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

First Bancorp (NASDAQ:FBNC)’s share price gapped down prior to trading on Thursday following insider selling activity. 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 stock in a transaction that occurred on Friday, August 30th. The stock was sold at an average price of $42.48, for a total value of $212,400.00. Following the completion of the transaction, the director now owns 3,001 shares of the company’s stock, valued at approximately $127,482.48. This represents a 62.49 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website.

Analyst Ratings Changes

FBNC has been the subject of several research reports. Keefe, Bruyette & Woods lifted their price target on shares of First Bancorp from $49.00 to $56.00 and gave the company an “outperform” rating in a research report on Wednesday, December 4th. StockNews.com lowered shares of First Bancorp from a “hold” rating to a “sell” rating in a report on Thursday, October 24th.

First Bancorp Price Performance

The firm’s fifty day simple moving average is $45.10 and its 200-day simple moving average is $43.11. The firm has a market capitalization of $1.82 billion, a PE ratio of 23.98 and a beta of 1.05. The company has a quick ratio of 0.82, a current ratio of 0.83 and a debt-to-equity ratio of 0.06.

First Bancorp (NASDAQ:FBNC) last announced its quarterly earnings results on Wednesday, January 29th. The financial services provider reported $0.76 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.72 by $0.04. First Bancorp had a return on equity of 8.08% and a net margin of 14.19%. On average, research analysts forecast that First Bancorp will post 3.08 earnings per share for the current fiscal year.

Institutional Investors Weigh In On First Bancorp

A number of large investors have recently added to or reduced their stakes in the stock. Franklin Resources Inc. lifted its holdings in shares of First Bancorp by 20.0% during the 3rd quarter. Franklin Resources Inc. now owns 1,784,208 shares of the financial services provider’s stock valued at $77,649,000 after buying an additional 297,144 shares during the period. Greenwood Capital Associates LLC lifted its holdings in First Bancorp by 979.3% in the fourth quarter. Greenwood Capital Associates LLC now owns 247,336 shares of the financial services provider’s stock valued at $10,875,000 after acquiring an additional 224,419 shares during the period. Rockefeller Capital Management L.P. boosted its position in First Bancorp by 28.2% in the third quarter. Rockefeller Capital Management L.P. now owns 423,461 shares of the financial services provider’s stock worth $17,612,000 after purchasing an additional 93,072 shares during the last quarter. JPMorgan Chase & Co. boosted its position in First Bancorp by 220.6% in the third quarter. JPMorgan Chase & Co. now owns 104,609 shares of the financial services provider’s stock worth $4,351,000 after purchasing an additional 71,977 shares during the last quarter. Finally, Barclays PLC grew its stake in shares of First Bancorp by 142.3% during the 3rd quarter. Barclays PLC now owns 79,906 shares of the financial services provider’s stock valued at $3,324,000 after purchasing an additional 46,930 shares during the period. Institutional investors own 68.36% of the company’s stock.

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.