First Bancorp (NASDAQ:FBNC) Sees Unusually-High Trading Volume - What's Next?

Key Points

• First Bancorp shares saw unusually high trading volume on Thursday, with about 170,004 shares traded, though that was still below the prior session’s volume. The stock last traded at $65.455, up from the previous close of $64.44.
• Analysts remain generally positive on FBNC, with Raymond James reiterating a Strong Buy and setting a $75 target price. The consensus rating is Moderate Buy, with an average target price of $65.55.
• The company recently beat earnings expectations, posting $1.13 EPS versus the $1.09 consensus, and it also announced a quarterly dividend of $0.24 per share payable July 24. Insider activity included a director selling more than 44,000 shares in May.

First Bancorp (NASDAQ:FBNC - Get Free Report) shares saw unusually-high trading volume on Thursday . Approximately 170,004 shares were traded during mid-day trading, a decline of 29% from the previous session's volume of 238,929 shares.The stock last traded at $65.4550 and had previously closed at $64.44.

Analyst Upgrades and Downgrades

FBNC has been the subject of several research analyst reports. Raymond James Financial reiterated a "strong-buy" rating and set a $75.00 target price on shares of First Bancorp in a research note on Thursday. Weiss Ratings raised shares of First Bancorp from a "buy (b-)" rating to a "buy (b)" rating in a report on Monday, May 18th. Keefe, Bruyette & Woods increased their price objective on shares of First Bancorp from $65.00 to $66.00 and gave the company an "outperform" rating in a research note on Thursday, April 23rd. Finally, Brean Capital started coverage on shares of First Bancorp in a report on Monday, June 8th. They set a "neutral" rating and a $65.75 price objective for the company. One equities research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat.com, First Bancorp has an average rating of "Moderate Buy" and a consensus target price of $65.55.

First Bancorp Price Performance

The company has a quick ratio of 0.84, a current ratio of 0.85 and a debt-to-equity ratio of 0.04. The company has a 50 day simple moving average of $60.74 and a 200-day simple moving average of $58.35. The stock has a market cap of $2.71 billion, a price-to-earnings ratio of 22.34 and a beta of 0.80.

First Bancorp (NASDAQ:FBNC - Get Free Report) last issued its quarterly earnings results on Wednesday, April 22nd. The financial services provider reported $1.13 earnings per share for the quarter, beating analysts' consensus estimates of $1.09 by $0.04. The business had revenue of $122.29 million during the quarter, compared to the consensus estimate of $123.20 million. First Bancorp had a return on equity of 10.86% and a net margin of 20.59%. As a group, research analysts anticipate that First Bancorp will post 4.67 EPS for the current fiscal year.

First Bancorp Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, July 24th. Shareholders of record on Tuesday, June 30th will be paid a dividend of $0.24 per share. The ex-dividend date is Tuesday, June 30th. This represents a $0.96 annualized dividend and a yield of 1.5%. First Bancorp's payout ratio is presently 32.76%.

Insider Buying and Selling at First Bancorp

In other news, 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 directly owned 41,491 shares in the company, valued at approximately $2,430,542.78. This trade represents a 51.65% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Company insiders own 2.04% of the company's stock.

Institutional Investors Weigh In On First Bancorp

Several institutional investors and hedge funds have recently bought and sold shares of FBNC. Summit Securities Group LLC acquired a new position in First Bancorp in the first quarter valued at approximately $34,000. EverSource Wealth Advisors LLC grew its position in First Bancorp by 2,222.6% in the 2nd 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. First Horizon Corp increased its stake in shares of First Bancorp by 83.7% in 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 period. Torren Management LLC acquired a new stake in shares of First Bancorp in the fourth quarter valued at approximately $41,000. Finally, Steward Partners Investment Advisory LLC raised its holdings in shares of First Bancorp by 87.0% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 819 shares of the financial services provider's stock valued at $42,000 after buying an additional 381 shares during the last quarter. Institutional investors and hedge funds own 68.36% of the company's stock.

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.

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