Texas Permanent School Fund Purchases 485 Shares of First Bancorp (NASDAQ:FBNC)

Texas Permanent School Fund grew its position in First Bancorp (NASDAQ:FBNC – Get Rating) by 2.0% during the second quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 24,987 shares of the financial services provider’s stock after purchasing an additional 485 shares during the quarter. Texas Permanent School Fund’s holdings in First Bancorp were worth $872,000 as of its most recent filing with the SEC.

Other institutional investors also recently modified their holdings of the company. SG Americas Securities LLC bought a new stake in shares of First Bancorp in the 1st quarter valued at $158,000. Campbell & CO Investment Adviser LLC bought a new position in First Bancorp during the first quarter worth $218,000. Aptus Capital Advisors LLC boosted its stake in First Bancorp by 11.4% during the first quarter. Aptus Capital Advisors LLC now owns 7,185 shares of the financial services provider’s stock worth $302,000 after acquiring an additional 737 shares in the last quarter. Teacher Retirement System of Texas boosted its stake in First Bancorp by 7.3% during the first quarter. Teacher Retirement System of Texas now owns 7,354 shares of the financial services provider’s stock worth $307,000 after acquiring an additional 500 shares in the last quarter. Finally, Keybank National Association OH bought a new position in First Bancorp during the second quarter worth $278,000. 69.13% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on the stock. DA Davidson lowered shares of First Bancorp from a “buy” rating to a “neutral” rating and cut their target price for the stock from $43.00 to $42.00 in a research note on Monday, August 1st. Piper Sandler raised shares of First Bancorp from a “neutral” rating to an “overweight” rating and cut their target price for the stock from $49.00 to $47.00 in a research note on Thursday, August 18th. StockNews.com raised shares of First Bancorp from a “sell” rating to a “hold” rating in a research note on Thursday, October 20th. Finally, Raymond James raised their price objective on shares of First Bancorp from $41.00 to $49.00 and gave the company an “outperform” rating in a research note on Monday, October 31st.

First Bancorp Stock Performance

NASDAQ FBNC opened at $46.95 on Monday. First Bancorp has a 52-week low of $32.90 and a 52-week high of $49.52. The company has a 50-day simple moving average of $41.11 and a 200 day simple moving average of $38.03. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.73 and a current ratio of 0.73. The company has a market capitalization of $1.68 billion, a PE ratio of 14.06 and a beta of 1.11.

First Bancorp Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, October 25th. Investors of record on Friday, September 30th were issued a dividend of $0.22 per share. The ex-dividend date of this dividend was Thursday, September 29th. This represents a $0.88 dividend on an annualized basis and a yield of 1.87%. First Bancorp’s dividend payout ratio (DPR) is presently 26.35%.

Insider Transactions at First Bancorp

In other First Bancorp news, Director Carlie C. Mclamb, Jr. bought 928 shares of First Bancorp stock in a transaction dated Friday, November 11th. The stock was purchased at an average price of $46.40 per share, for a total transaction of $43,059.20. Following the completion of the purchase, the director now directly owns 12,213 shares of the company’s stock, valued at $566,683.20. The acquisition was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other news, Director Mary Clara Capel sold 705 shares of First Bancorp stock in a transaction dated Thursday, August 25th. The shares were sold at an average price of $37.70, for a total value of $26,578.50. Following the completion of the transaction, the director now owns 12,077 shares in the company, valued at $455,302.90. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Carlie C. Mclamb, Jr. bought 928 shares of First Bancorp stock in a transaction dated Friday, November 11th. The stock was acquired at an average price of $46.40 per share, with a total value of $43,059.20. Following the purchase, the director now directly owns 12,213 shares of the company’s stock, valued at $566,683.20. The disclosure for this purchase can be found here. Corporate insiders own 1.90% of the company’s stock.

About First Bancorp

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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 primarily in North Carolina and northeastern South Carolina. 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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