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 dated 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 in the company, valued at approximately $1,466,850. The trade was a 9.42% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link.

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

• On Tuesday, February 3rd, Mary Clara Capel sold 5,000 shares of First Bancorp stock. The shares were sold at an average price of $59.31, for a total transaction of $296,550.00.
• On Wednesday, January 28th, Mary Clara Capel sold 2,500 shares of First Bancorp stock. The stock was sold at an average price of $57.26, for a total transaction of $143,150.00.

First Bancorp Stock Performance

NASDAQ FBNC opened at $60.94 on Friday. First Bancorp has a 1-year low of $34.50 and a 1-year high of $62.31. The company has a 50 day moving average of $54.33 and a 200-day moving average of $52.36. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 0.06. The firm has a market cap of $2.53 billion, a price-to-earnings ratio of 22.74 and a beta of 0.90.

First Bancorp (NASDAQ:FBNC) last released its quarterly earnings results on Wednesday, January 21st. The financial services provider reported $1.19 EPS for the quarter, topping analysts’ consensus estimates of $1.03 by $0.16. First Bancorp had a return on equity of 10.57% and a net margin of 19.24%.The business had revenue of $83.90 million for the quarter, compared to analyst estimates of $123.43 million. On average, equities analysts forecast that First Bancorp will post 3.27 earnings per share for the current fiscal year.

First Bancorp Increases Dividend

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

Institutional Investors Weigh In On First Bancorp

Several institutional investors have recently modified their holdings of FBNC. Smartleaf Asset Management LLC lifted 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 during the period. EverSource Wealth Advisors LLC grew its holdings in 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 worth $32,000 after acquiring an additional 689 shares during the period. Quest 10 Wealth Builders Inc. bought a new stake in shares of First Bancorp during the 3rd quarter valued at $34,000. First Horizon Corp lifted its stake in shares of First Bancorp by 83.7% in the 4th quarter. First Horizon Corp now owns 777 shares of the financial services provider’s stock valued at $39,000 after purchasing an additional 354 shares during the period. Finally, Torren Management LLC bought a new position in shares of First Bancorp in the 4th quarter worth $41,000. Institutional investors and hedge funds own 68.36% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have commented on FBNC. Zacks Research lowered shares of First Bancorp from a “strong-buy” rating to a “hold” rating in a report on Thursday, January 1st. Weiss Ratings reiterated a “hold (c)” rating on shares of First Bancorp in a research report on Thursday, January 22nd. Wall Street Zen lowered shares of First Bancorp from a “hold” rating to a “sell” rating in a report on Saturday, November 15th. Finally, 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 report on Wednesday, January 7th. One 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 company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $58.00.

First Bancorp Company Profile

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.