First Bancorp (NASDAQ:FBNC) Shares Gap Up to $36.65

Shares of First Bancorp (NASDAQ:FBNCGet Rating) gapped up prior to trading on Wednesday . The stock had previously closed at $36.65, but opened at $37.73. First Bancorp shares last traded at $36.91, with a volume of 94 shares trading hands.

Several research analysts have commented on FBNC shares. StockNews.com started coverage on shares of First Bancorp in a report on Thursday, March 31st. They set a “hold” rating for the company. Raymond James began coverage on shares of First Bancorp in a research report on Monday, February 28th. They set an “outperform” rating and a $49.00 price objective for the company.

The stock has a market capitalization of $1.31 billion, a price-to-earnings ratio of 11.28 and a beta of 1.17. The stock’s 50 day moving average is $39.44 and its 200 day moving average is $43.50. The company has a current ratio of 0.70, a quick ratio of 0.70 and a debt-to-equity ratio of 0.06.

First Bancorp (NASDAQ:FBNCGet Rating) last released its quarterly earnings results on Wednesday, April 27th. The financial services provider reported $0.95 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.96 by ($0.01). First Bancorp had a return on equity of 10.92% and a net margin of 29.04%. The firm had revenue of $96.13 million for the quarter, compared to analyst estimates of $92.00 million. On average, sell-side analysts anticipate that First Bancorp will post 3.99 EPS for the current year.

In related news, Director Dexter V. Perry bought 1,000 shares of the business’s stock in a transaction on Monday, March 7th. The shares were bought at an average cost of $41.85 per share, for a total transaction of $41,850.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Richard H. Moore acquired 2,700 shares of the business’s stock in a transaction that occurred on Monday, May 2nd. The shares were bought at an average price of $37.00 per share, for a total transaction of $99,900.00. Following the completion of the purchase, the chief executive officer now owns 124,765 shares of the company’s stock, valued at $4,616,305. The disclosure for this purchase can be found here. Insiders have bought 4,938 shares of company stock worth $186,306 in the last quarter. Insiders own 1.90% of the company’s stock.

A number of institutional investors have recently modified their holdings of the business. BlackRock Inc. raised its holdings in First Bancorp by 24.2% during the 4th quarter. BlackRock Inc. now owns 5,183,539 shares of the financial services provider’s stock worth $236,991,000 after buying an additional 1,008,567 shares during the period. Brown Advisory Inc. bought a new stake in First Bancorp during the fourth quarter worth approximately $21,056,000. Wellington Management Group LLP boosted its position in First Bancorp by 102.5% during the third quarter. Wellington Management Group LLP now owns 692,365 shares of the financial services provider’s stock worth $29,779,000 after purchasing an additional 350,454 shares during the period. State Street Corp boosted its position in shares of First Bancorp by 24.2% in the fourth quarter. State Street Corp now owns 1,544,149 shares of the financial services provider’s stock valued at $70,905,000 after acquiring an additional 301,345 shares during the period. Finally, Geode Capital Management LLC boosted its position in shares of First Bancorp by 22.2% in the fourth quarter. Geode Capital Management LLC now owns 646,618 shares of the financial services provider’s stock valued at $29,563,000 after acquiring an additional 117,272 shares during the period. Hedge funds and other institutional investors own 68.57% of the company’s stock.

First Bancorp Company Profile (NASDAQ:FBNC)

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 primarily in North Carolina and northeastern South Carolina. It accepts deposit products, such as checking, savings, and money market accounts, as well as time deposits, including certificate of deposits and individual retirement accounts.

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