Insider Selling: First Bancorp (NASDAQ:FBNC) Insider Sells $152,575.50 in Stock

First Bancorp (NASDAQ:FBNC) insider Mary Clara Capel sold 2,642 shares of the company’s stock in a transaction that occurred on Friday, January 30th. The stock was sold at an average price of $57.75, for a total transaction of $152,575.50. Following the completion of the sale, the insider directly owned 25,400 shares of the company’s stock, valued at $1,466,850. The trade was a 9.42% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink.

Mary Clara Capel also recently made the following trade(s):

• On Wednesday, January 28th, Mary Clara Capel sold 2,500 shares of First Bancorp stock. The shares were sold at an average price of $57.26, for a total value of $143,150.00.

First Bancorp Stock Up 1.5%

First Bancorp stock traded up $0.88 during trading hours on Tuesday, reaching $59.56. The stock had a trading volume of 143,695 shares, compared to its average volume of 293,357. The company has a market cap of $2.47 billion, a price-to-earnings ratio of 22.22 and a beta of 0.89. The business’s 50 day moving average price is $53.80 and its 200-day moving average price is $52.16. First Bancorp has a 52 week low of $34.50 and a 52 week high of $62.31. The company has a debt-to-equity ratio of 0.06, a current ratio of 0.82 and a quick ratio of 0.82.

First Bancorp (NASDAQ:FBNC) last issued its quarterly earnings data on Wednesday, January 21st. The financial services provider reported $1.19 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.03 by $0.16. First Bancorp had a net margin of 19.24% and a return on equity of 10.57%. The firm had revenue of $83.90 million for the quarter, compared to the consensus estimate of $123.43 million. Sell-side analysts anticipate that First Bancorp will post 3.27 EPS for the current year.

First Bancorp Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, April 24th. Stockholders of record on Tuesday, March 31st will be given a dividend of $0.24 per share. The ex-dividend date of this dividend is Tuesday, March 31st. This is a boost from First Bancorp’s previous quarterly dividend of $0.23. This represents a $0.96 dividend on an annualized basis and a dividend yield of 1.6%. First Bancorp’s payout ratio is currently 34.33%.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on FBNC shares. Zacks Research lowered shares of First Bancorp from a “strong-buy” rating to a “hold” rating in a research note on Thursday, January 1st. Weiss Ratings reiterated a “hold (c)” rating on shares of First Bancorp in a report on Thursday, January 22nd. Raymond James Financial upgraded shares of First Bancorp from a “market perform” rating to a “strong-buy” rating and set a $62.00 price objective for the company in a research note on Wednesday, January 7th. Finally, Wall Street Zen downgraded shares of First Bancorp from a “hold” rating to a “sell” rating in a report on Saturday, November 15th. One research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $58.00.

Institutional Trading of First Bancorp

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Smartleaf Asset Management LLC increased its holdings in First Bancorp by 183.6% in the third quarter. Smartleaf Asset Management LLC now owns 553 shares of the financial services provider’s stock valued at $29,000 after buying an additional 358 shares in the last quarter. EverSource Wealth Advisors LLC grew its position in shares of First Bancorp by 2,222.6% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 720 shares of the financial services provider’s stock valued at $32,000 after acquiring an additional 689 shares during the period. Quest 10 Wealth Builders Inc. purchased a new position in shares of First Bancorp in the 3rd quarter valued at about $34,000. First Horizon Corp raised its holdings in First Bancorp by 83.7% in the 4th quarter. First Horizon Corp now owns 777 shares of the financial services provider’s stock worth $39,000 after purchasing an additional 354 shares during the period. Finally, Torren Management LLC purchased a new position in First Bancorp during the fourth quarter worth approximately $41,000. Institutional investors and hedge funds own 68.36% 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.