First Bancorp (NASDAQ:FBNC) Short Interest Update

First Bancorp (NASDAQ:FBNC – Get Rating) was the target of a significant decrease in short interest during the month of February. As of February 28th, there was short interest totalling 588,700 shares, a decrease of 5.1% from the February 13th total of 620,300 shares. Based on an average daily volume of 170,700 shares, the days-to-cover ratio is currently 3.4 days.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on FBNC. Piper Sandler lowered their price target on First Bancorp from $49.00 to $45.00 and set an “overweight” rating for the company in a report on Thursday, January 26th. StockNews.com began coverage on First Bancorp in a report on Thursday. They issued a “sell” rating for the company. Finally, Raymond James lowered their price target on First Bancorp from $49.00 to $45.00 and set a “market outperform” rating for the company in a report on Monday, January 30th.

First Bancorp Stock Down 1.5 %

FBNC stock opened at $36.08 on Thursday. The company has a debt-to-equity ratio of 0.28, a current ratio of 0.74 and a quick ratio of 0.74. The stock has a market capitalization of $1.47 billion, a P/E ratio of 8.76 and a beta of 1.09. The business has a 50-day moving average of $40.69 and a 200-day moving average of $41.56. First Bancorp has a fifty-two week low of $32.90 and a fifty-two week high of $49.00.

Insider Activity at First Bancorp

In related news, Director Carlie C. Mclamb, Jr. acquired 655 shares of the company’s stock in a transaction that occurred on Tuesday, March 7th. The stock was acquired at an average price of $41.18 per share, for a total transaction of $26,972.90. Following the completion of the acquisition, the director now owns 20,414 shares of the company’s stock, valued at approximately $840,648.52. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 1.90% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the company. Public Employees Retirement System of Ohio boosted its position in shares of First Bancorp by 53.1% during 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 period. Wipfli Financial Advisors LLC acquired a new position in shares of First Bancorp during the third quarter worth about $63,000. Point72 Hong Kong Ltd acquired a new position in shares of First Bancorp during the second quarter worth about $85,000. Asset Dedication LLC acquired a new position in shares of First Bancorp during the third quarter worth about $106,000. Finally, Salem Investment Counselors Inc. boosted its position in First Bancorp by 213.9% during the third quarter. Salem Investment Counselors Inc. now owns 3,390 shares of the financial services provider’s stock valued at $125,000 after purchasing an additional 2,310 shares during the last quarter. 69.44% of the stock is owned by institutional investors and hedge funds.

About First Bancorp

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First Bancorp (North Carolina) operates as a bank holding company, which engages in banking activities, with the acceptance of deposits and the making of loans. It provides a range of deposit products such as checking, savings, NOW, and money market accounts, as well as time deposits, including various types of certificates of deposits and individual retirement accounts.