In a recent transaction, Capel Mary Clara, a director at First Bancorp (NASDAQ:FBNC), sold 1,015 shares of the company's common stock at a price of $30.05 per share. This sale resulted in a total transaction value exceeding $30,500.
The transaction, which took place on June 26, 2024, was publicly filed on June 28. Following the sale, Capel Mary Clara still retains 11,568.6201 shares in First Bancorp, indicating continued investment in the company's future.
First Bancorp, headquartered in Southern Pines, North Carolina, operates within the state commercial banks sector. The company's stock is traded on the NASDAQ under the ticker symbol FBNC.
Investors often keep a close eye on insider transactions as they can provide insights into an executive's perspective on the company's performance and future prospects. However, it is essential to consider a broader range of factors when evaluating the significance of insider trades.
The details of the transaction were signed off by Anna L. Miller, Attorney-in-fact, on behalf of Capel Mary Clara. No further footnotes or additional information were provided in the filing that would give context to the sale.
For those who follow First Bancorp's stock, transactions such as these can be of interest as they reflect the actions of company insiders. It's worth noting that insider trading activity is subject to strict regulations to prevent any unfair advantage or misuse of non-public information.
In other recent news, First Bancorp has announced a cash dividend of $0.22 per share, set to be paid in July to shareholders on record. The CEO, Richard Moore, highlighted the company's strong financial performance in the first quarter of 2024, emphasizing the bank's robust capital and liquidity position. In addition to the dividend announcement, First Bancorp has made key changes to its executive leadership team. Christian Wilson has been appointed as the Executive Vice President and Chief Operating Officer, bringing with him expertise in cyber operations, regulatory review, and risk management. Donna Ward will serve as Chief Transformation Officer, focusing on change leadership and project management, while Brent Hicks joins as Executive Vice President and Chief Accounting Officer. Furthermore, Blaise Buczkowski transitions to Executive Vice President of Corporate Finance. These recent developments reflect First Bancorp's strategic plan for growth and change navigation.
InvestingPro Insights
Amidst insider trading activity, investors scrutinizing First Bancorp (NASDAQ:FBNC) can gain additional perspective through InvestingPro metrics and tips. With a market capitalization of $1.32 billion and a price-to-earnings (P/E) ratio standing at 11.45 for the last twelve months as of Q1 2024, FBNC presents a valuation that is reflective of its earnings. Notably, the company's revenue has seen a growth of 2.59% over the same period, underscoring a steady financial performance.
From an income standpoint, First Bancorp has demonstrated a commitment to returning value to shareholders, maintaining dividend payments for an impressive 38 consecutive years. Currently, the dividend yield is at 2.84%, which is a significant figure for income-focused investors. Additionally, the company's operating income margin for the last twelve months as of Q1 2024 is robust at 40.0%, indicating efficient management and profitability.
InvestingPro Tips reveal that while First Bancorp suffers from weak gross profit margins, analysts predict the company will remain profitable this year, a sentiment echoed by the company's track record of profitability over the last twelve months. For investors seeking further insights, there are additional tips available on InvestingPro, including the high shareholder yield that may be of particular interest. To explore these insights in greater depth, visit https://www.investing.com/pro/FBNC and consider using the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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