First Bancorp (NASDAQ:FBNC) Short Interest Update

First Bancorp (NASDAQ:FBNC) saw a large decline in short interest in October. As of October 15th, there was short interest totalling 896,800 shares, a decline of 8.0% from the September 30th total of 974,800 shares. Based on an average daily trading volume, of 180,400 shares, the days-to-cover ratio is currently 5.0 days.

First Bancorp Price Performance

Shares of First Bancorp stock traded down $0.79 during trading hours on Thursday, reaching $41.70. The company’s stock had a trading volume of 93,647 shares, compared to its average volume of 160,486. The stock has a market cap of $1.72 billion, a P/E ratio of 15.05 and a beta of 1.03. First Bancorp has a one year low of $28.42 and a one year high of $45.41. The firm has a 50 day moving average price of $42.13 and a 200-day moving average price of $36.90. The company has a debt-to-equity ratio of 0.07, a current ratio of 0.82 and a quick ratio of 0.82.

First Bancorp (NASDAQ:FBNC) last posted its quarterly earnings data on Wednesday, October 23rd. The financial services provider reported $0.70 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.70. First Bancorp had a net margin of 20.17% and a return on equity of 8.39%. The company had revenue of $144.99 million for the quarter, compared to analyst estimates of $97.00 million. On average, analysts predict that First Bancorp will post 2.72 EPS for the current year.

Insider Activity at First Bancorp

In other First Bancorp news, Director Suzanne S. Deferie sold 17,750 shares of the stock in a transaction on Friday, September 20th. The stock was sold at an average price of $43.96, for a total value of $780,290.00. Following the completion of the sale, the director now owns 67,654 shares in the company, valued at approximately $2,974,069.84. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In other First Bancorp news, Director Suzanne S. Deferie sold 17,750 shares of the company’s stock in a transaction that occurred on Friday, September 20th. The stock was sold at an average price of $43.96, for a total value of $780,290.00. Following the completion of the transaction, the director now directly owns 67,654 shares in the company, valued at $2,974,069.84. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Suzanne S. Deferie sold 2,036 shares of First Bancorp stock in a transaction that occurred on Monday, September 23rd. The shares were sold at an average price of $43.77, for a total transaction of $89,115.72. Following the sale, the director now owns 65,618 shares in the company, valued at approximately $2,872,099.86. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. 3.65% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On First Bancorp

A number of institutional investors and hedge funds have recently modified their holdings of FBNC. Olympiad Research LP bought a new position in shares of First Bancorp in the third quarter worth about $217,000. Pinnacle Associates Ltd. increased its holdings in First Bancorp by 28.4% during the third quarter. Pinnacle Associates Ltd. now owns 83,923 shares of the financial services provider’s stock valued at $3,490,000 after buying an additional 18,543 shares during the period. Wealth Enhancement Advisory Services LLC raised its stake in First Bancorp by 1.8% in the third quarter. Wealth Enhancement Advisory Services LLC now owns 19,994 shares of the financial services provider’s stock worth $832,000 after buying an additional 347 shares in the last quarter. Everence Capital Management Inc. bought a new position in First Bancorp in the third quarter worth approximately $240,000. Finally, First Citizens Bank & Trust Co. lifted its holdings in First Bancorp by 33.5% during the third quarter. First Citizens Bank & Trust Co. now owns 10,812 shares of the financial services provider’s stock worth $450,000 after buying an additional 2,712 shares during the period. 68.36% of the stock is owned by institutional investors.

Analyst Ratings Changes

FBNC has been the subject of several research reports. Keefe, Bruyette & Woods raised 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 lowered First Bancorp from a “hold” rating to a “sell” rating in a research note on Thursday, October 24th.

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.