First Bancorp (NASDAQ:FBNC) Shares Gap Down Following Insider Selling

Shares of First Bancorp (NASDAQ:FBNC) gapped down prior to trading on Thursday after an insider sold shares in the company. The stock had previously closed at $43.94, but opened at $40.66. First Bancorp shares last traded at $44.37, with a volume of 14,528 shares traded.

Specifically, Director J Randolph Potter sold 5,000 shares of the firm’s stock in a transaction on Friday, August 30th. The shares were sold at an average price of $42.48, for a total value of $212,400.00. Following the completion of the sale, the director now directly owns 3,001 shares in the company, valued at approximately $127,482.48. This trade represents a 62.49 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on FBNC shares. StockNews.com downgraded First Bancorp from a “hold” rating to a “sell” rating in a research note on Thursday, October 24th. Keefe, Bruyette & Woods lifted their price target on First Bancorp from $49.00 to $56.00 and gave the company an “outperform” rating in a research note on Wednesday, December 4th.

First Bancorp Trading Up 0.2 %

The company has a debt-to-equity ratio of 0.06, a quick ratio of 0.82 and a current ratio of 0.83. The firm has a market capitalization of $1.82 billion, a P/E ratio of 17.70 and a beta of 1.05. The firm has a 50 day simple moving average of $45.24 and a two-hundred day simple moving average of $43.05.

First Bancorp (NASDAQ:FBNC) last posted its quarterly earnings results on Wednesday, January 29th. The financial services provider reported $0.76 EPS for the quarter, topping analysts’ consensus estimates of $0.72 by $0.04. First Bancorp had a net margin of 17.98% and a return on equity of 8.00%. Equities research analysts forecast that First Bancorp will post 2.72 earnings per share for the current year.

Institutional Investors Weigh In On First Bancorp

Several large investors have recently added to or reduced their stakes in the company. GAMMA Investing LLC boosted its position in First Bancorp by 22.3% during the fourth quarter. GAMMA Investing LLC now owns 1,386 shares of the financial services provider’s stock worth $61,000 after purchasing an additional 253 shares during the period. Versant Capital Management Inc lifted its stake in shares of First Bancorp by 82.3% during the 4th quarter. Versant Capital Management Inc now owns 587 shares of the financial services provider’s stock valued at $26,000 after buying an additional 265 shares in the last quarter. Wealth Enhancement Advisory Services LLC boosted its holdings in First Bancorp by 1.8% in the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 19,994 shares of the financial services provider’s stock worth $832,000 after buying an additional 347 shares during the period. Captrust Financial Advisors grew its stake in First Bancorp by 0.7% in the 3rd quarter. Captrust Financial Advisors now owns 65,459 shares of the financial services provider’s stock valued at $2,722,000 after buying an additional 478 shares in the last quarter. Finally, The Manufacturers Life Insurance Company raised its holdings in First Bancorp by 2.8% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 20,933 shares of the financial services provider’s stock valued at $668,000 after acquiring an additional 566 shares during the period. Hedge funds and other institutional investors own 68.36% of the company’s stock.

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.