First Bancorp (NASDAQ:FBNC) Shares Gap Down After Insider Selling

First Bancorp (NASDAQ:FBNC)’s stock price gapped down prior to trading on Thursday after an insider sold shares in the company. 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 that occurred on Friday, August 30th. The stock was sold at an average price of $42.48, for a total value of $212,400.00. Following the completion of the sale, the director now directly owns 3,001 shares of the company’s stock, valued at approximately $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 Securities & Exchange Commission, which can be accessed through this hyperlink.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on FBNC shares. Keefe, Bruyette & Woods increased their price objective on First Bancorp from $49.00 to $56.00 and gave the company an “outperform” rating in a research report on Wednesday, December 4th. 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 0.8 %

The company has a quick ratio of 0.82, a current ratio of 0.83 and a debt-to-equity ratio of 0.06. The company has a market capitalization of $1.80 billion, a P/E ratio of 17.57 and a beta of 1.05. The firm 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) last issued its earnings results on Wednesday, January 29th. The financial services provider reported $0.76 EPS for the quarter, topping 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%. Equities research analysts anticipate that First Bancorp will post 2.72 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the company. GAMMA Investing LLC lifted its position 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 worth $61,000 after purchasing an additional 253 shares during the period. Versant Capital Management Inc lifted its position 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 worth $26,000 after purchasing an additional 265 shares during the period. Wealth Enhancement Advisory Services LLC lifted its position in First Bancorp by 1.8% in the third quarter. Wealth Enhancement Advisory Services LLC now owns 19,994 shares of the financial services provider’s stock worth $832,000 after purchasing an additional 347 shares during the period. Captrust Financial Advisors lifted its position in First Bancorp by 0.7% in the third quarter. Captrust Financial Advisors now owns 65,459 shares of the financial services provider’s stock worth $2,722,000 after purchasing an additional 478 shares during the period. Finally, The Manufacturers Life Insurance Company raised its stake in First Bancorp by 2.8% during the second quarter. The Manufacturers Life Insurance Company now owns 20,933 shares of the financial services provider’s stock worth $668,000 after acquiring an additional 566 shares in the last quarter. 68.36% of the stock is owned by 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.