First Bancorp (NASDAQ:FBNC) Short Interest Update

In the month of November, First Bancorp (NASDAQ:FBNC) experienced a significant increase in its short interest. As of November 30th, the total short interest reached 791,600 shares, reflecting a rise of 7.1% compared to the previous total of 739,100 shares reported on November 15th. With an average daily trading volume of 178,700 shares, the current days-to-cover ratio stands at 4.4 days, indicating that it would take this number of days to cover all short positions.

Recent Insider Transactions

A notable insider transaction recently occurred at First Bancorp. On September 23rd, Director Suzanne S. Deferie sold 2,036 shares of the company’s stock at an average price of $43.77, amounting to a total value of $89,115.72. Following this sale, Deferie now holds 65,618 shares of the company, valued at approximately $2,872,099.86. This transaction signifies a 3.01% reduction in their ownership stake. The details of this trade have been disclosed in a filing with the Securities and Exchange Commission. Insiders currently own 3.65% of First Bancorp’s stock.

Institutional Investor Activity

Several institutional investors have made changes to their holdings in First Bancorp recently. Innealta Capital LLC acquired a new position in the company valued at $44,000 during the second quarter. Stifel Financial Corp made a similar move in the third quarter, investing about $205,000. Other firms, including CreativeOne Wealth LLC and Aptus Capital Advisors LLC, also established new positions worth approximately $211,000 and $212,000, respectively, during the third quarter. Additionally, Novare Capital Management LLC added a new stake estimated at around $216,000 in the second quarter. Currently, 68.36% of First Bancorp’s stock is held by hedge funds and other institutional investors.

Analyst Ratings Insights

First Bancorp has been analyzed by various research firms recently. StockNews.com downgraded shares of First Bancorp from a 'hold' to a 'sell' rating on October 24th. Conversely, Keefe, Bruyette & Woods updated their target price on First Bancorp shares from $49.00 to $56.00, giving the stock an 'outperform' rating on December 4th.

Current Stock Performance

On Tuesday, First Bancorp’s stock traded down by $0.59, bringing the price to $47.35 during mid-day trading. A total of 241,126 shares changed hands, surpassing the average trading volume of 166,871 shares. The company boasts a market capitalization of $1.96 billion and has a price-to-earnings (P/E) ratio of 19.09, with a beta of 1.04. First Bancorp's current debt-to-equity ratio is 0.06, and it has quick and current ratios of 0.82 and 0.83, respectively. Over the past year, the stock has fluctuated between a low of $29.53 and a high of $50.34. The 50-day and 200-day simple moving averages are $45.11 and $40.32, respectively.

First Bancorp’s latest quarterly earnings report was released on October 23rd, revealing earnings per share of $0.70, in line with the consensus estimate. The company reported a return on equity of 8.00% with a net margin of 17.98%. Revenue for the quarter totaled $144.99 million, which significantly exceeded analyst predictions of $97.00 million. Analysts forecast that First Bancorp will achieve earnings per share of 2.72 for the current fiscal year.

Dividend Announcement

Moreover, First Bancorp has announced a quarterly dividend, scheduled to be paid on January 25th. Shareholders on record as of December 31st will receive a dividend of $0.22 per share, with the ex-dividend date also set for December 31st. This dividend translates to an annualized payout of $0.88 and indicates a yield of 1.86%. The current dividend payout ratio (DPR) stands at 35.48%.

About First Bancorp

First Bancorp serves as the bank holding company for First Bank, offering various banking products and services aimed at individuals and small to medium-sized businesses. The company provides a range of deposit options, including checking, savings, money market accounts, and time deposits like certificates of deposit and individual retirement accounts.

FirstBancorp, ShortInterest, Earnings