In recent trading activity, Suzanne DeFerie, a director at First Bancorp (NASDAQ:FBNC), sold a significant number of shares in the company. The transactions, which took place on September 20 and September 23, resulted in the sale of 17,750 and 2,036 shares of common stock, respectively. The sales were executed at average prices that ranged from $43.75 to $44.05 for the first set of shares and from $43.75 to $44.02 for the latter, bringing the total amount of the sales to approximately $869,405.
These transactions reflect a notable change in DeFerie's holdings in the company, as she continues to hold 67,654 shares after the sales on September 20 and 65,618 shares following the transactions on September 23. It's also worth noting that DeFerie has an indirect ownership of 1,864.253 shares through a 401k Plan and no remaining shares are held indirectly by her spouse.
Investors often monitor insider sales as they can provide insights into an insider’s perspective on the value of the company stock. The exact motivations behind DeFerie's decision to sell the shares at this time are not disclosed in the filing. However, the reported transactions are part of the public record as filed with the Securities and Exchange Commission.
As with any insider transaction, the sales by Suzanne DeFerie were conducted legally and disclosed in accordance with SEC regulations. The reported transactions are a matter of public record and provide transparency into the trading activities of First Bancorp's insiders.
In other recent news, First Bancorp has been active with several significant developments. The company announced a cash dividend of $0.22 per share, reflecting its solid financial performance and consistent return to investors. This decision was supported by improved liquidity, solid capital growth, and strong credit quality, as highlighted by CEO Richard Moore.
Furthermore, First Bancorp initiated a stock repurchase program, authorizing the buyback of up to $40 million of its outstanding common stock. This move is indicative of the company's confidence in its financial stability and its commitment to delivering shareholder value.
In leadership updates, First Bancorp announced the retirement of Mason Y. Garrett from its Board of Directors. Garrett's significant contributions to the banking sector, particularly in the Carolinas, were recognized. The company also announced several executive team changes, including the appointments of Christian Wilson as Executive Vice President and Chief Operating Officer of First Bank (NASDAQ:FRBA), Donna Ward as Chief Transformation Officer, and Brent Hicks as Executive Vice President and Chief Accounting Officer.
These recent developments underscore a period of strategic adjustment for First Bancorp, with a focus on shareholder value, strong leadership, and organizational change.
InvestingPro Insights
Following the recent insider trading activity at First Bancorp (NASDAQ:FBNC), where director Suzanne DeFerie sold a considerable number of shares, investors might be interested in some key metrics and insights that could shape their view of the company's current financial health and future prospects. According to InvestingPro data, First Bancorp maintains a market capitalization of $1.79 billion, with a P/E ratio of 15.66, reflecting market sentiment on its earnings capacity. Adjusting for the last twelve months as of Q2 2024, the P/E ratio sees a slight uptick to 15.84.
InvestingPro Tips suggest that First Bancorp has a high shareholder yield, which could be a positive signal for investors looking for returns through dividends or share repurchases. In addition, the company has maintained its dividend payments for an impressive 38 consecutive years, indicating a commitment to providing consistent returns to its shareholders. This is particularly notable as the company's revenue growth over the last twelve months was relatively modest at 0.28%. Despite the slight quarterly revenue decline of -3.73% in Q2 2024, the company has experienced a substantial price uptick over the last six months, with a 26.21% total return, and a remarkable 64.41% return over the last year.
Investors should also note that analysts predict First Bancorp will be profitable this year, and the company has indeed been profitable over the last twelve months. The robust operating income margin of 39.84% underscores the company's ability to translate revenues into profits effectively. For those interested in exploring further, InvestingPro offers additional tips on First Bancorp, which can be found at https://www.investing.com/pro/FBNC.
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