First Bancorp (NASDAQ:FBNC) Reaches New 1-Year High – Here’s Why

First Bancorp (NASDAQ:FBNC)’s stock price reached a new 52-week high during trading on Wednesday . The stock traded as high as $46.25 and last traded at $46.25, with a volume of 16687 shares trading hands. The stock had previously closed at $42.17.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on the company. Keefe, Bruyette & Woods boosted their target price on First Bancorp from $40.00 to $45.00 and gave the stock an “outperform” rating in a research note on Thursday, July 25th. StockNews.com cut First Bancorp from a “hold” rating to a “sell” rating in a research report on Thursday, October 24th.

First Bancorp Stock Down 4.7 %

The company has a market capitalization of $1.86 billion, a PE ratio of 18.13 and a beta of 1.02. The stock’s fifty day moving average is $42.27 and its two-hundred day moving average is $37.34. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 0.06.

First Bancorp (NASDAQ:FBNC) last released its earnings results on Wednesday, October 23rd. The financial services provider reported $0.70 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.70. First Bancorp had a net margin of 17.98% and a return on equity of 8.00%. The firm had revenue of $144.99 million for the quarter, compared to analysts’ expectations of $97.00 million. As a group, analysts predict that First Bancorp will post 2.72 EPS for the current year.

Insider Buying and Selling at First Bancorp

In other First Bancorp news, Director Suzanne S. Deferie sold 2,036 shares of the business’s stock in a transaction on Monday, September 23rd. The stock was sold at an average price of $43.77, for a total value of $89,115.72. Following the sale, the director now directly owns 65,618 shares in the company, valued at $2,872,099.86. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In other First Bancorp news, Director Suzanne S. Deferie sold 17,750 shares of the stock in a transaction that occurred on Friday, September 20th. The shares were sold at an average price of $43.96, for a total value of $780,290.00. Following the sale, the director now directly owns 67,654 shares in the company, valued at $2,974,069.84. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Suzanne S. Deferie sold 2,036 shares of First Bancorp stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $43.77, for a total value of $89,115.72. Following the sale, the director now owns 65,618 shares of the company’s stock, valued at approximately $2,872,099.86. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. 3.65% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Princeton Capital Management LLC purchased a new position in shares of First Bancorp during the third quarter worth approximately $303,000. Natixis Advisors LLC purchased a new position in First Bancorp during the third quarter valued at $1,275,000. Empowered Funds LLC boosted its position in shares of First Bancorp by 5.3% in the 3rd quarter. Empowered Funds LLC now owns 69,180 shares of the financial services provider’s stock worth $2,877,000 after purchasing an additional 3,484 shares in the last quarter. Victory Capital Management Inc. boosted its stake in First Bancorp by 0.8% in the 3rd quarter. Victory Capital Management Inc. now owns 600,609 shares of the financial services provider’s stock worth $24,979,000 after purchasing an additional 4,656 shares in the last quarter. Finally, Aptus Capital Advisors LLC bought a new position in First Bancorp in the 3rd quarter valued at approximately $212,000. 68.36% of the stock is currently owned by hedge funds and other institutional investors.

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.