First Bancorp (NASDAQ:FBNC – Get Free Report) was the target of a significant increase in short interest in the month of September. As of September 15th, there was short interest totalling 1,060,000 shares, an increase of 6.8% from the August 31st total of 992,700 shares. Based on an average daily volume of 205,300 shares, the days-to-cover ratio is currently 5.2 days.
Insiders Place Their Bets
In other news, Director Suzanne S. Deferie sold 2,036 shares of the company’s stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $43.77, for a total value of $89,115.72. Following the completion of the transaction, the director now owns 65,618 shares of the company’s stock, valued at $2,872,099.86. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other First Bancorp news, Director Mason Y. Garrett sold 22,800 shares of First Bancorp stock in a transaction on Friday, July 26th. The shares were sold at an average price of $43.41, for a total transaction of $989,748.00. Following the completion of the transaction, the director now directly owns 196,416 shares of the company’s stock, valued at $8,526,418.56. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Suzanne S. Deferie sold 2,036 shares of the company’s stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $43.77, for a total transaction of $89,115.72. Following the transaction, the director now owns 65,618 shares in the company, valued at $2,872,099.86. The disclosure for this sale can be found here. Insiders sold a total of 42,586 shares of company stock worth $1,859,154 over the last three months. 3.65% of the stock is currently owned by company insiders.
Institutional Trading of First Bancorp
A number of hedge funds have recently modified their holdings of the stock. Sanctuary Advisors LLC purchased a new position in First Bancorp during the second quarter valued at $316,000. Truist Financial Corp lifted its stake in First Bancorp by 165.2% in the 2nd quarter. Truist Financial Corp now owns 34,911 shares of the financial services provider’s stock valued at $1,114,000 after buying an additional 21,749 shares in the last quarter. The Manufacturers Life Insurance Company boosted its holdings in First Bancorp by 2.8% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 20,933 shares of the financial services provider’s stock worth $668,000 after buying an additional 566 shares during the last quarter. Squarepoint Ops LLC acquired a new position in shares of First Bancorp during the second quarter valued at approximately $698,000. Finally, Public Sector Pension Investment Board raised its holdings in shares of First Bancorp by 7.6% during the second quarter. Public Sector Pension Investment Board now owns 90,632 shares of the financial services provider’s stock valued at $2,893,000 after acquiring an additional 6,366 shares during the last quarter. Hedge funds and other institutional investors own 68.36% of the company’s stock.
Analyst Upgrades and Downgrades
Get Our Latest Stock Analysis on First Bancorp
First Bancorp Stock Performance
Shares of NASDAQ FBNC traded up $0.51 during midday trading on Monday, reaching $41.59. The company had a trading volume of 151,617 shares, compared to its average volume of 163,417. First Bancorp has a 1 year low of $26.00 and a 1 year high of $45.41. The business’s 50-day simple moving average is $41.31 and its 200 day simple moving average is $35.71. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 0.07. The stock has a market cap of $1.71 billion, a P/E ratio of 15.01 and a beta of 1.03.
First Bancorp (NASDAQ:FBNC – Get Free Report) last released its earnings results on Wednesday, July 24th. The financial services provider reported $0.70 EPS for the quarter, topping analysts’ consensus estimates of $0.59 by $0.11. First Bancorp had a return on equity of 8.39% and a net margin of 20.17%. The firm had revenue of $143.42 million during the quarter, compared to the consensus estimate of $94.00 million. On average, analysts forecast that First Bancorp will post 2.68 earnings per share for the current fiscal year.
First Bancorp Dividend Announcement
The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 25th. Shareholders of record on Monday, September 30th will be paid a dividend of $0.22 per share. The ex-dividend date is Monday, September 30th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.12%. First Bancorp’s payout ratio is currently 31.77%.
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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