First Bancorp (NASDAQ:FBNC) Shares Sold by Illinois Municipal Retirement Fund

Illinois Municipal Retirement Fund lowered its stake in shares of First Bancorp (NASDAQ:FBNC) by 4.5% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 23,179 shares of the financial services provider’s stock after selling 1,087 shares during the period. Illinois Municipal Retirement Fund’s holdings in First Bancorp were worth $858,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also modified their holdings of FBNC. Jennison Associates LLC increased its stake in First Bancorp by 16.9% in the 3rd quarter. Jennison Associates LLC now owns 512,418 shares of the financial services provider’s stock valued at $14,419,000 after purchasing an additional 74,164 shares in the last quarter. Brown Advisory Inc. grew its holdings in First Bancorp by 8.2% in the third quarter. Brown Advisory Inc. now owns 480,224 shares of the financial services provider’s stock valued at $13,514,000 after purchasing an additional 36,535 shares during the last quarter. Great Lakes Advisors LLC grew its holdings in First Bancorp by 89.3% in the third quarter. Great Lakes Advisors LLC now owns 44,278 shares of the financial services provider’s stock valued at $1,246,000 after purchasing an additional 20,888 shares during the last quarter. Louisiana State Employees Retirement System purchased a new position in shares of First Bancorp in the fourth quarter valued at $762,000. Finally, Victory Capital Management Inc. raised its stake in shares of First Bancorp by 3.7% during the 3rd quarter. Victory Capital Management Inc. now owns 541,477 shares of the financial services provider’s stock worth $15,237,000 after buying an additional 19,095 shares during the last quarter. Hedge funds and other institutional investors own 68.36% of the company’s stock.

First Bancorp Trading Down 1.6 %

Shares of FBNC opened at $31.03 on Tuesday. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.81 and a quick ratio of 0.81. First Bancorp has a 1-year low of $26.00 and a 1-year high of $38.51. The stock has a market cap of $1.28 billion, a price-to-earnings ratio of 11.20 and a beta of 1.00. The firm has a 50 day simple moving average of $33.88 and a 200-day simple moving average of $33.50.

First Bancorp Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, April 25th. Shareholders of record on Sunday, March 31st were given a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a yield of 2.84%. The ex-dividend date of this dividend was Wednesday, March 27th. First Bancorp’s payout ratio is 31.77%.

Wall Street Analyst Weigh In

Separately, StockNews.com cut shares of First Bancorp from a “hold” rating to a “sell” rating in a research note on Thursday, April 25th.

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.