First Bancorp (NASDAQ:FBNC) Short Interest Update

First Bancorp (NASDAQ:FBNC) saw a large decline in short interest in the month of September. As of September 30th, there was short interest totalling 974,800 shares, a decline of 8.0% from the September 15th total of 1,060,000 shares. Based on an average daily trading volume, of 195,300 shares, the days-to-cover ratio is currently 5.0 days.

First Bancorp Stock Up 1.3 %

NASDAQ:FBNC traded up $0.58 during mid-day trading on Wednesday, hitting $44.41. 180,003 shares of the company’s stock traded hands, compared to its average volume of 162,565. The company has a fifty day moving average of $41.53 and a 200 day moving average of $36.24. First Bancorp has a twelve month low of $26.00 and a twelve month high of $45.41. The company has a market capitalization of $1.83 billion, a P/E ratio of 16.03 and a beta of 1.03. The company has a debt-to-equity ratio of 0.07, a quick ratio of 0.82 and a current ratio of 0.82.

First Bancorp (NASDAQ:FBNC) last issued 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 for the quarter, compared to the consensus estimate of $94.00 million. On average, analysts forecast that First Bancorp will post 2.72 EPS for the current year.

First Bancorp Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, October 25th. Investors of record on Monday, September 30th will be issued a $0.22 dividend. The ex-dividend date of this dividend is Monday, September 30th. This represents a $0.88 dividend on an annualized basis and a yield of 1.98%. First Bancorp’s dividend payout ratio (DPR) is presently 31.77%.

Analysts Set New Price Targets

A number of research firms have weighed in on FBNC. Keefe, Bruyette & Woods lifted their target price on First Bancorp from $40.00 to $45.00 and gave the company an “outperform” rating in a report on Thursday, July 25th. StockNews.com upgraded First Bancorp from a “sell” rating to a “hold” rating in a report on Wednesday, October 9th.

Insider Transactions at First Bancorp

In other First Bancorp news, Director Mason Y. Garrett sold 22,800 shares of First Bancorp stock in a transaction that occurred on Friday, July 26th. The shares were sold at an average price of $43.41, for a total value of $989,748.00. Following the transaction, the director now owns 196,416 shares of the company’s stock, valued at approximately $8,526,418.56. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In other news, Director Suzanne S. Deferie sold 17,750 shares of the stock in a transaction dated Friday, September 20th. The shares were sold at an average price of $43.96, for a total value of $780,290.00. Following the completion of the transaction, the director now owns 67,654 shares of the company’s stock, valued at approximately $2,974,069.84. This represents a 0.00 % 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 the SEC website. Also, Director Mason Y. Garrett sold 22,800 shares of the firm’s stock in a transaction that occurred 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 owns 196,416 shares of the company’s stock, valued at approximately $8,526,418.56. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 42,586 shares of company stock worth $1,859,154 in the last quarter. 3.65% of the stock is owned by company insiders.

Institutional Trading of First Bancorp

A number of institutional investors have recently bought and sold shares of FBNC. PNC Financial Services Group Inc. boosted its stake in shares of First Bancorp by 5.4% during the 4th quarter. PNC Financial Services Group Inc. now owns 5,562 shares of the financial services provider’s stock worth $206,000 after acquiring an additional 283 shares in the last quarter. Louisiana State Employees Retirement System boosted its position in First Bancorp by 1.5% in 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 buying an additional 300 shares during the last quarter. CANADA LIFE ASSURANCE Co boosted its position in 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 buying an additional 394 shares during the last quarter. Diversified Trust Co boosted its position 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 valued at $256,000 after buying an additional 466 shares during the last quarter. Finally, Texas Permanent School Fund Corp lifted its position in shares of 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 last quarter. 68.36% of the stock is owned by hedge funds and other 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.