First Bancorp (NASDAQ:FBNC) Short Interest Up 43.0% in July

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) was the recipient of a large growth in short interest in 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. Based on an average daily volume of 248,500 shares, the days-to-cover ratio is currently 5.8 days. Approximately3.6% of the company's stock are short sold. Approximately3.6% of the company's stock are short sold. Based on an average daily volume of 248,500 shares, the days-to-cover ratio is currently 5.8 days.

Wall Street Analyst Weigh In

A number of analysts have recently commented on the company. Zacks Research upgraded First Bancorp to a "strong-buy" rating in a report on Tuesday, August 12th. Piper Sandler boosted their target price on First Bancorp from $48.00 to $51.00 and gave the company a "neutral" rating in a research note on Friday, August 1st. Stephens upped their price target on First Bancorp from $53.00 to $57.00 and gave the stock an "overweight" rating in a research report on Monday, July 28th. Keefe, Bruyette & Woods lifted their price objective on shares of First Bancorp from $50.00 to $53.00 and gave the company an "outperform" rating in a report on Thursday, July 24th. Finally, Wall Street Zen raised shares of First Bancorp from a "sell" rating to a "hold" rating in a research report on Monday, April 28th. Three investment analysts have rated the stock with a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, First Bancorp currently has an average rating of "Moderate Buy" and an average price target of $53.67.

First Bancorp Stock Up 0.2%

NASDAQ:FBNC opened at $52.34 on Tuesday. First Bancorp has a twelve month low of $34.50 and a twelve month high of $53.23. The firm has a market capitalization of $2.17 billion, a price-to-earnings ratio of 22.37 and a beta of 0.96. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 0.06. The stock's 50 day moving average price is $46.65 and its two-hundred day moving average price is $42.80.

First Bancorp (NASDAQ:FBNC - Get Free Report) last released its earnings results on Wednesday, July 23rd. The financial services provider reported $0.93 earnings per share for the quarter, beating the consensus estimate of $0.88 by $0.05. First Bancorp had a net margin of 17.65% and a return on equity of 8.96%. The business had revenue of $111.02 million during the quarter, compared to analysts' expectations of $109.22 million. Equities research analysts expect that First Bancorp will post 3.27 earnings per share for the current fiscal year.

First Bancorp Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, September 12th. Stockholders 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 dividend yield of 1.4%. First Bancorp's payout ratio is 39.32%.

Institutional Investors Weigh In On First Bancorp

Institutional investors and hedge funds have recently modified their holdings of the company. Public Sector Pension Investment Board grew its holdings in First Bancorp by 7.7% during the second quarter. Public Sector Pension Investment Board now owns 141,199 shares of the financial services provider's stock worth $6,225,000 after purchasing an additional 10,078 shares during the period. Tower Research Capital LLC TRC lifted its position in shares of First Bancorp by 157.4% in the second quarter. Tower Research Capital LLC TRC now owns 4,481 shares of the financial services provider's stock valued at $198,000 after buying an additional 2,740 shares during the last quarter. State of Tennessee Department of Treasury boosted its stake in shares of First Bancorp by 23.8% during the 2nd quarter. State of Tennessee Department of Treasury now owns 22,590 shares of the financial services provider's stock worth $996,000 after acquiring an additional 4,350 shares during the period. Captrust Financial Advisors boosted its stake in shares of First Bancorp by 17.9% during the 2nd quarter. Captrust Financial Advisors now owns 77,871 shares of the financial services provider's stock worth $3,433,000 after acquiring an additional 11,848 shares during the period. Finally, BNP Paribas Financial Markets increased its holdings in shares of First Bancorp by 47.6% during the 2nd quarter. BNP Paribas Financial Markets now owns 4,321 shares of the financial services provider's stock worth $191,000 after acquiring an additional 1,393 shares during the last quarter. 68.36% of the stock is owned by institutional investors.

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.

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