First Bancorp (NASDAQ:FBNC) Short Interest Update

Key Points

• Short interest for First Bancorp increased by 43.0% in July, reaching a total of 1,430,000 shares, with a days-to-cover ratio of 5.8 days.
• The company reported earnings per share of $0.93 for the last quarter, surpassing analysts' expectations and contributing to a net margin of 17.65%.
• First Bancorp's quarterly dividend has been set at $0.18, with a payout ratio of 39.32%, reflecting a dividend yield of 1.4%.

First Bancorp (NASDAQ:FBNC - Get Free Report) saw a significant growth in short interest during the month of July. As of July 31st, there was short interest totaling 1,430,000 shares, agrowthof43.0% from the July 15th total of 1,000,000 shares. Approximately3.6% of the shares of the company are short sold. Based on an average daily volume of 248,500 shares, the days-to-cover ratio is presently 5.8 days. Based on an average daily volume of 248,500 shares, the days-to-cover ratio is presently 5.8 days. Approximately3.6% of the shares of the company are short sold.

First Bancorp Stock Performance

FBNC stock traded up $2.63 on Friday, reaching $54.53. The company's stock had a trading volume of 310,422 shares, compared to its average volume of 314,848. First Bancorp has a 52 week low of $34.50 and a 52 week high of $54.65. The company has a market capitalization of $2.26 billion, a P/E ratio of 23.30 and a beta of 0.96. The firm has a fifty day moving average of $47.54 and a two-hundred day moving average of $43.02. The company has a debt-to-equity ratio of 0.06, a current ratio of 0.82 and a quick ratio of 0.82.

First Bancorp (NASDAQ:FBNC - Get Free Report) last issued its quarterly earnings data on Wednesday, July 23rd. The financial services provider reported $0.93 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.88 by $0.05. First Bancorp had a return on equity of 8.96% and a net margin of 17.65%.The business had revenue of $111.02 million during the quarter, compared to analyst estimates of $109.22 million. As a group, analysts predict that First Bancorp will post 3.27 EPS for the current fiscal year.

First Bancorp Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 12th. Investors of record on Thursday, August 28th will be issued a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a yield of 1.3%. First Bancorp's dividend payout ratio (DPR) is 39.32%.

Hedge Funds Weigh In On First Bancorp

A number of institutional investors and hedge funds have recently added to or reduced their stakes in FBNC. Deutsche Bank AG boosted its stake in First Bancorp by 52.2% during the 4th quarter. Deutsche Bank AG now owns 35,579 shares of the financial services provider's stock valued at $1,564,000 after purchasing an additional 12,202 shares in the last quarter. Bank of Montreal Can boosted its stake in First Bancorp by 7.8% during the 4th quarter. Bank of Montreal Can now owns 6,345 shares of the financial services provider's stock valued at $279,000 after purchasing an additional 460 shares in the last quarter. Wells Fargo & Company MN boosted its stake in First Bancorp by 14.7% during the 4th quarter. Wells Fargo & Company MN now owns 37,423 shares of the financial services provider's stock valued at $1,645,000 after purchasing an additional 4,789 shares in the last quarter. SG Americas Securities LLC bought a new position in First Bancorp during the 1st quarter valued at $546,000. Finally, GAMMA Investing LLC boosted its stake in First Bancorp by 4,012.5% during the 1st quarter. GAMMA Investing LLC now owns 56,999 shares of the financial services provider's stock valued at $2,288,000 after purchasing an additional 55,613 shares in the last quarter. 68.36% of the stock is owned by institutional investors.

Analysts Set New Price Targets

FBNC has been the subject of several recent research reports. Wall Street Zen raised First Bancorp from a "sell" rating to a "hold" rating in a report on Monday, April 28th. Keefe, Bruyette & Woods upped their target price on First Bancorp from $50.00 to $53.00 and gave the company an "outperform" rating in a report on Thursday, July 24th. Stephens upped their target price on First Bancorp from $53.00 to $57.00 and gave the company an "overweight" rating in a report on Monday, July 28th. Zacks Research raised First Bancorp to a "strong-buy" rating in a report on Tuesday, August 12th. Finally, Piper Sandler upped their target price on First Bancorp from $48.00 to $51.00 and gave the company a "neutral" rating in a report on Friday, August 1st. One analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and two have given a Hold rating to the company's stock. According to data from MarketBeat, First Bancorp currently has a consensus rating of "Moderate Buy" and a consensus price target of $53.67.

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.