Insider Selling: First Bancorp (NASDAQ:FBNC) Director Sells 2,036 Shares of Stock

First Bancorp (NASDAQ:FBNC) Director Suzanne S. Deferie sold 2,036 shares of the firm’s stock in a transaction that occurred on Monday, September 23rd. The stock was sold at an average price of $43.77, for a total transaction of $89,115.72. Following the sale, the director now directly owns 65,618 shares of the company’s stock, valued at approximately $2,872,099.86. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.

First Bancorp Stock Performance

NASDAQ FBNC traded down $0.57 on Monday, hitting $43.05. The stock had a trading volume of 64,637 shares, compared to its average volume of 163,724. The company’s 50-day moving average is $40.85 and its two-hundred day moving average is $35.40. First Bancorp has a one year low of $26.00 and a one year high of $45.41. The stock has a market cap of $1.77 billion, a price-to-earnings ratio of 15.68 and a beta of 1.03. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 0.07.

First Bancorp (NASDAQ:FBNC) last announced its quarterly earnings results on Wednesday, July 24th. The financial services provider reported $0.70 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.59 by $0.11. The company had revenue of $143.42 million during the quarter, compared to analyst estimates of $94.00 million. First Bancorp had a return on equity of 8.39% and a net margin of 20.17%. On average, analysts expect that First Bancorp will post 2.68 earnings per share for the current year.

First Bancorp Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 25th. Shareholders of record on Monday, September 30th will be given a $0.22 dividend. This represents a $0.88 annualized dividend and a yield of 2.04%. The ex-dividend date is Monday, September 30th. First Bancorp’s dividend payout ratio (DPR) is presently 31.77%.

Hedge Funds Weigh In On First Bancorp

A number of hedge funds have recently modified their holdings of the stock. PNC Financial Services Group Inc. grew its holdings in shares of First Bancorp by 5.4% during the fourth quarter. PNC Financial Services Group Inc. now owns 5,562 shares of the financial services provider’s stock valued at $206,000 after buying an additional 283 shares in the last quarter. Louisiana State Employees Retirement System increased its holdings in shares of First Bancorp by 1.5% during the 2nd quarter. Louisiana State Employees Retirement System now owns 20,700 shares of the financial services provider’s stock valued at $661,000 after acquiring an additional 300 shares during the last quarter. CANADA LIFE ASSURANCE Co raised its stake in shares of First Bancorp by 1.2% in the 1st quarter. CANADA LIFE ASSURANCE Co now owns 33,399 shares of the financial services provider’s stock valued at $1,204,000 after acquiring an additional 394 shares in the last quarter. Diversified Trust Co lifted its holdings in First Bancorp by 6.2% in the 2nd quarter. Diversified Trust Co now owns 8,006 shares of the financial services provider’s stock worth $256,000 after purchasing an additional 466 shares during the last quarter. Finally, Texas Permanent School Fund Corp boosted its position in First Bancorp by 1.4% during the first quarter. Texas Permanent School Fund Corp now owns 35,979 shares of the financial services provider’s stock worth $1,300,000 after purchasing an additional 482 shares during the period. 68.36% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on FBNC shares. StockNews.com downgraded shares of First Bancorp from a “hold” rating to a “sell” rating in a research report on Saturday, September 7th. Keefe, Bruyette & Woods increased their price target on First Bancorp from $40.00 to $45.00 and gave the stock an “outperform” rating in a research report on Thursday, July 25th.

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.