First Bancorp (NASDAQ:FBNC) Sees Large Volume Increase

Shares of First Bancorp (NASDAQ:FBNC - Get Free Report) saw unusually-high trading volume on Monday . Approximately 183,805 shares traded hands during mid-day trading, an increase of 14% from the previous session's volume of 161,401 shares.The stock last traded at $41.64 and had previously closed at $41.00.

Wall Street Analyst Weigh In

FBNC has been the subject of a number of research reports. StockNews.com upgraded shares of First Bancorp from a "sell" rating to a "hold" rating in a report on Tuesday, August 13th. Keefe, Bruyette & Woods raised their price objective on shares of First Bancorp from $40.00 to $45.00 and gave the company an "outperform" rating in a report on Thursday, July 25th.

First Bancorp Trading Up 2.0 %

The company has a debt-to-equity ratio of 0.07, a quick ratio of 0.82 and a current ratio of 0.82. The firm's fifty day simple moving average is $35.54 and its 200-day simple moving average is $34.09. The stock has a market cap of $1.72 billion, a P/E ratio of 15.16 and a beta of 1.03.

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

First Bancorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, July 25th. Stockholders of record on Sunday, June 30th were given a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a dividend yield of 2.10%. The ex-dividend date was Friday, June 28th. First Bancorp's dividend payout ratio (DPR) is 31.77%.

Insider Activity at First Bancorp

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

Hedge Funds Weigh In On First Bancorp

A number of hedge funds have recently bought and sold shares of FBNC. Franklin Resources Inc. boosted its holdings in First Bancorp by 91.7% during the 4th quarter. Franklin Resources Inc. now owns 1,245,024 shares of the financial services provider's stock worth $46,078,000 after acquiring an additional 595,695 shares during the last quarter. Jennison Associates LLC boosted its holdings in First Bancorp by 77.7% during the 1st quarter. Jennison Associates LLC now owns 1,041,332 shares of the financial services provider's stock worth $37,613,000 after acquiring an additional 455,406 shares during the last quarter. Hsbc Holdings PLC purchased a new position in First Bancorp during the 4th quarter worth $11,720,000. Dimensional Fund Advisors LP boosted its holdings in First Bancorp by 6.9% during the 2nd quarter. Dimensional Fund Advisors LP now owns 2,104,258 shares of the financial services provider's stock worth $67,166,000 after acquiring an additional 136,002 shares during the last quarter. Finally, William Blair Investment Management LLC boosted its holdings in First Bancorp by 18.4% during the 2nd quarter. William Blair Investment Management LLC now owns 802,490 shares of the financial services provider's stock worth $25,615,000 after acquiring an additional 124,992 shares during the last quarter. 68.36% of the stock is owned by hedge funds and other 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.