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

Key Points

• First Bancorp director Katharine Caldwell Nevin bought 231 shares at $64.23 each, investing $14,837 and increasing her direct ownership by 26.77% to 1,094 shares.
• First Bancorp recently exceeded quarterly earnings expectations, reporting $1.22 EPS versus the $1.15 consensus and revenue of $127.30 million. Analysts maintain a “Moderate Buy” consensus with an average price target of $68.94.
• The company declared a quarterly dividend of $0.24 per share, equivalent to $0.96 annually and a 1.5% yield; institutional investors own 68.36% of FBNC’s outstanding stock.

First Bancorp (NASDAQ:FBNC - Get Free Report) Director Katharine Caldwell Nevin acquired 231 shares of the firm's stock in a transaction that occurred on Friday, September 11th. The stock was bought at an average cost of $64.23 per share, with a total value of $14,837.13. Following the completion of the transaction, the director directly owned 1,094 shares in the company, valued at $70,267.62. The trade was a 26.77% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

First Bancorp Stock Performance

NASDAQ:FBNC traded down $1.48 during trading hours on Wednesday, hitting $62.62. 369,224 shares of the company were exchanged, compared to its average volume of 234,068. The stock has a market capitalization of $2.59 billion, a price-to-earnings ratio of 19.45 and a beta of 0.80. First Bancorp has a 52-week low of $45.96 and a 52-week high of $66.78. The company has a debt-to-equity ratio of 0.04, a current ratio of 0.85 and a quick ratio of 0.85. The company's 50 day moving average price is $64.28 and its 200-day moving average price is $60.53.

First Bancorp (NASDAQ:FBNC - Get Free Report) last posted its quarterly earnings results on Wednesday, July 22nd. The financial services provider reported $1.22 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.15 by $0.07. First Bancorp had a net margin of 22.12% and a return on equity of 11.31%. The business had revenue of $127.30 million during the quarter, compared to analysts' expectations of $126.07 million. As a group, research analysts forecast that First Bancorp will post 4.69 earnings per share for the current year.

First Bancorp Announces Dividend

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

Analysts Set New Price Targets

FBNC has been the topic of a number of research reports. Keefe, Bruyette & Woods increased their price objective on First Bancorp from $67.00 to $70.00 and gave the company an "outperform" rating in a report on Tuesday, August 4th. Raymond James Financial upped 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. Weiss Ratings reiterated a "buy (b)" rating on shares of First Bancorp in a report on Thursday, August 13th. Brean Capital initiated coverage on shares of First Bancorp in a research report on Monday, June 8th. They set a "neutral" rating and a $65.75 price target for the company. Finally, Piper Sandler lifted their price objective 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. One investment analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and three have issued a Hold rating to the company. According to MarketBeat, First Bancorp currently has a consensus rating of "Moderate Buy" and a consensus target price of $68.94.

Institutional Trading of First Bancorp

A number of hedge funds have recently modified their holdings of FBNC. Integrated Wealth Concepts LLC acquired a new stake in First Bancorp during the second quarter worth about $58,000. Squarepoint Ops LLC lifted its holdings in First Bancorp by 31.3% in the second quarter. Squarepoint Ops LLC now owns 20,320 shares of the financial services provider's stock valued at $1,299,000 after acquiring an additional 4,849 shares during the period. Wellington Management Group LLP purchased a new stake in First Bancorp in the 2nd quarter worth approximately $11,049,000. Beacon Pointe Advisors LLC acquired a new stake in shares of First Bancorp during the 2nd quarter worth approximately $3,966,000. Finally, United Capital Financial Advisors LLC purchased a new position in shares of First Bancorp during the 2nd quarter valued at approximately $287,000. Hedge funds and other institutional investors own 68.36% of the company's stock.

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.

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