Shares of First Bancorp (NASDAQ:FBNC – Get Free Report) gapped down prior to trading on Thursday following insider selling activity. The stock had previously closed at $43.94, but opened at $40.66. First Bancorp shares last traded at $44.37, with a volume of 14,528 shares traded.
Specifically, Director J Randolph Potter sold 5,000 shares of the stock in a transaction on Friday, August 30th. The stock was sold at an average price of $42.48, for a total transaction of $212,400.00. Following the completion of the transaction, the director now directly owns 3,001 shares in the company, valued at $127,482.48. This represents a 62.49 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link.
Wall Street Analysts Forecast Growth
Several research analysts have issued reports on the company. Keefe, Bruyette & Woods increased their price objective on First Bancorp from $49.00 to $56.00 and gave the stock an “outperform” rating in a research note on Wednesday, December 4th. StockNews.com lowered First Bancorp from a “hold” rating to a “sell” rating in a research note on Thursday, October 24th.
First Bancorp Stock Performance
The company has a market capitalization of $1.80 billion, a price-to-earnings ratio of 17.57 and a beta of 1.05. The company has a debt-to-equity ratio of 0.06, a current ratio of 0.83 and a quick ratio of 0.82. The stock has a 50 day moving average price of $45.18 and a two-hundred day moving average price of $43.05.
First Bancorp (NASDAQ:FBNC – Get Free Report) last posted its quarterly earnings results on Wednesday, January 29th. The financial services provider reported $0.76 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.72 by $0.04. First Bancorp had a return on equity of 8.00% and a net margin of 17.98%. On average, analysts predict that First Bancorp will post 2.72 EPS for the current fiscal year.
Hedge Funds Weigh In On First Bancorp
Hedge funds have recently added to or reduced their stakes in the company. Versant Capital Management Inc boosted its holdings in First Bancorp by 82.3% in the fourth quarter. Versant Capital Management Inc now owns 587 shares of the financial services provider’s stock valued at $26,000 after acquiring an additional 265 shares during the last quarter. GAMMA Investing LLC boosted its holdings in First Bancorp by 22.3% in the fourth quarter. GAMMA Investing LLC now owns 1,386 shares of the financial services provider’s stock valued at $61,000 after acquiring an additional 253 shares during the last quarter. KBC Group NV boosted its holdings in First Bancorp by 76.0% during the fourth quarter. KBC Group NV now owns 2,592 shares of the financial services provider’s stock worth $114,000 after buying an additional 1,119 shares during the last quarter. Salem Investment Counselors Inc. boosted its holdings in First Bancorp by 157.3% during the fourth quarter. Salem Investment Counselors Inc. now owns 3,551 shares of the financial services provider’s stock worth $157,000 after buying an additional 2,171 shares during the last quarter. Finally, Stifel Financial Corp bought a new position in First Bancorp during the third quarter worth about $205,000. Institutional investors own 68.36% of the company’s stock.
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.
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