Mason Y. Garrett Sells 61,215 Shares of First Bancorp (NASDAQ:FBNC) Stock

First Bancorp (NASDAQ:FBNC) Director Mason Y. Garrett sold 61,215 shares of the company’s stock in a transaction on Tuesday, August 29th. The stock was sold at an average price of $29.88, for a total value of $1,829,104.20. Following the completion of the sale, the director now directly owns 267,975 shares in the company, valued at $8,007,093. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

First Bancorp Stock Performance

Shares of First Bancorp stock opened at $29.64 on Friday. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 0.37. The stock’s fifty day moving average is $31.65 and its two-hundred day moving average is $33.50. First Bancorp has a 52 week low of $26.25 and a 52 week high of $49.00. The company has a market capitalization of $1.22 billion, a PE ratio of 9.19 and a beta of 1.06.

First Bancorp (NASDAQ:FBNC) last announced its quarterly earnings results on Wednesday, July 26th. The financial services provider reported $0.71 EPS for the quarter, missing the consensus estimate of $0.74 by ($0.03). First Bancorp had a net margin of 25.25% and a return on equity of 10.49%. The firm had revenue of $101.22 million for the quarter, compared to analysts’ expectations of $105.50 million. As a group, analysts expect that First Bancorp will post 2.47 earnings per share for the current year.

First Bancorp Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, July 25th. Shareholders of record on Friday, June 30th were issued a dividend of $0.22 per share. The ex-dividend date of this dividend was Thursday, June 29th. This represents a $0.88 dividend on an annualized basis and a yield of 2.97%. First Bancorp’s dividend payout ratio is currently 27.33%.

Wall Street Analysts Forecast Growth

FBNC has been the topic of a number of recent research reports. StockNews.com raised First Bancorp to a “sell” rating in a research note on Saturday, August 26th. Raymond James lowered First Bancorp from an “outperform” rating to a “market perform” rating in a research note on Monday, July 31st.

Institutional Trading of First Bancorp

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Public Employees Retirement System of Ohio raised its holdings in shares of First Bancorp by 53.1% in the third quarter. Public Employees Retirement System of Ohio now owns 790 shares of the financial services provider’s stock worth $29,000 after buying an additional 274 shares during the last quarter. First Personal Financial Services acquired a new position in shares of First Bancorp during the first quarter valued at approximately $48,000. Tower Research Capital LLC TRC raised its holdings in First Bancorp by 665.5% in the 1st quarter. Tower Research Capital LLC TRC now owns 2,044 shares of the financial services provider’s stock valued at $72,000 after acquiring an additional 1,777 shares during the last quarter. Point72 Hong Kong Ltd acquired a new stake in shares of First Bancorp in the second quarter valued at approximately $85,000. Finally, Colonial Trust Advisors purchased a new position in First Bancorp during the first quarter worth approximately $99,000. Institutional investors own 66.17% of the company’s stock.

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. 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.