First Bancorp (NASDAQ:FBNC) Shares Gap Down Following Insider Selling

First Bancorp (NASDAQ:FBNC - Get Free Report) gapped down before the market opened on Thursday after an insider sold shares in the company. The stock had previously closed at $43.94, but opened at $40.66. First Bancorp shares last traded at $44.37, with a volume of 14,528 shares changing hands.

Specifically, Director J Randolph Potter sold 5,000 shares of the company's stock in a transaction that occurred on Friday, August 30th. The shares were sold at an average price of $42.48, for a total value of $212,400.00. Following the transaction, the director now owns 3,001 shares in the company, valued at approximately $127,482.48. This represents a 62.49 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link.

Analyst Ratings Changes

Several research analysts have recently issued reports on the stock. Keefe, Bruyette & Woods upped their target price on shares of First Bancorp from $49.00 to $56.00 and gave the stock an "outperform" rating in a research note on Wednesday, December 4th. StockNews.com downgraded shares of First Bancorp from a "hold" rating to a "sell" rating in a research note on Thursday, October 24th.

First Bancorp Stock Down 2.0 %

The company's 50-day simple moving average is $45.10 and its two-hundred day simple moving average is $43.18. The company has a debt-to-equity ratio of 0.06, a current ratio of 0.81 and a quick ratio of 0.81. The firm has a market capitalization of $1.79 billion, a P/E ratio of 23.51 and a beta of 1.04.

First Bancorp (NASDAQ:FBNC - Get Free Report) last announced its quarterly earnings data on Wednesday, January 29th. The financial services provider reported $0.76 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.72 by $0.04. First Bancorp had a net margin of 14.19% and a return on equity of 8.04%. As a group, research analysts expect that First Bancorp will post 3.09 earnings per share for the current year.

Hedge Funds Weigh In On First Bancorp

Institutional investors have recently bought and sold shares of the stock. Franklin Resources Inc. grew its stake in First Bancorp by 20.0% during the third quarter. Franklin Resources Inc. now owns 1,784,208 shares of the financial services provider's stock valued at $77,649,000 after acquiring an additional 297,144 shares in the last quarter. Systematic Financial Management LP purchased a new position in shares of First Bancorp in the 3rd quarter worth $562,000. Geode Capital Management LLC grew its stake in shares of First Bancorp by 1.3% in the 3rd quarter. Geode Capital Management LLC now owns 976,680 shares of the financial services provider's stock worth $40,628,000 after buying an additional 12,922 shares in the last quarter. JPMorgan Chase & Co. grew its stake in shares of First Bancorp by 220.6% in the 3rd quarter. JPMorgan Chase & Co. now owns 104,609 shares of the financial services provider's stock worth $4,351,000 after buying an additional 71,977 shares in the last quarter. Finally, Jane Street Group LLC grew its stake in shares of First Bancorp by 85.3% in the 3rd quarter. Jane Street Group LLC now owns 69,408 shares of the financial services provider's stock worth $2,887,000 after buying an additional 31,953 shares in the last quarter. 68.36% of the stock is owned by hedge funds and other institutional investors.

About First Bancorp

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.