Key Points
- First Bancorp director Michael Goodwin Mayer sold 44,324 shares on May 20 at an average price of $58.58, generating about $2.6 million in proceeds. After the sale, he still held 41,491 shares, cutting his ownership by 51.65%.
- The stock slipped 1.0% and opened Friday at $58.67, near its 52-week high of $62.64. The company has a market cap of about $2.43 billion and a price-to-earnings ratio of 20.02.
- First Bancorp recently beat earnings expectations, reporting $1.13 per share versus the $1.09 consensus. Analysts currently rate the stock a “Moderate Buy” with an average price target of $62.25.
First Bancorp (NASDAQ:FBNC - Get Free Report) Director Michael Goodwin Mayer sold 44,324 shares of the stock in a transaction that occurred on 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 completion of the sale, the director directly owned 41,491 shares of the company's stock, valued at $2,430,542.78. This represents a 51.65% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website.
First Bancorp Stock Down 1.0%
FBNC opened at $58.67 on Friday. First Bancorp has a 1-year low of $40.00 and a 1-year high of $62.64. 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 stock has a market capitalization of $2.43 billion, a price-to-earnings ratio of 20.02 and a beta of 0.82. The business has a 50 day moving average of $57.07 and a 200-day moving average of $55.57.
First Bancorp (NASDAQ:FBNC - Get Free Report) last posted its quarterly earnings data on Wednesday, April 22nd. The financial services provider reported $1.13 earnings per share for the quarter, beating the consensus estimate of $1.09 by $0.04. The company had revenue of $122.29 million during the quarter, compared to analysts' expectations of $123.21 million. First Bancorp had a return on equity of 10.86% and a net margin of 20.59%. As a group, sell-side analysts anticipate that First Bancorp will post 4.75 earnings per share for the current year.
Institutional Inflows and Outflows
Hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. increased its stake in shares of First Bancorp by 0.4% in the fourth quarter. Vanguard Group Inc. now owns 2,849,425 shares of the financial services provider's stock valued at $144,722,000 after buying an additional 11,439 shares in the last quarter. State Street Corp increased its stake in shares of First Bancorp by 9.2% in the fourth quarter. State Street Corp now owns 2,012,273 shares of the financial services provider's stock valued at $102,661,000 after buying an additional 169,363 shares in the last quarter. Ameriprise Financial Inc. increased its stake in shares of First Bancorp by 48.6% in the third quarter. Ameriprise Financial Inc. now owns 1,314,341 shares of the financial services provider's stock valued at $69,516,000 after buying an additional 429,769 shares in the last quarter. Jennison Associates LLC increased its stake in shares of First Bancorp by 34.1% in the first quarter. Jennison Associates LLC now owns 974,221 shares of the financial services provider's stock valued at $54,897,000 after buying an additional 247,859 shares in the last quarter. Finally, Schroder Investment Management Group increased its stake in shares of First Bancorp by 39.4% in the third quarter. Schroder Investment Management Group now owns 576,596 shares of the financial services provider's stock valued at $30,502,000 after buying an additional 163,026 shares in the last quarter. 68.36% of the stock is currently owned by institutional investors and hedge funds.
Analyst Ratings Changes
A number of research analysts recently commented on FBNC shares. Weiss Ratings upgraded First Bancorp from a "buy (b-)" rating to a "buy (b)" rating in a research note on Monday. Piper Sandler lowered First Bancorp from an "overweight" rating to a "neutral" rating and upped their target price for the company from $58.00 to $64.00 in a research note on Saturday, February 7th. Keefe, Bruyette & Woods upped their target price on First Bancorp from $65.00 to $66.00 and gave the company an "outperform" rating in a research note on Thursday, April 23rd. Zacks Research upgraded First Bancorp from a "strong sell" rating to a "hold" rating in a research note on Monday, March 9th. Finally, Wall Street Zen upgraded 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 given a Hold rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $62.25.
Get Our Latest Stock Analysis on First Bancorp
First Bancorp Company Profile
(
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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