now owns 144,730 shares of the financial services provider's stock worth $5,809,000 after acquiring an additional 9,992 shares during the period. Finally, Illinois Municipal Retirement Fund grew its position in First Bancorp by 3.2% in the first quarter. Illinois Municipal Retirement Fund now owns 22,364 shares of the financial services provider's stock worth $898,000 after acquiring an additional 696 shares during the period. Hedge funds and other institutional investors own 68.36% of the company's stock.

Wall Street Analysts Forecast Growth

FBNC has been the subject of a number of research reports. Keefe, Bruyette & Woods reduced their price target on shares of First Bancorp from $51.00 to $50.00 and set an "outperform" rating for the company in a research report on Thursday, April 24th. Stephens upped their price target on shares of First Bancorp from $48.00 to $50.00 and gave the stock an "overweight" rating in a research report on Monday, April 28th. Wall Street Zen upgraded First Bancorp from a "sell" rating to a "hold" rating in a research note on Monday, April 28th. Finally, Piper Sandler began coverage on First Bancorp in a research note on Tuesday, May 13th. They set a "neutral" rating and a $48.00 target price for the company. Three research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus price target of $49.33.

First Bancorp Price Performance

Shares of NASDAQ:FBNC opened at $47.52 on Tuesday. The firm has a 50 day moving average of $43.13 and a 200-day moving average of $41.82. The stock has a market capitalization of $1.97 billion, a PE ratio of 22.52 and a beta of 0.87. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 0.06. First Bancorp has a 12 month low of $34.50 and a 12 month high of $50.34.

First Bancorp (NASDAQ:FBNC - Get Free Report) last posted its earnings results on Wednesday, April 23rd. The financial services provider reported $0.84 earnings per share for the quarter, topping analysts' consensus estimates of $0.78 by $0.06. First Bancorp had a net margin of 16.08% and a return on equity of 8.52%. The firm had revenue of $105.79 million for the quarter, compared to analyst estimates of $105.81 million. On average, equities research analysts predict that First Bancorp will post 3.27 EPS for the current fiscal year.

First Bancorp Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, September 12th. Investors of record on Thursday, August 28th will be paid a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a yield of 1.52%. First Bancorp's dividend payout ratio is currently 43.60%.

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.

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