Insider Buying: First Bancorp (NASDAQ:FBNC) Director Acquires $14,837.13 in Stock

First Bancorp (NASDAQ:FBNC) Director Katharine Caldwell Nevin purchased 231 shares of First Bancorp stock in a transaction on Friday, September 11th. The stock was bought at an average price of $64.23 per share, for a total transaction of $14,837.13. Following the completion of the acquisition, the director owned 1,094 shares in the company, valued at $70,267.62. The trade was a 26.77% increase in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link.

First Bancorp Stock Up 1.1%

FBNC opened at $63.38 on Friday. The firm has a 50-day simple moving average of $64.27 and a two-hundred day simple moving average of $60.60. First Bancorp has a 52 week low of $45.96 and a 52 week high of $66.78. The company has a market capitalization of $2.62 billion, a PE ratio of 19.68 and a beta of 0.80. The company has a quick ratio of 0.85, a current ratio of 0.85 and a debt-to-equity ratio of 0.04.

First Bancorp (NASDAQ:FBNC) last issued its earnings results on Wednesday, July 22nd. The financial services provider reported $1.22 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.15 by $0.07. The firm had revenue of $127.30 million for the quarter, compared to analysts’ expectations of $126.07 million. First Bancorp had a return on equity of 11.31% and a net margin of 22.12%. Analysts forecast that First Bancorp will post 4.69 earnings per share for the current fiscal year.

First Bancorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 23rd. Shareholders of record on Wednesday, September 30th will be paid a $0.24 dividend. The ex-dividend date of this dividend is Wednesday, September 30th. This represents a $0.96 dividend on an annualized basis and a yield of 1.5%. First Bancorp’s payout ratio is presently 29.81%.

Analysts Set New Price Targets

FBNC has been the subject of a number of research reports. Raymond James Financial increased their target price on First Bancorp from $68.00 to $75.00 and gave the company a “strong-buy” rating in a research report on Thursday, July 16th. Piper Sandler upped their price target on shares of First Bancorp from $64.00 to $65.00 and gave the company a “neutral” rating in a research note on Wednesday, July 29th. Weiss Ratings restated a “buy (b)” rating on shares of First Bancorp in a research report on Thursday, August 13th. Keefe, Bruyette & Woods lifted their price target on First Bancorp from $67.00 to $70.00 and gave the stock an “outperform” rating in a research report on Tuesday, August 4th. Finally, Brean Capital initiated coverage on First Bancorp in a research note on Monday, June 8th. They set a “neutral” rating and a $65.75 price objective on the stock. One analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and three have given a Hold rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $68.94.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of FBNC. BlackRock Inc. bought a new position in First Bancorp during the 2nd quarter valued at about $380,347,000. Jennison Associates LLC grew its stake in shares of First Bancorp by 34.1% during 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 during the last quarter. Bank of New York Mellon Corp purchased a new stake in shares of First Bancorp in the second quarter worth approximately $45,055,000. First Bancorp Inc ME bought a new stake in shares of First Bancorp during the 2nd quarter worth approximately $25,711,000. Finally, Segall Bryant & Hamill LLC boosted its holdings in First Bancorp by 176.4% during the 1st quarter. Segall Bryant & Hamill LLC now owns 429,818 shares of the financial services provider’s stock valued at $24,220,000 after acquiring an additional 274,289 shares during the period. 68.36% of the stock is owned by hedge funds and other institutional investors.

First Bancorp Company Profile

First Bancorp is a bank holding company headquartered in Southern Pines, North Carolina. Through its principal subsidiary, First Bank, the company provides community banking services to individuals, businesses and institutions.

First Bank offers a range of financial products, including checking and savings accounts, certificates of deposit, consumer and commercial loans, residential mortgages, and agricultural lending. Its services also include online and mobile banking, treasury management, wealth management and other financial solutions for business and personal customers.

Founded in 1983, First Bancorp has expanded its banking operations across North Carolina and neighboring markets in South Carolina and Virginia.