First Bancorp (NASDAQ:FBNC) Director Michael Goodwin Mayer Sells 44,324 Shares

First Bancorp (NASDAQ:FBNC) Director Michael Goodwin Mayer sold 44,324 shares of the firm’s stock in a transaction dated Wednesday, May 20th. The shares were sold at an average price of $58.58, for a total value of $2,596,499.92. Following the transaction, the director owned 41,491 shares of the company’s stock, valued at $2,430,542.78. This trade represents a 51.65% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website.

First Bancorp Trading Down 0.8%

First Bancorp stock traded down $0.48 during midday trading on Thursday, reaching $58.77. 93,114 shares of the stock traded hands, compared to its average volume of 232,881. The company has a current ratio of 0.85, a quick ratio of 0.84 and a debt-to-equity ratio of 0.04. The firm has a market cap of $2.43 billion, a PE ratio of 20.07 and a beta of 0.82. The company has a 50-day simple moving average of $57.01 and a two-hundred day simple moving average of $55.49. First Bancorp has a 12-month low of $40.00 and a 12-month high of $62.64.

First Bancorp (NASDAQ:FBNC) last posted its quarterly earnings results on Wednesday, April 22nd. The financial services provider reported $1.13 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.09 by $0.04. The company had revenue of $122.29 million for the quarter, compared to analyst estimates of $123.21 million. First Bancorp had a return on equity of 10.86% and a net margin of 20.59%. Research analysts expect that First Bancorp will post 4.75 earnings per share for the current fiscal year.

Analysts Set New Price Targets

FBNC has been the topic of several research analyst reports. Piper Sandler lowered First Bancorp from an “overweight” rating to a “neutral” rating and lifted their price target for the stock from $58.00 to $64.00 in a research report on Saturday, February 7th. Weiss Ratings raised First Bancorp from a “buy (b-)” rating to a “buy (b)” rating in a research report on Monday. Keefe, Bruyette & Woods increased their target price on shares of First Bancorp from $65.00 to $66.00 and gave the stock an “outperform” rating in a research note on Thursday, April 23rd. Zacks Research upgraded shares of First Bancorp from a “strong sell” rating to a “hold” rating in a research note on Monday, March 9th. Finally, Wall Street Zen upgraded shares of First Bancorp from a “sell” rating to a “hold” rating in a research note on Saturday, February 28th. One analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat.com, First Bancorp presently has a consensus rating of “Moderate Buy” and a consensus target price of $62.25.

Institutional Trading of First Bancorp

Institutional investors and hedge funds have recently made changes to their positions in the stock. Smartleaf Asset Management LLC lifted its position in First Bancorp by 183.6% during the third quarter. Smartleaf Asset Management LLC now owns 553 shares of the financial services provider’s stock worth $29,000 after buying an additional 358 shares during the period. Summit Securities Group LLC acquired a new stake in First Bancorp during the first quarter worth about $34,000. EverSource Wealth Advisors LLC increased its stake in First Bancorp by 2,222.6% during the second 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 last quarter. First Horizon Corp increased its stake in First Bancorp by 83.7% during the fourth quarter. First Horizon Corp now owns 777 shares of the financial services provider’s stock worth $39,000 after acquiring an additional 354 shares during the last quarter. Finally, Torren Management LLC acquired a new stake in First Bancorp during the fourth quarter worth about $41,000. 68.36% of the stock is currently owned by hedge funds and other institutional investors.

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.