Peregrine Capital Management LLC Sells 22,972 Shares of First Bancorp $FBNC

Peregrine Capital Management LLC lowered its holdings in shares of First Bancorp (NASDAQ:FBNC) by 20.3% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 90,336 shares of the financial services provider’s stock after selling 22,972 shares during the quarter. Peregrine Capital Management LLC’s holdings in First Bancorp were worth $5,090,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also recently made changes to their positions in FBNC. EverSource Wealth Advisors LLC boosted its holdings in shares of First Bancorp by 2,222.6% in the second quarter. EverSource Wealth Advisors LLC now owns 720 shares of the financial services provider’s stock worth $32,000 after buying an additional 689 shares during the last quarter. First Horizon Corp increased its holdings in First Bancorp by 83.7% during the fourth quarter. First Horizon Corp now owns 777 shares of the financial services provider’s stock valued at $39,000 after buying an additional 354 shares during the last quarter. Torren Management LLC purchased a new stake in First Bancorp during the fourth quarter valued at approximately $41,000. Steward Partners Investment Advisory LLC raised its position in First Bancorp by 87.0% in the fourth quarter. Steward Partners Investment Advisory LLC now owns 819 shares of the financial services provider’s stock worth $42,000 after acquiring an additional 381 shares during the period. Finally, Valley National Advisers Inc. bought a new position in First Bancorp in the fourth quarter worth approximately $49,000. Institutional investors own 68.36% of the company’s stock.

First Bancorp Trading Up 2.2%

First Bancorp stock opened at $65.35 on Thursday. First Bancorp has a 12-month low of $45.04 and a 12-month high of $66.06. The firm has a market capitalization of $2.70 billion, a price-to-earnings ratio of 22.30 and a beta of 0.81. The firm has a 50 day moving average of $59.75 and a 200 day moving average of $57.59. The company has a current ratio of 0.85, a quick ratio of 0.84 and a debt-to-equity ratio of 0.04.

First Bancorp (NASDAQ:FBNC) last issued its quarterly earnings results on Wednesday, April 22nd. The financial services provider reported $1.13 earnings per share for the quarter, beating the consensus estimate of $1.09 by $0.04. The business had revenue of $122.29 million for the quarter, compared to the consensus estimate of $123.20 million. First Bancorp had a net margin of 20.59% and a return on equity of 10.86%. As a group, research analysts predict that First Bancorp will post 4.67 earnings per share for the current year.

First Bancorp Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, July 24th. Investors of record on Tuesday, June 30th will be paid a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a yield of 1.5%. The ex-dividend date of this dividend is Tuesday, June 30th. First Bancorp’s dividend payout ratio (DPR) is 32.76%.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on FBNC. Weiss Ratings raised shares of First Bancorp from a “buy (b-)” rating to a “buy (b)” rating in a research report on Monday, May 18th. Keefe, Bruyette & Woods upped their price objective on First Bancorp from $65.00 to $66.00 and gave the stock an “outperform” rating in a research note on Thursday, April 23rd. Zacks Research raised First Bancorp from a “strong sell” rating to a “hold” rating in a report on Monday, March 9th. Finally, Brean Capital initiated coverage on First Bancorp in a research report on Monday, June 8th. They set a “neutral” rating and a $65.75 target price on the stock. One investment analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and three have given a Hold rating to the stock. According to MarketBeat.com, First Bancorp currently has a consensus rating of “Moderate Buy” and an average price target of $62.95.

Insider Buying and Selling

In other First Bancorp news, Director Michael Goodwin Mayer sold 44,324 shares of the company’s stock in a transaction that occurred on Wednesday, May 20th. The stock was sold at an average price of $58.58, for a total value of $2,596,499.92. Following the completion of the transaction, the director directly owned 41,491 shares in the company, valued at $2,430,542.78. This represents a 51.65% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Corporate insiders own 2.04% of the company’s stock.

About First Bancorp

First Bancorp operates as the bank holding company for First Bank, offering a broad range of commercial and consumer banking services. Its core offerings include business lending, treasury and cash management, residential and commercial mortgage financing, and consumer deposit products. Through its subsidiary, First Bank provides online and branch-based banking solutions, including checking and savings accounts, certificate of deposits, and digital banking tools designed to meet the needs of individuals, small- to mid-sized businesses, and professional institutions.

The company maintains a network of full-service banking centers and loan production offices across North Carolina and South Carolina, with a focus on markets in the Piedmont, Sandhills and coastal regions.