First Bancorp (NASDAQ:FBNC) Short Interest Down 14.4% in July

First Bancorp (NASDAQ:FBNC) was the recipient of a significant drop in short interest during the month of July. As of July 31st, there was short interest totalling 993,400 shares, a drop of 14.4% from the July 15th total of 1,160,000 shares. Based on an average daily trading volume, of 188,200 shares, the days-to-cover ratio is currently 5.3 days.

Analysts Set New Price Targets

A number of equities research analysts recently commented on the stock. StockNews.com upgraded shares of First Bancorp from a “sell” rating to a “hold” rating in a research report on Tuesday, August 13th. Keefe, Bruyette & Woods lifted their price target on shares of First Bancorp from $40.00 to $45.00 and gave the company an “outperform” rating in a research report on Thursday, July 25th.

Insider Buying and Selling

In related news, Director Mason Y. Garrett sold 22,800 shares of the firm’s stock in a transaction dated Friday, July 26th. The stock was sold at an average price of $43.41, for a total transaction of $989,748.00. Following the transaction, the director now owns 196,416 shares of the company’s stock, valued at $8,526,418.56. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In related news, Director Mary Clara Capel sold 1,015 shares of the firm’s stock in a transaction dated Wednesday, June 26th. The shares were sold at an average price of $30.05, for a total value of $30,500.75. Following the completion of the sale, the director now owns 11,569 shares in the company, valued at $347,648.45. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Mason Y. Garrett sold 22,800 shares of the firm’s stock in a transaction dated Friday, July 26th. The shares were sold at an average price of $43.41, for a total transaction of $989,748.00. Following the completion of the sale, the director now owns 196,416 shares of the company’s stock, valued at approximately $8,526,418.56. The disclosure for this sale can be found here. Corporate insiders own 3.65% of the company’s stock.

Institutional Trading of First Bancorp

Several hedge funds and other institutional investors have recently bought and sold shares of the company. The Manufacturers Life Insurance Company grew its stake in shares of First Bancorp by 2.8% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 20,933 shares of the financial services provider’s stock valued at $668,000 after buying an additional 566 shares during the period. Squarepoint Ops LLC purchased a new stake in shares of First Bancorp during the 2nd quarter valued at $698,000. Public Sector Pension Investment Board grew its stake in shares of First Bancorp by 7.6% during the 2nd quarter. Public Sector Pension Investment Board now owns 90,632 shares of the financial services provider’s stock valued at $2,893,000 after buying an additional 6,366 shares during the period. Sei Investments Co. grew its stake in shares of First Bancorp by 15.7% during the 2nd quarter. Sei Investments Co. now owns 77,955 shares of the financial services provider’s stock valued at $2,488,000 after buying an additional 10,572 shares during the period. Finally, Dimensional Fund Advisors LP grew its stake in shares of First Bancorp by 6.9% during the 2nd quarter. Dimensional Fund Advisors LP now owns 2,104,258 shares of the financial services provider’s stock valued at $67,166,000 after buying an additional 136,002 shares during the period. 68.36% of the stock is owned by hedge funds and other institutional investors.

First Bancorp Price Performance

Shares of FBNC stock traded up $1.00 during midday trading on Monday, reaching $42.00. 236,397 shares of the company traded hands, compared to its average volume of 161,731. The firm’s 50 day simple moving average is $35.54 and its two-hundred day simple moving average is $34.09. First Bancorp has a 1-year low of $26.00 and a 1-year high of $45.41. The company has a debt-to-equity ratio of 0.07, a current ratio of 0.82 and a quick ratio of 0.82. The firm has a market cap of $1.73 billion, a PE ratio of 15.04 and a beta of 1.03.

First Bancorp (NASDAQ:FBNC) last issued its quarterly earnings data on Wednesday, July 24th. The financial services provider reported $0.70 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.59 by $0.11. First Bancorp had a return on equity of 8.39% and a net margin of 20.17%. The firm had revenue of $143.42 million during the quarter, compared to the consensus estimate of $94.00 million. On average, equities research analysts expect that First Bancorp will post 2.66 EPS for the current fiscal year.

First Bancorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, July 25th. Investors of record on Sunday, June 30th were given a dividend of $0.22 per share. The ex-dividend date was Friday, June 28th. This represents a $0.88 annualized dividend and a dividend yield of 2.10%. First Bancorp’s dividend payout ratio is currently 31.77%.

About First Bancorp

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.