Short Interest in First Bancorp (NASDAQ:FBNC) Drops By 14.4%

First Bancorp (NASDAQ:FBNC - Get Free Report) was the target of a significant decrease in short interest in July. As of July 31st, there was short interest totalling 993,400 shares, a decrease of 14.4% from the July 15th total of 1,160,000 shares. Based on an average daily trading volume, of 188,200 shares, the days-to-cover ratio is presently 5.3 days.

First Bancorp Trading Up 2.6 %

Shares of NASDAQ FBNC traded up $1.05 during midday trading on Friday, reaching $41.00. 152,392 shares of the stock were exchanged, compared to its average volume of 161,259. The company has a 50 day simple moving average of $35.54 and a 200 day simple moving average of $34.11. The stock has a market capitalization of $1.69 billion, a P/E ratio of 14.80 and a beta of 1.03. The company has a debt-to-equity ratio of 0.07, a quick ratio of 0.82 and a current ratio of 0.82. First Bancorp has a twelve month low of $26.00 and a twelve month high of $45.41.

First Bancorp (NASDAQ:FBNC - Get Free Report) last announced its quarterly earnings results on Wednesday, July 24th. The financial services provider reported $0.70 earnings per share for the quarter, beating analysts' consensus estimates of $0.59 by $0.11. The firm had revenue of $143.42 million during the quarter, compared to analysts' expectations of $94.00 million. First Bancorp had a net margin of 20.17% and a return on equity of 8.39%. As a group, equities analysts expect that First Bancorp will post 2.66 earnings per share for the current year.

First Bancorp Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, July 25th. Stockholders of record on Sunday, June 30th were paid a dividend of $0.22 per share. The ex-dividend date was Friday, June 28th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.15%. First Bancorp's dividend payout ratio (DPR) is 31.77%.

Insider Buying and Selling

In other news, Director Mary Clara Capel sold 1,015 shares of the company's stock in a transaction on Wednesday, June 26th. The stock was sold at an average price of $30.05, for a total transaction of $30,500.75. Following the transaction, the director now owns 11,569 shares of the company's stock, valued at approximately $347,648.45. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, Director Mason Y. Garrett sold 22,800 shares of the firm's stock in a transaction that occurred on Friday, July 26th. The stock was sold at an average price of $43.41, for a total value of $989,748.00. Following the completion of the transaction, the director now owns 196,416 shares in the company, valued at approximately $8,526,418.56. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Mary Clara Capel sold 1,015 shares of the firm's stock in a transaction that occurred on Wednesday, June 26th. The shares were sold at an average price of $30.05, for a total value of $30,500.75. Following the transaction, the director now directly owns 11,569 shares of the company's stock, valued at approximately $347,648.45. The disclosure for this sale can be found here. 3.65% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On First Bancorp

Hedge funds have recently made changes to their positions in the stock. Franklin Resources Inc. increased its position in shares of First Bancorp by 91.7% in the 4th quarter. Franklin Resources Inc. now owns 1,245,024 shares of the financial services provider's stock worth $46,078,000 after purchasing an additional 595,695 shares during the last quarter. Jennison Associates LLC raised its holdings in shares of First Bancorp by 77.7% during the first quarter. Jennison Associates LLC now owns 1,041,332 shares of the financial services provider's stock valued at $37,613,000 after acquiring an additional 455,406 shares during the period. Hsbc Holdings PLC acquired a new stake in shares of First Bancorp during the fourth quarter valued at approximately $11,720,000. Dimensional Fund Advisors LP grew its position in First Bancorp by 6.9% during the second quarter. Dimensional Fund Advisors LP now owns 2,104,258 shares of the financial services provider's stock valued at $67,166,000 after purchasing an additional 136,002 shares in the last quarter. Finally, William Blair Investment Management LLC grew its position in First Bancorp by 18.4% during the second quarter. William Blair Investment Management LLC now owns 802,490 shares of the financial services provider's stock valued at $25,615,000 after purchasing an additional 124,992 shares in the last quarter. Institutional investors and hedge funds own 68.36% of the company's stock.

Analysts Set New Price Targets

Several equities analysts have recently commented on the company. Keefe, Bruyette & Woods boosted their price objective on First Bancorp from $40.00 to $45.00 and gave the company an "outperform" rating in a research report on Thursday, July 25th. StockNews.com raised First Bancorp from a "sell" rating to a "hold" rating in a research note on Tuesday.

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.