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

Victory Capital Management Inc. grew its stake in shares of First Bancorp (NASDAQ:FBNC) by 2.7% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 556,187 shares of the financial services provider’s stock after buying an additional 14,710 shares during the period. Victory Capital Management Inc.’s holdings in First Bancorp were worth $20,584,000 at the end of the most recent reporting period.

A number of other institutional investors also recently made changes to their positions in the stock. GAMMA Investing LLC acquired a new position in First Bancorp in the 4th quarter valued at about $68,000. Fifth Third Bancorp raised its position in shares of First Bancorp by 3,504.0% in the third quarter. Fifth Third Bancorp now owns 3,640 shares of the financial services provider’s stock valued at $102,000 after buying an additional 3,539 shares during the last quarter. Everence Capital Management Inc. acquired a new position in shares of First Bancorp in the fourth quarter valued at approximately $213,000. Wagner Wealth Management LLC purchased a new position in shares of First Bancorp during the fourth quarter valued at approximately $240,000. Finally, Handelsbanken Fonder AB acquired a new stake in First Bancorp during the fourth quarter worth approximately $253,000. 68.36% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

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

First Bancorp Trading Up 0.2 %

Shares of FBNC stock opened at $31.90 on Friday. The firm’s 50-day simple moving average is $33.45 and its 200-day simple moving average is $33.63. 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 firm has a market cap of $1.31 billion, a P/E ratio of 11.52 and a beta of 1.02.

First Bancorp Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, April 25th. Shareholders of record on Sunday, March 31st were issued a $0.22 dividend. The ex-dividend date was Wednesday, March 27th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.76%. First Bancorp’s dividend payout ratio (DPR) is presently 31.77%.

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.