24,266 Shares in First Bancorp (NASDAQ:FBNC) Acquired by Illinois Municipal Retirement Fund

Illinois Municipal Retirement Fund acquired a new stake in First Bancorp (NASDAQ:FBNC - Free Report) during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 24,266 shares of the financial services provider's stock, valued at approximately $683,000. Illinois Municipal Retirement Fund owned about 0.06% of First Bancorp as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also made changes to their positions in the business. Public Employees Retirement System of Ohio increased its holdings in shares of First Bancorp by 53.1% in the 3rd quarter. Public Employees Retirement System of Ohio now owns 790 shares of the financial services provider's stock valued at $29,000 after acquiring an additional 274 shares during the last quarter. Bank of Montreal Can grew its stake in First Bancorp by 2.6% during the 1st quarter. Bank of Montreal Can now owns 11,375 shares of the financial services provider's stock worth $497,000 after buying an additional 283 shares during the last quarter. American International Group Inc. grew its stake in First Bancorp by 1.7% during the 2nd quarter. American International Group Inc. now owns 21,449 shares of the financial services provider's stock worth $638,000 after buying an additional 361 shares during the last quarter. Jane Street Group LLC grew its stake in First Bancorp by 4.9% during the 4th quarter. Jane Street Group LLC now owns 8,733 shares of the financial services provider's stock worth $374,000 after buying an additional 404 shares during the last quarter. Finally, MetLife Investment Management LLC grew its stake in First Bancorp by 2.2% during the 2nd quarter. MetLife Investment Management LLC now owns 20,594 shares of the financial services provider's stock worth $613,000 after buying an additional 441 shares during the last quarter. Hedge funds and other institutional investors own 66.17% of the company's stock.

First Bancorp Trading Up 1.2 %

Shares of FBNC stock opened at $34.95 on Friday. The business's 50 day moving average is $35.22 and its two-hundred day moving average is $31.82. First Bancorp has a twelve month low of $26.00 and a twelve month high of $43.47. The company has a market capitalization of $1.44 billion, a P/E ratio of 13.81 and a beta of 1.01. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.46.

First Bancorp Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, January 25th. Shareholders of record on Sunday, December 31st were paid a $0.22 dividend. The ex-dividend date of this dividend was Thursday, December 28th. This represents a $0.88 annualized dividend and a dividend yield of 2.52%. First Bancorp's dividend payout ratio (DPR) is currently 34.78%.

Wall Street Analysts Forecast Growth

Separately, Piper Sandler dropped their price target on First Bancorp from $34.00 to $32.00 and set an "overweight" rating on the stock in a research note on Thursday, October 26th.

Insider Buying and Selling at First Bancorp

In other First Bancorp news, Director J Randolph Potter sold 1,221 shares of First Bancorp stock in a transaction that occurred on Monday, December 4th. The stock was sold at an average price of $32.77, for a total value of $40,012.17. Following the transaction, the director now directly owns 1,812 shares in the company, valued at approximately $59,379.24. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 3.65% of the company's stock.

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. 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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