Insider Selling: First Bancorp (NASDAQ:FBNC) Director Sells 5,000 Shares of Stock

First Bancorp (NASDAQ:FBNC) Director J Randolph Potter sold 5,000 shares of the stock in a transaction 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 transaction, the director now owns 3,001 shares of the company’s stock, valued at $127,482.48. The trade was a 62.49 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link.

First Bancorp Price Performance

NASDAQ FBNC traded down $0.27 during trading hours on Wednesday, hitting $43.87. The company had a trading volume of 80,329 shares, compared to its average volume of 161,399. The company has a debt-to-equity ratio of 0.06, a quick ratio of 0.82 and a current ratio of 0.83. The firm has a market capitalization of $1.81 billion, a price-to-earnings ratio of 17.69 and a beta of 1.05. First Bancorp has a 52 week low of $29.53 and a 52 week high of $50.34. The firm has a 50 day simple moving average of $45.26 and a 200 day simple moving average of $43.04.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on FBNC shares. Keefe, Bruyette & Woods upped their price objective on shares of First Bancorp from $49.00 to $56.00 and gave the company an “outperform” rating in a report on Wednesday, December 4th. StockNews.com downgraded First Bancorp from a “hold” rating to a “sell” rating in a research report on Thursday, October 24th.

Hedge Funds Weigh In On First Bancorp

A number of large investors have recently modified their holdings of FBNC. Envestnet Asset Management Inc. lifted its holdings in shares of First Bancorp by 8.5% during the 2nd quarter. Envestnet Asset Management Inc. now owns 84,596 shares of the financial services provider’s stock worth $2,700,000 after acquiring an additional 6,628 shares during the last quarter. Sei Investments Co. lifted its holdings in shares of First Bancorp by 15.7% in the 2nd quarter. Sei Investments Co. now owns 77,955 shares of the financial services provider’s stock worth $2,488,000 after acquiring an additional 10,572 shares during the last quarter. Squarepoint Ops LLC purchased a new stake in shares of First Bancorp in the 2nd quarter valued at $698,000. The Manufacturers Life Insurance Company grew its holdings in shares of First Bancorp by 2.8% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 20,933 shares of the financial services provider’s stock valued at $668,000 after purchasing an additional 566 shares during the last quarter. Finally, Truist Financial Corp raised its position in First Bancorp by 165.2% in the 2nd quarter. Truist Financial Corp now owns 34,911 shares of the financial services provider’s stock worth $1,114,000 after purchasing an additional 21,749 shares during the period. 68.36% of the stock is currently owned by institutional investors.

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.