Key Points
- Insider sale: Director Mary Clara Capel sold 2,500 shares on Jan. 28 at an average price of $57.26 for $143,150, cutting her stake by 8.19% to 28,042 shares (SEC Form 4 filed).
- Earnings mixed: First Bancorp reported QEPS of $1.19 (beat $1.03 estimate) but revenue of $83.9M missed expectations of $123.43M.
- Dividend increase: The firm raised its quarterly dividend to $0.24 (annualized $0.96), implying a ~1.7% yield; the ex-dividend date is Mar. 31 and payment is Apr. 24.
First Bancorp (NASDAQ:FBNC - Get Free Report) insider Mary Clara Capel sold 2,500 shares of the firm's stock in a transaction on Wednesday, January 28th. The stock was sold at an average price of $57.26, for a total value of $143,150.00. Following the completion of the sale, the insider directly owned 28,042 shares of the company's stock, valued at $1,605,684.92. This represents a 8.19% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website.
First Bancorp Stock Up 2.2%
FBNC stock opened at $58.06 on Friday. The stock has a fifty day moving average of $53.47 and a 200-day moving average of $51.93. First Bancorp has a fifty-two week low of $34.50 and a fifty-two week high of $62.31. The company has a market capitalization of $2.41 billion, a price-to-earnings ratio of 21.66 and a beta of 0.89. The company has a debt-to-equity ratio of 0.06, a quick ratio of 0.82 and a current ratio of 0.82.
First Bancorp (NASDAQ:FBNC - Get Free Report) last announced its quarterly earnings data on Wednesday, January 21st. The financial services provider reported $1.19 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.03 by $0.16. The business had revenue of $83.90 million for the quarter, compared to analysts' expectations of $123.43 million. First Bancorp had a return on equity of 10.57% and a net margin of 19.24%. As a group, equities research analysts predict that First Bancorp will post 3.27 earnings per share for the current year.
First Bancorp Increases Dividend
The firm also recently declared a quarterly dividend, which will be paid on Friday, April 24th. Investors of record on Tuesday, March 31st will be paid a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a dividend yield of 1.7%. The ex-dividend date is Tuesday, March 31st. This is an increase from First Bancorp's previous quarterly dividend of $0.23. First Bancorp's dividend payout ratio is currently 34.33%.
Institutional Investors Weigh In On First Bancorp
Several large investors have recently added to or reduced their stakes in the business. Smartleaf Asset Management LLC increased its stake in First Bancorp by 183.6% in the 3rd quarter. Smartleaf Asset Management LLC now owns 553 shares of the financial services provider's stock worth $29,000 after acquiring an additional 358 shares during the last quarter. EverSource Wealth Advisors LLC increased its position in shares of First Bancorp by 2,222.6% in the second quarter. EverSource Wealth Advisors LLC now owns 720 shares of the financial services provider's stock worth $32,000 after purchasing an additional 689 shares during the last quarter. Quest 10 Wealth Builders Inc. purchased a new stake in First Bancorp in the third quarter valued at approximately $34,000. First Horizon Corp lifted its position in First Bancorp by 83.7% during the fourth 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 last quarter. Finally, Valley National Advisers Inc. bought a new stake in First Bancorp during the fourth quarter valued at approximately $49,000. Institutional investors own 68.36% of the company's stock.
Analyst Upgrades and Downgrades
FBNC has been the topic of a number of analyst reports. Wall Street Zen cut shares of First Bancorp from a "hold" rating to a "sell" rating in a report on Saturday, November 15th. Raymond James Financial upgraded First Bancorp from a "market perform" rating to a "strong-buy" rating and set a $62.00 price target for the company in a research report on Wednesday, January 7th. Weiss Ratings reissued a "hold (c)" rating on shares of First Bancorp in a report on Thursday, January 22nd. Finally, Zacks Research lowered First Bancorp from a "strong-buy" rating to a "hold" rating in a report on Thursday, January 1st. One research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and four have given a Hold rating to the stock. According to MarketBeat.com, First Bancorp currently has an average rating of "Moderate Buy" and an average price target of $58.00.
View Our Latest Analysis on First Bancorp
About First Bancorp
(
Get Free Report)
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.
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