First Bancorp (NASDAQ:FBNC) Hits New 52-Week High – Here’s Why

First Bancorp (NASDAQ:FBNC)’s share price hit a new 52-week high during mid-day trading on Monday . The stock traded as high as $48.50 and last traded at $48.50, with a volume of 681 shares changing hands. The stock had previously closed at $48.12.

Analyst Upgrades and Downgrades

Separately, StockNews.com downgraded First Bancorp from a “hold” rating to a “sell” rating in a report on Thursday, October 24th.

First Bancorp Price Performance

The company has a current ratio of 0.83, a quick ratio of 0.82 and a debt-to-equity ratio of 0.06. The company has a market cap of $2.06 billion, a P/E ratio of 19.40 and a beta of 1.02. The business’s fifty day moving average is $43.27 and its 200 day moving average is $38.52.

First Bancorp (NASDAQ:FBNC) last announced its quarterly earnings data on Wednesday, October 23rd. The financial services provider reported $0.70 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.70. First Bancorp had a return on equity of 8.00% and a net margin of 17.98%. The firm had revenue of $144.99 million for the quarter, compared to analysts’ expectations of $97.00 million. As a group, sell-side analysts anticipate that First Bancorp will post 2.72 EPS for the current year.

Insider Buying and Selling

In other First Bancorp news, Director Suzanne S. Deferie sold 17,750 shares of First Bancorp 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 of the company’s stock, valued at approximately $2,974,069.84. This trade represents a 20.78 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 3.65% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On First Bancorp

Several institutional investors have recently modified their holdings of the business. Vanguard Group Inc. boosted its holdings in shares of First Bancorp by 0.4% during the 1st quarter. Vanguard Group Inc. now owns 2,799,602 shares of the financial services provider’s stock valued at $101,122,000 after acquiring an additional 10,414 shares during the last quarter. CANADA LIFE ASSURANCE Co lifted its holdings in shares of First Bancorp by 1.2% during the 1st quarter. CANADA LIFE ASSURANCE Co now owns 33,399 shares of the financial services provider’s stock valued at $1,204,000 after buying an additional 394 shares during the period. Price T Rowe Associates Inc. MD boosted its stake in shares of First Bancorp by 4.4% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 33,690 shares of the financial services provider’s stock worth $1,217,000 after buying an additional 1,434 shares during the last quarter. Chatham Capital Group Inc. boosted its stake in shares of First Bancorp by 131.4% in the 2nd quarter. Chatham Capital Group Inc. now owns 76,947 shares of the financial services provider’s stock worth $2,456,000 after buying an additional 43,701 shares during the last quarter. Finally, Diversified Trust Co grew its holdings in shares of First Bancorp by 6.2% in the second quarter. Diversified Trust Co now owns 8,006 shares of the financial services provider’s stock worth $256,000 after acquiring an additional 466 shares during the period. 68.36% of the stock is owned by hedge funds and other 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.